A newly elected government removed the cap on social securitycontributions and added a new tax bracket, shown in the schedule below.Tax ScheduleSSS$$$$400$142,800.00 $400,000.00$400,000Which taxable income would have the lowest average tax rateconsidering only this schedule?$142,800Bracket(0)$142,801$399,900142,800.00400,000.00Rate(1)12.40%0.00%12.40%

The marginal tax rate is the amount of additional tax paid for every additional dollar…

Answered: A newly electe

Entrepreneurial Finance

6th Edition

ISBN:9781337635653

Author:Leach

Publisher:Leach

Chapter3: Organizing And Financing A New Venture

Section: Chapter Questions

Problem 7EP

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10. True or false. Please write out the entire word for True or False. a. Gains or losses from amendments to post retirement plans are a component of other comprehensive income b. Pre tax income is $ 300, a temporary difference caused by depreciation is $80, taxable income is $220. The income tax rate is 25%. The differed income tax payable is $60 Interest income from municipal bonds is tax exempt from state and local taxes and is a C. permanent difference d. Double taxation along with government regulation are advantages of the corporate form of organization A bond that has a stated interest rate of 4% issued to yield 6% will sell at a е. discount
What is the tax owed ?
Suppose that the income tax law exempts income of less than $8000 from the tax, taxes income between $8000 and $20,000 at a 25% rate, and taxes income greater than $20,000 at a 30% rate. Find the average tax rate and the marginal tax rate for someone earning $16,000 and for someone earning $30,000. The tax law is change so that income of less than $6000 is untaxed, income from $6000 to $20,000 is taxed at 20%,
1. What self-employment tax rate is applied to earnings that exceed $142,800 in a year and also do NOT exceed the additional Medicare tax threshold? Answer: A. 15.3% B. 12.4% C. 2.9% D. 1.45% 2. What is the standard credit applied to the FUTA tax rate in non-credit reduction states? Answer: A. 0.6% B. 0.9% C. 5.4% D. 6% 3. An employer in a non-credit reduction state would pay FUTA taxes of _____ for an employee whose year-to-date earnings prior to the current period are $7,200 and who earns $1,100 during the current period. Answer: A. $0 B. $6.60 C. $43.20 D. $49.80
Hh2.
A certain state uses the following progressive tax rate for calculating individual income tax: Income Range ($) Progressive Tax Rate 0 - 2000 2% 2001 - 9000 5% 9001 and up 5.4% Calculate the state income tax owed on a $70,000 per year salary. tax = $[?] Round your answer to the nearest whole dollar amount.
LO.3, 4, 5 Using the legend provided below, classify each statement under 2019 tax law. a. A foreign tax credit is available. b. The deduction of charitable contributions is subject to percentage limitation(s). c. Excess charitable contributions can be carried forward for five years. d. On the contribution of inventory to charity, the full amount of any appreciation can be claimed as a deduction. e. Excess capital losses can be carried forward indefinitely. f. Excess capital losses cannot be carried back. g. A net short-term capital gain is subject to the same tax rate as ordinary income. h. The deduction for qualified business income may be available. i. A dividends received deduction is available. j. The like-kind exchange provisions of 1031 are available. k. A taxpayer with a fiscal year of May 1April 30 has a due date for filing a Federal income tax return of July 15. l. Estimated Federal income tax payments may be required.
Please help
Problem 1-47 (LO 1-3) (Algo) 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? Muni-Bond Total Taxpayer Salary Interest Mihwah $16,000 $ 6,750 Shameika $68,000 $24,500 Minimum tax Tax $ 736 777
Yu.5.
09. Referring to Fig 4b, the attached table, and your answers to questions 7 and 8 above, is it reasonable to infer that income tax rate cuts tend to increase the share of taxes paid by top income taxpayers? YES NO
A certain state uses the following progressive tax rate for calculating individual income tax: Income Progressive Range ($) Tax Rate 0- 2000 2001 - 9000 2% 5% 9001 and up 5.4% Calculate the state income tax owed on a $60,000 per year salary. tax = $[ ? ] %3D Round your answer to the nearest whole dollar amount. Enter ellus Corporation. All Rights Reserved.

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