[The following information applies to the questions displayed below.]In 2023, Juanita is married and files a joint tax return with her husband. What is her tentative minimum tax in each of thefollowing alternative circumstances? Use Tax Rate Schedule. Dividends and Capital Gains Tax Rates for reference.Note: Input all values as positive. Leave no answer blank. Enter zero if applicable.Problem 8-59 Part a (Algo)a. Her AMT base is $111,000, all ordinary income.Description(1) AMT base(2) Dividends taxed at preferential rate(3) Tax on dividends(4) AMT base taxed at regular AMT rates(5) Tax on AMT base taxed at 26% rate(6) Tax on AMT base taxed at 28% rateTentative minimum taxAmount

The tentative minimum tax is a calculation used in the U.S. tax system to ensure that high-income…

Answered: a. Her AMT base is $111,000, all…

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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A. The following data were gathered pertaining to the business of person for a taxable quarter in 2018: Vat-registered Taxable sales P1,200,000 Zero-rated sales P600,000 Exempt Sales P450,000 Input tax- taxable P67,500 Input tax- zero rated P15,000 Input tax-exempt P22,500 Input tax that cannot be attributed specifically to any transaction, P30,000. Assuming all applicable input taxes are to be claimed as credits against output ta es, the VAT payable is:
Problem 1-51 (LO 1-5) (Algo) Given the following tax structure: Taxpayer Mae Salary $ 13,000 Pedro Venita $ 26,000 $ 13,000 What tax would need to be assessed on Venita to make the tax horizontally equitable? Tax Total Tax $ 650 $ 1,690 ???
Using the individual tax rate schedule, perform the following: a. Calculate the tax liability, after-tax earnings, and average tax rates for the following levels of partnership earnings before taxes: $11,600; $78,900; $308,000; $499,000; $1.2 million; $1.7 million; and $2.1 million. b. Plot the average tax rates (measured on the y-axis) against the pretax income levels (measured on the x-axis). What generalization can be made concerning the relationship between these variables? a. Calculate the tax liability, after-tax earnings, and average tax rates for the following levels of partnership earnings before taxes: $11,600; $78,900; $308,000; $499,000; $1.2 million; $1.7 million; and $2.1 million. (Round dollars to the nearest cent and round percentages to one decimal place.) Before-Tax Earnings $11,600 Data table (Click the icon here in order to copy the contents of the data table below into a spreadsheet.) TABLE 1.2: Federal Income Tax Rates and Brackets for Individual Returns (2018)…
Marginal tax rates Using the tax rate schedule attached Perform the following: a. Find the marginal tax rate for the following levels of sole proprietorship earnings before taxes: $16,800; $59,500; $89,600; $151,000; $245,000; $451,200; $1,000,000 b. Plot the marginal tax rates (measured on the y-axis) against the pretax income levels (measured on the x-axis).
Use the net FUTA tax rate of 0.6% on the first $7,000 of taxable wages. Queno Company had FUTA taxable wages of $510,900 during the year. Determine its: (Round your answers to two decimal places.) a. gross FUTA tax $fill in the blank 1.b. FUTA tax credits (assuming no penalties) $fill in the blank 2.c. net FUTA tax $fill in the blank 3.
With the following data, compute the NET FUTA Tax. Gross FUTA Tax DUE $ 6,750 Credit against FUTA (assume applicable) $3,100 Group of answer choices $3,100 $7,000 $3,650 $6,750
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
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.…
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%,
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…
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?
Given the following tax structure: Taxpayer Mae Salary $ 11,000 Pedro $ 21,000 Total tax $ 550 222 Required: a. What is the minimum tax that Pedro should pay to make the tax structure vertically equitable based on the tax rate paid? Note: Round your final answer to nearest whole dollar amount. b. This would result in what type of tax rate structure? Complete this question by entering your answers in the tabs below. Required A Required B. What is the minimum tax that Pedro should pay to make the tax structure vertically equitable based on the tax rate paid? Note: Round your final answer to nearest whole dollar amount. Minimum tax Required A Required B >

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a. Her AMT base is $111,000, all ordinary income. Description (1) AMT base (2) Dividends taxed at preferential rate (3) Tax on dividends (4) AMT base taxed at regular AMT rates (5) Tax on AMT base taxed at 26% rate (6) Tax on AMT base taxed at 28% rate Tentative minimum tax Amount