Please Explain Proper Step by Step and Do Not Give Solution In Image Format And Fast Answering Please Thanks In Advance ? 3. SINGLE TAX RATES SCHEDULE FOR 2022 TAX SEASON IS GIVEN AS FOLLOWS:if Taxable income is overBut not over$$$0$ 10,275$41,77510,27541,775$89,075The Tax is:10% of taxable$1,027.50 12 % of excess of$10,275$4,807.50 +22% of excess of $41,775.Required:Compute the Tax Liability for Rose who had adjusted gross income of $78,000 in 2022.3.Under what condndant? List but do not discuss,

The single standard deduction for the tax year 2022 is $12,550. This means that if you are filing as…

23. SINGLE TAX RATES SCHEDULE FOR 2022 TAX SEASON IS GIVEN AS FOLLOWS: if Taxable income is over $ But not over The Tax is: 10% of taxable $ $ $1,027.50 +12 % of excess of $10,275 $4,807.50 +22% of excess of $41,775. 0 $ 10,275 $41,775 10,275 41,775 $89,075 Required: Compute the Tax Liability for Rose who had adjusted gross income of $78,000 in 2022. 3.Under what conditions can a no dependant? Ust but do not discuss,

23. SINGLE TAX RATES SCHEDULE FOR 2022 TAX SEASON IS GIVEN AS FOLLOWS: if Taxable income is over $ But not over The Tax is: 10% of taxable $ $ $1,027.50 +12 % of excess of $10,275 $4,807.50 +22% of excess of $41,775. 0 $ 10,275 $41,775 10,275 41,775 $89,075 Required: Compute the Tax Liability for Rose who had adjusted gross income of $78,000 in 2022. 3.Under what conditions can a no dependant? Ust but do not discuss,

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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Subject : Accounting Use the 2021 marginal tax rates to compute the tax owed by the person with the given filing status, taxable income, and tax credit. Single with a taxable income of $17,000 and a $2,000 tax credit Tax Rate Single 10% up to $9,950 15% $9,951 to $40,525 The tax owed is _____ dollars. (Type an integer or a decimal, Round to the nearest cent as needed.)
(Situational amounts are stated in thousands) Situation 1 Situation 2 Situation 3 Situation 4 $ 85 $ 215 $ 195 $ 260 Taxable income Total Future deductible amounts 15 20 20 Total Future taxable amounts 15 15 30 Balance at beginning of year: Deferred tax asset Deferred tax liability 2 9. 4 The enacted tax rate is 40%. Required: 1. For each situation (1-4), determine your responses for a. through f. and fill in the table appropriately: 1 2 3 4 a. Income taxes payable b. Deferred tax asset balance c. Deferred tax asset change d. Deferred tax liability balance e. Deferred tax liability change f. Income tax expense 2. For each situation, prepare the journal entry for taxes. Situation 1 Situation 2 Situation 3 Situation 4
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Use the following tax table to determine how much income tax is paid on 732000 of taxable income. Taxable Income Bracket $0 to $9,325 Total Paid = $ Rate 10% 15% $9,325 to $37,950 25% $37,950 to $91,900 28% $91,900 to $191,650 33% $191,650 to $416,700 35% 39.60% $416,700 to $418,400 $418,400+ Single Taxable Income Tax Brackets and Rates, 2017
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es Required: Determine the amount of average income tax liability per tax return, for each income range provided, using the information in the below table. Taxable Income and Total Tax Liability are in thousands. Note: Enter your answers in whole dollars and not in thousands. Round the final answers to the nearest dollar value. Item Number of returns Taxable income Total tax liability Average tax rate* Ranges of Adjusted Gross Income $15,000 to under $30,000 27,410,421 $ 189,345,926 $ 15,590,244 Under $15,000 30,714,603 $ 5,388,125 $ 532,117 9.88% *The average tax rate is total tax liability divided by taxable income. Under $15,000 $15,000 to under $30,000 $30,000 to under $50,000 $50,000 to under $100,000 $100,000 to under $200,000 $200,000 or more $30,000 to under $50,000 to under $50,000 $100,000 37,547,454 28,926,296 $ 1,912,925,663 $ 639,289,718 $215,589,667 $56,077,985 8.23% 8.77% 11.27% $100,000 to under $200,000 24,180,226 $ 2,687,818, 279 $385,658,662 14.35% $200,000 or more…
Use the following tax table to determine how much income tax is paid on 915000 of taxable income. Total Paid = $ Rate 10% 15% 25% 28% 33% 35% 39.60% Taxable Income Bracket $0 to $9,325 $9,325 to $37,950 $37,950 to $91,900 $91,900 to $191,650 $191,650 to $416,700 $416,700 to $418,400 $418,400+ Single Taxable Income Tax Brackets and Rates, 2017
1. What is the tax due and payable amount in fiscal year 20x1? Fiscal year June 20, 20x1 (5th year) 20x2 Sales 80,000,000 75,000,000 Cost of Sales 50,000,000 46,875,000 Allowable Deductions excluding NOLCO 32,000,000 25,000,000 2. Using the information above, how much is tax due in fiscal year 20x2?
Use the table to the right to calculate the federal income tax due for a taxable income of $87,000 The income tax due is $ (Type an integer or a decimal) If your taxable income is Over- But not Over- 50 $9,275 $9,275 $37,650 $37,650 $91,150 $91,150 $190,150 $190,150 $413,350 $413,350 The tax is 10% $927.50+15% $5,183 75+25% $18,558.75+28% $46,278 75+33% $119.934 75+35% Save of the amount Over- $0 $9,275 $37,650 $91,150 $190,150 $413,350
Government G levies an income tax with the following rate structure: Percentage Rate Bracket Income from -0- to $30,000 Income from $30,001 to $70,000 Required: 6% 10 20 28 Income from $70,001 to $200,000 Income in excess of $200,000 a. Taxpayer A's taxable income is $156,600. Compute A's income tax liability and average tax rate. What is A's marginal tax rate? b. Taxpayer B's taxable income is $486,100. Compute B's income tax liability and average tax rate. What is B's marginal tax rate? Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required A Required B Taxpayer A's taxable income is $156,600. Compute A's income tax liability and average tax rate. What is A's marginal tax rate? Note: Round your percentage answers to 2 decimal places and other answers to the nearest whole dollar amount. Taxpayer A Income tax $ 23,519 x Average tax rate Marginal tax rate 15.02 x % 20.00 %
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