Personal Finance Final

Proposed Regressive Plan (Regressive Tax) Calculate the tax for $95,000 . For example, $10,000x40%=$4,000 in tax. Show your work!! 40% on income up to $25,000                30% on income between $25,000 and $34,000 25% on income between $34,000 and $44,000 20% on income between $44,000 and $80,000 10% on taxable income over $80,000             TOTAL TAX PAID (sum of all rows):

Based on the graph, answer the first three questions

Homework i Firm E must choose between two alternative transactions. Transaction 1 requires a $13,250 cash outlay that would be nondeductible in the computation of taxable income. Transaction 2 requires a $18,700 cash outlay that would be a deductible expense. Required: a. Determine the after-tax cost for each transaction. Assume Firm E's marginal tax rate is 25 percent. b. Determine the after-tax cost for each transaction. Assume Firm E's marginal tax rate is 45 percent. Complete this question by entering your answers in the tabs below. Required A Required B After-tax cost Determine the after-tax cost for each transaction. Assume Firm E's marginal tax rate is 25 percent. Note: Negative amounts should be indicated by a minus sign. @ Transaction 1 20 #C Transaction 2 % Saved & 7 2 * O H

人 Use the 2020 Federal Tax Rates for Individuals to calculate the estimated taxes for a taxable income of $22,700. Tax rate 10% 2020 Federal Tax Rates for Individuals Taxable Income Bracket $0 to $9875 12% $9876 to $40,125 22% $40,126 to $85,525 24% $85,526 to $163,300 32% $163,301 to $207,350 35% $207,351 to $518,400 37 % $518,401 or more

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Which of the following statements is true regarding education tax credits? Group of answer choices The American Opportunity credit permits a maximum credit of 20% of qualified expenses up to $10,000 per year. The lifetime learning credit is available for qualifying tuition and related expenses incurred by students pursuing only graduate degrees. The American Opportunities Credit is only available for the first four-years of higher education. The American Opportunity Credit is calculated per return, while the lifetime learning credit is available per eligible student.

2023 TAXABLE INCOME FIRST $53,359 OVER $53,359 TO $106,717 OVER $106,717 TO $165,430 OVER $ $165,430 TO $237,675 OVER $235,675 Budget & Fiscal Policy FILL IN THE BLANK TAX RATE 15.00% 20.50% 26.00% 29.32% 33.00% A) The marginal rate of tax for someone making a salary of $52,000. type your text here Based on the Canadian Federal Income Tax Brackets for 2023 shown above, calculate and input the numeric answers to the questions below. Round off your answers to the nearest dollar. Do not use $, decimals or comma. For example, instead of $23,486.52, write 23487. For answers requiring a tax rate, enter only the numeric value with two decimal places, with "%" symbol. For example, 20.50%).

es Vinitpaul has the following information: AGI for 2022 Withholding for 2022 Total tax for 2021 Total tax for 2022 $ 155,000 $ 27,300 $ 31,200 $ 31,197 Required: a. How much must Vinitpaul pay in estimated taxes to avoid a penalty? Note: Round the final answer to nearest whole dollar amount. Minimum estimated tax payment b. If Vinitpaul had paid $900 per quarter, would he have avoided the estimated tax penalty?

Calculate the property tax rate required to meet the budgetary demands of the community. Note: When calculating budgetary demands, always round up. (Round your answers to two decimal places.) Community Ellingham Total Assessed Property Valuation $56,000,000 Total Taxes Required $2,600,000 Percent X % Property Tax Rate Per $100 (in $) $4.64 X Per $1,000 (in $) $ 46.43 Mills 46.43

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Tax Drill - General Business Credit Carryovers Corley has the following general business credit carryovers: 2020: $12,000 2021: $9,000 2022: $14,000 In 2023, his total general business credit is $55,000 and the total credit allowed in 2023 (based on tax liability) is $70,000. What is the amount of the general business credit carryover (by year) to 2024? If an amount is zero, enter "0". 2020 carryover to 2024: $fill in the blank 1 12,000 2021 carryover to 2024: $fill in the blank 2 3,000 2022 carryover to 2024: $fill in the blank 3 0 2023 carryover to 2024: $fill in the blank 4 0

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Macmillan Learning Tax Bracket Tax Rate $0.00+ 10% $11,600.00+ 12% $47,150.00+ 22% $100,525.00+ 24% $191,950.00+ 32% $243,725.00+ 35% $609,350.00+ 37% Given this Federal Income Tax schedule, what would your income tax be if you had a taxable income of $20,000? $2,400 $3,233 $2,000 $2,168 es fro (32 rating.

Use the following information for Taco Swell, Incorporated, (assume the tax rate is 21 percent): 2020 2021 Sales $ 21,514 3,089 7,397 1,759 1,443 11,279 14,934 2,176 37,778 94,601 8,150 26,551 2,573 $24.047 Depreciation Cost of goods sold Other expenses Interest Cash Accounts receivable Short-term notes payable Long-term debt Net fixed assets Accounts payable Inventory Dividends 3,229 8,750 1,531 1,723 12,021 17,529 2,133 45,798 100,893 8,632 28,421 3,008 For 2021, calculate the cash flow from assets, cash flow to creditors, and cash flow to stockholders. (A negative answer should be indicated by a minus sign. Do not round intermediate calculations and round your answers to the nearest whole number, e.g.., 32.) Cash flow from assets Cash flow to creditors Cash flow to stockholders

With the following data, compute the NET FUTA Tax. Gross FUTA Tax DUE  $ 6,750 Credit against FUTA (assume applicable)  $3,100 Group of answer choices $3,100 $7,000 $3,650 $6,750

* 00 Oakdale Fashions, Inc. had $245,000 in 2018 taxable income. Using the tax schedule in Table 23 to calculate the company's 2018 income taxes. (Round your answer to the nearest dollar amount.) Income taxes What is the average tax rate? (Round your answer to 2 declmal places.) Average tax rate What is the marginal tax rate? Marginal tax rate K Prev 3 of 5 Next > be here to search. 近。 F4 F5 F7 F8 F10 てい2 23 4 24 & 5.

Please Provide General Accounting Questions Solution

FEDERAL PAYROLL TAXES Bracket ($) 0-9,700 9,701 - 39,475 39,476-84,200 84,201 - 160,725 160,726 - 204,100 204,101 - 510,300 510,301 - Marginal Tax Rate 10% 12% 22% 24% 32% 35% 37% TABLE 1: 2019 single taxpayer brackets and rates Exercise 1: Suppose your taxable income is $50,000. Compute your federal income tax. Individual Taxpayers Income Tax Bracket ($) 0-9,700 9,701 - 39,475 39,476 - 84,200 84,201 - 160,725 160,726 - 204,100 204,101 - 510,300 510,301 - Taxes Owed 10% within bracket $970 + 12% within bracket $4,543 + 22% within bracket $14,382.50 +24% within bracket $32,738.50 +32% within bracket $46,628.50 +35% within bracket $153,798.50 +37% within bracket TABLE 2: 2019 tax brackets Exercise 2: Your taxable income is $50,000. Use Table 2 to recompute your federal income tax. Exercise 3: Your taxable income is $50,000. Compute your effective tax rate

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