28. Using the tax table provided, compute the income tax due for Susie and JoshAdams whose taxable income for the past year is $181,050.Income TaxNotOf the AmountOverThe Tax is:OverOver$-$19,750$010%$-+19,75080,2501,97512%19,75080,250171,0509,23522%80,250+171,050326,60029,211 +24%171,050326,600414,70066,543 +32%326,600414,700622,05094,735 +35%414,700622,050167,308 +37.0%622,050

The tax liability of an individual is computed under the slab-based system in the US.

Answered: 28. Using the tax table provided,…

28. Using the tax table provided, compute the income tax due for Susie and Josh Adams whose taxable income for the past year is $181,050. Income Tax

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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Concept explainers

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.

Question

28. Using the tax table provided, compute the income tax due for Susie and Josh
Adams whose taxable income for the past year is $181,050.
Income Tax
Not
Of the Amount
Over
The Tax is:
Over
Over
$-
$19,750
$0
10%
$-
+
19,750
80,250
1,975
12%
19,750
80,250
171,050
9,235
22%
80,250
+
171,050
326,600
29,211 +
24%
171,050
326,600
414,700
66,543 +
32%
326,600
414,700
622,050
94,735 +
35%
414,700
622,050
167,308 +
37.0%
622,050

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