SEC Chapter 24 Questions (F23)

Question No.4             a) The U.S. currently has seven federal income tax brackets, with rates of 10%, 12%, 22%, 24%, 32%, 35% and 37%. If you fall into the 37% bracket, that doesn’t mean that the entirety of your taxable income will be subject to a 37% tax. Instead, 37% is your top marginal tax rate. FEDERAL TAX BRACKETS 2018 – 2019 Tax rate (%) $0 – $9,525 10 $9,526 – $38,700 12 $38,701 – $82,500 22 $82,501 – $157,500 24 $157,501 – $200,000 32 $200,001 – $500,000 35 $500,001+ 37   i) Create a Mathematical Model that represents the aforementioned information to calculate the annual income tax. ii) How much annual income tax you will have to pay if your monthly taxable income is      $ 40,000   Rubrics Uses information appropriately:  Applies appropriate procedures:  Answers the problem:

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%).

Review this weeks reading in particular the Zambian Revenue Authority note on Pay As You Earn. Review the examples so that you understand how the calculation of tax and emoluments from earnings is calculated.  Below is a chart showing as of 2019 what the Zambian monthly income bands are and the applicable tax rates. Zambia Monthly Income Bands (2019): Tax Rates (%) K0 to K3,300 0 K3,300.01 to K4,100 25 K4,100.01 to K6,200.01 30 Above K6,200.01 37.5 Do you agree with these bands and rates? If you were in charge would you make any adjustments to either the band ranges or to the tax rates for each band? If so, what adjustments would you make and why? Be specific as to your goal in making adjustments, is it to raise more money for the government for specific purposes, to lower the tax burden for certain income groups or what.

Question 13         Which answer is closest to the Estate tax exemption and top tax rate as of December 31, 2020? Answers: $10M, 45%   $11.5M, 40%   $12.5M, 30%   $5M, 35%

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 FILL IN THE BLANK TAX RATE 15.00% 20.50% 26.00% 29.32% 33.00% C) The total income tax burden if your salary is $85,000. 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%).

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What is the total tax expense? A. 300,000 B. 2,550,000 C. 600,000 D. 750,000

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

41 Using the 2019 marginal tax rates provided in the table below, find the marginal and average tax rates for the incomes shown. Give all answers to two decimals. Part 1   What would be your federal income tax if your taxable income was $108,000.00? $    What is the average tax rate for $108,000.00 in taxable income?   % Part 2    How much tax would you owe if your income increased by $25,000 to $133,000.00? $ What would be your average tax rate with $133,000.00 of taxable income?   %    Skip Start Solving Exit Exit Training M

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 ernment Budget Fiscal Policy FILL IN THE BLANK UNIT TAX RATE 15.00% 20.50% 26.00% 29.32% 33.00% D) The average tax rate for someone making $120,000. 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?

Chapter 3 Activity – Taxes   Individual Income Tax Brackets (2021) Marginal Tax Rate Single, taxable income over: Joint, taxable income over: Head of Household, taxable income over: 10% $0 $0 $0 12% $9,950 $19,900 $14,200 22% $40,525 $81,050 $54,200 24% $86,375 $172,750 $86,350 32% $164,925 $329,850 $164,900 35% $209,425 $418,850 $209,400 37% $523,600 $628,300 $523,600     Standard Deduction Amounts (2021) Filing Status Deduction Amount Single $12,550 Married Filing Jointly $25,100 Head of Household $18,800     Long-term Capital Gains & Qualified Dividends (2021) Tax Rate Single Joint Head of Household 0% Under $40,000 Under $80,800 Under $54,100 15% $40,400 $80,800 $54,100 20% $445,850 $501,600 $473,750   Additional 3.8% Net Investment Income Tax for MAGI over $200,000 / $250,000 / $200,000     Calculate the federal income…

Exercise 19-24 Beilman Inc. reports the following pretax income (loss) for both book and tax purposes. Year   PretaxIncome (Loss)   Tax Rate 2018   $120,000     20 % 2019   90,000     20 % 2020   (280,000)     25 % 2021   120,000     25 % The tax rates listed were all enacted by the beginning of 2018.   Prepare the journal entries for years 2018–2021 to record income tax expense (benefit) and income taxes payable (refundable), and the tax effects of the loss carryforward, assuming that based on the weight of available evidence, it is more likely than not that one-half of the benefits of the loss carryforward will not be realized. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Exercise 19-24 Beilman Inc. reports the following pretax income (loss) for both book and tax purposes. Year   PretaxIncome (Loss)   Tax Rate 2018   $120,000     20 % 2019   90,000     20 % 2020   (280,000)     25 % 2021   120,000     25 % The tax rates listed were all enacted by the beginning of 2018. Prepare the journal entries for years 2018–2021 to record income tax expense (benefit) and income taxes payable (refundable), and the tax effects of the loss carryforward, assuming that based on the weight of available evidence, it is more likely than not that one-half of the benefits of the loss carryforward will not be realized. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)