1. Assume that you have 100,000 TL annual income which is subject to a progressive taxation. Calculate your annual tax according to the information given below. Tax brackets Tax Rate 0-9,400TL 15 % 9,400-25,000 25 % 25,000-35,000 35 % 35,000 and above 45 %
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- 1. Assume that you have 100,000 TL annual income which is subject to a progressive
taxation . Calculate your annual tax according to the information given below.
Tax brackets Tax Rate
0-9,400TL 15 %
9,400-25,000 25 %
25,000-35,000 35 %
35,000 and above 45 %
Step by step
Solved in 2 steps
- 1. Marginal tax brackets The amount of federal income taxes that you are required to pay is based on your filing status, your taxable income, and the IRS tax rate tables. The income tax tables are Y meaning the tax rates increase as taxable income increases. Each filing status has seven income ranges, or brackets, and the rates are 10%, 12%, 22 %, 24 %, 32 % , 35 % , and 37%. As your taxable income increases, you pay at a higher rate, but only on the Income that falls within a range. The 2019 tax brackets show how the tax in the IRS tax tables is calculated. Tax Bracket 10% 12% 22% 24% 32% 35% 37% 2019 Tax Brackets Single $0-$9,700 Married Filing Jointly $0-$19,400 $9,701-$39,475 $19,401-$78,950 $39,476-$84,200 $78,951-$168,400 $84,201-$160,725 $168,401-$321,450 $160,726-$204,100 $321,451-$408,200 $204,101-$510,300 $408,201-$612,350 $612,351+ $510,301+Suppose you earn $60,000 per year and pay taxes based on marginal tax rates. The first tax bracket, which taxes at 5 percent, ranges from $0 to $30,000. The second tax bracket, which taxes at 25 percent, ranges from $30,001 to $120,000. How much will you pay in total taxes? Instructions: Enter your answer as a whole number. %24The tax rates are as shown below: Taxable Income Tax Rate $0 - 50,000 50,001 - 75,000 75,001 100,000 100,001 - 335,000 The taxable income is $80,500. How much additional tax will you owe if you increase your taxable income by $21,700? 15% 25% 34% 39%
- Suppose your annual income is $29182 and there are two tax brackets: 10% for $0-$20,000 and 30% for everything above $20,000. What percentage of your income will you pay in taxes? Enter your answer in decimal.1. Marginal tax brackets The amount of federal income taxes that you are required to pay is based on your filing status, your taxable income, and the IRS tax rate tables. The income tax tables are meaning the tax rates increase as taxable income increases. Each filing status has seven income ranges, or brackets, and the rates are 10%, 12%, 22%, 24%, 32%, 35%, and 37%. As your taxable Income Increases, you pay at a higher rate, but only on the income that falls within a range. The following tax brackets show how the tax in the IRS tax tables is calculated. Tax Bracket Single 10% 12% $0-$11,000 $11,001-$14,725 Tax Brackets Married Filing Jointly $0-$22,000 22% $44,726-$95,375 $22,001-$89,450 $89,451-$190,750 24% $95,376-$182,100 $190,751-$364,200 32% $182,101-$231,250 $364,201-$462,500 35% $231,256-$578,125 $162,501-$693,750 37% $578,126+ $693,751+ Single Filers Taxable Income Tax $0-$11,000 of taxable income $11,001-$44,725 plus $44,726-$95,375 plus $95,376-$182,100 plus…If you have a taxable income of $369,770.00, what is your top marginal tax rate? total tax bill? S average tax rate? de % %
- Given that your gross income for 2020 was $180,000 and your taxable income was $140,000. Calculate: a. the marginal tax rate b. the average tax rate c. the effective tax rate. SHOW WORK(5) Applying the following hypothetical Federal Income Tax Rate Table, for a Single Tax-Filer earning $100,000 annually, calculate the following (Show your Calculations): a) Total Tax Due? b) Marginal Tax Rate? c) Effective Tax Rate?If the tax rates are 15% on the first $50,000 of taxable income, and 20% on the next $25,000, and 25% on the next $25,000, what is the tax liability for an individual with $80,000 of taxable income, what is the marginal tax rate, and what is the average tax rate ? a. $10,250, 15%, and 20% b. $25,122, 22%, and 16% c. $11,345, 15%, and 34% d. $13,750, 25%, and 17.19%
- Given the tax rate table below. For a person who has a taxable income of $70,000, what is the average tax rate this person will be charged? Taxable Income 16% 32% 14% 22% Tax Rate 0- 9,525 10% 9,525 38,700 12 38,700- 82,500 22 82,500- 157,500 24 157,500 200,000 32 200,000- 500,000 35 500,000+ 333a. Fill in the following table assuming MACRS depreciation rates (10 points) Year 0 1 2 3 4 5 6 Pretax income MACRS Taxable Depreciation income Tax owed After tax income Inflation adjustment factor Real after tax income b. If MARR = 18%, should you purchase this system based on your real after-tax income? Why or why not? (5 points)2. Using the following Income Tax data, and given that your annual income is $ 85,000: a) Calculate the total tax (in $); b) The average tax rate (%); c) The marginal tax rate (%); and d) What is the classification of this taxation system? Income ($) Tax Rate (%) 0- 60 000 60 001 - 70 000 10 70 001 - 100 000 15 Over 100 000 17