F7A certain state uses the following progressivetax rate for calculating individual income tax:7ht©2003-2022 International Academy of Science. All Rights Reserved.F80-10,0003%10,001 - 50,0005%50,001 - 100,0005.5%Calculate the state income tax owed on a $90,000per year salary.tax = $[?]Round your answer to the nearest whole dollar amount.F9IncomeRange ($)h8 9.prtscF10homeF11ProgressiveTax Rate.F12+ 11.deleteEnterBackspaceNumLockCE9:07.11/5/20+1_

Answered: A certain state uses the following…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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When determining his alternative minimum tax, Edward had the following adjustments and preference items: Itemized deduction for state taxes $1,800 Refund of prior - year state income tax 300 Cash contributions 800 Capital gain 700 Depletion in excess of adjusted basis 700 What are the amounts of tax preference items and adjustments to taxable income for alternative minimum tax purposes on Edward's 2022 tax return? Preference Adjustments A. $ 700 $1,500 B. $ 700 $0 C. $1,400 $1,800 D. $2,200 $2,200 E. $1,500 $ 700
If provincial tax rates are 16% on the first $40,100; 20% on the next $40,100; and 24% on any income after that. If a resident had income of $65,000 then determine the total tax paid. Select one: a. $11,396 b. $13,228 c. $13,988 d. $14,398 e. $13,288 ???
Federal income taxes are allowed as an itemized deduction but are limited to $10,000? Ture or false
Use the graduated tax table below if applicable: GRADUATED TAX TABLE UNDER TRAIN LAW (January 1, 2018 to December 31, 2022) Over But not over The tax shall be Plus Of excess over 250,000 0 0 - P 250,000 400,000 0 20% P 250,000 400,000 800,000 30,000 25% 400,000 800,000 2,000,000 130,000 30% 800,000 2,000,000 8,000,000 490,000 32% 2,000,000 8,000,000 2,410,000 35% 8,000,000 A taxpayer made available the following financial information: Gross receipts - Php 10,000,000 Cost of service – Php 6,000,000 Expenses: Depreciation expense – Php 200,000 Miscellaneous expenses – Php 10,000 Office supplies – Php 20,000 Rental - Php 240,000 Representation expense – Php 100,000…
Given the following tax structure, what minimum tax would need to be assessed on Shameika to make the tax progressive with respect to average tax rates?
5
Jurisdiction X levies a flat 10 percent tax on individual income in excess of $35,000 per year. Individuals who earn $35,000 or less pay no income tax. Required: a. Mr. Hill earned $92,600 income this year. Compute Mr. Hill's income tax and determine average and marginal tax rate. b. Ms. Lui earned $43,700 income this year. Compute Ms. Lui's income tax and determine average and marginal tax rate. c. Ms. Archer earned $31,800 income this year and paid no income tax. Describe Ms. Archer's average and marginal tax rate. d. What type of rate structure does Jurisdiction X use for its individual income tax? Complete this question by entering your answers in the tabs below. Req A to C Req D a. Mr. Hill earned $92,600 income this year. Compute Mr. Hill's income tax and determine average and marginal tax rate. b. Ms. Lui earned $43,700 income this year. Compute Ms. Lui's income tax and determine average and marginal tax rate. c. Ms. Archer earned $31,800 income this year and paid no income tax.…
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2. The 2010 U.S. Federal tax rate for single individuals was as follows: 10% on an adjusted gross income (AGI) between $0 and $20,000; 20% on the excess over $20,000 on an AGI between $20,000 and $60,000; and 30% on the excess over $60,000 on an AGI between $60,000 and $100,000. (a) Determine the tax function. (b) What was the couple's AGI if taxes are $13000?
7
V1
Chapter 3 Activity – Taxes Individual Income Tax Brackets (2021) Marginal Tax Rate Single, taxable income over: Joint, taxable income over: Head of Household, taxable income over: 10% $0 $0 $0 12% $9,950 $19,900 $14,200 22% $40,525 $81,050 $54,200 24% $86,375 $172,750 $86,350 32% $164,925 $329,850 $164,900 35% $209,425 $418,850 $209,400 37% $523,600 $628,300 $523,600 Standard Deduction Amounts (2021) Filing Status Deduction Amount Single $12,550 Married Filing Jointly $25,100 Head of Household $18,800 Long-term Capital Gains & Qualified Dividends (2021) Tax Rate Single Joint Head of Household 0% Under $40,000 Under $80,800 Under $54,100 15% $40,400 $80,800 $54,100 20% $445,850 $501,600 $473,750 Additional 3.8% Net Investment Income Tax for MAGI over $200,000 / $250,000 / $200,000 Calculate the federal income…

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A certain state uses the following progressive tax rate for calculating individual income tax: Income Range ($) 0-10,000 10,001-50,000 Progressive Tax Rate 3% 5%