Net income for the year 2022 31-Dec-2220222021Account NameDebitCreditDebitCreditCash52,00032,000Accounts Receivable101,00098,000Supplies2,50012,200InventoryPrepaid Expenses65,50042,30012,30024,000Land309,700309,700385,000BuildingAccumulated Depreciation-BuildingAccounts PayableSalaries PayableIncome Taxes PayableNotes PayableBonds PayableCommon Stock385,00058,60076,30042,10038,9009,70026,000100,000200,00013,20034,000100,000200,000220,000220,000Retained EarningsSales Revenue (Net)Cost of Goods Sold67,00049,000956,0001,050,650360,000456,950Advertising ExpenseDepreciation Expense67,90070,00017,70017,700Insurance ExpenseRent ExpenseSalaries Expense1,0001,00024,00024,000310,000280,0001,708,6001,708,6001,752,8501,752,85

Formula: Net income =Revenues - Expenses.

31-Dec-22 2022 2021 Account Name Debit Credit Debit Credit Cash Accounts Receivable Supplies Inventory Prepaid Expenses 52,000 32,000 101,000 98,000 12,200 42,300 24,000 2,500 65,500 12,300 309,700 385,000 Land Building Accumulated Depreciation-Building Accounts Payable 309,700 385,000 76,300 42,100 58,600 38,900

31-Dec-22 2022 2021 Account Name Debit Credit Debit Credit Cash Accounts Receivable Supplies Inventory Prepaid Expenses 52,000 32,000 101,000 98,000 12,200 42,300 24,000 2,500 65,500 12,300 309,700 385,000 Land Building Accumulated Depreciation-Building Accounts Payable 309,700 385,000 76,300 42,100 58,600 38,900

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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Federal Income Tax Rates For the Year 2022 From To AmountTax Rate Maximum Cummulative 50,197 50,197 15.0% 50,197 100,392 50,195 20.5% 100,392 155,625 55,233 26.0% 155,625 221,708 66,083 29.0% 221,708 infinity 33.0% Tax 7,529.55 10,289.98 14,360.58 19,164.07 Tax 7,529.55 17,819.53 32,180.11 51,344.18 Using the above tax rates, what is the amount of federal tax owed on an income of 74587? Answer to two decimals. Do not use commas or $ signs.
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%).
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.