1. Sergio is single and has a 12 year old daughterwhom he supports and lives with him all yearround. Sergio's salary is $135,000. His taxwithholding is $19,750. His itemized deductionstotal $16,750. What is Sergio's tax refund orliability (how much does he owe to the IRS)?(explain answer)A. Owe $902 in tax.B. Owe $2,042 in taxC. Have a refund of $1,070D. Have a refund of $2,042.2. Nont's Piano Lessons Inc. is a calendar-yeartaxpayer using the accrual method of accounting.On October 1, 2020, the corporation received$1,200 for a one-year contract beginning on thatdate to provide 24 piano lessons. The companyprovided 6 lessons this year under the contract.How much income should the corporationrecognize for next year (2021) if the remaininglessons are provided? (explain answer)A) $200B) $360C) $900D) $1,200

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1. Sergio is single and has a 12 year old daughter whom he supports and lives with him all year round. Sergio's salary is $135,000. His tax withholding is $19,750. His itemized deductions total $16,750. What is Sergio's tax refund or liability (how much does he owe to the IRS)? (explain answer) A. Owe $902 in tax. 3. Owe $2,042 in tax C. Have a refund of $1,070 D. Have a refund of $2,042.

1. Sergio is single and has a 12 year old daughter whom he supports and lives with him all year round. Sergio's salary is $135,000. His tax withholding is $19,750. His itemized deductions total $16,750. What is Sergio's tax refund or liability (how much does he owe to the IRS)? (explain answer) A. Owe $902 in tax. 3. Owe $2,042 in tax C. Have a refund of $1,070 D. Have a refund of $2,042.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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2. Taxes paid for a given income level Deborah is getting ready to do her taxes. She is single and lives in Miami. Deborah earned $250,000 in taxable income in 2015. She reviews the following table, which shows the IRS tax rates for a single taxpayer in 2015. On Annual Taxable Income... Up to $9,225 From $9,225 to $37,450 From $37,450 to $90,750 From $90,750 to $189,300 From $189,300 to $411,500 From $411,500 to $413,200 Over $413,200 The Tax Rate Is... (Percent) 10.0 15.0 Deborah calculates that she owes 25.0 28.0 33.0 35.0 39.6 Based on the IRS table, Deborah calculates that her marginal tax rate is 33% when her annual taxable income is $250,000. Deborah then calculates that her average tax rate is in income taxes for 2015. , based on the annual income level and the amount of taxes she owes for 2015.