An individual has a taxable income of $75,000 and paid total taxes of $18,750. Calculate their average tax rate.
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What average tax rate? ?
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- Compute the 2019 tax liability and the marginal and average tax rates for the following taxpayers (use the 2019 Tax Rate Schedules in Appendix A for this purpose): a. Chandler, who files as a single taxpayer, has taxable income of 94,800. b. Lazare, who files as a head of household, has taxable income of 57,050.Lisa records nonrefundable Federal income tax credits of 65,000 for the year. Her regular income tax liability before credits is 190,000, and her TMT is 150,000. a. What is Lisas AMT? b. What is Lisas regular income tax liability after credits?Melodie's taxable income is $39,000 and she pays income tax of $4,489. If Melodie's taxable income increases to $41,000, she would pay income taxes of $4,884. What is Melodie's marginal tax rate? 19.75 22.00 18.50 12.00 Some other amount
- During 2019, Inez (a single taxpayer) had the following transactions involving capital assets: a. If Inez has taxable income of 158,000, how much income tax results? b. If Inez has taxable income of 35,000, how much income tax results?Find the gross income, the adjusted gross income, and the taxable income. Base the taxable income on the greater of a standard deduction or an itemized deduction. Suppose your friend earned wages of $93,950, received $1,310 in interest from a savings account, and contributed $6,500 to a tax-deferred retirement plan. She is entitled to a personal exemption of $4050 and a standard deduction of $6,300. The interest on her home mortgage was $4,700, she contributed $2,300 to charity, and she paid $1,375 in state taxes. A) $95,260; $88,760; $78,410 C) $101,760; $97,710; $91,410 B) $101,760; $97,710; $89,335 D) $95,260; $88,760; $76,335Find the gross income, the adjusted gross income, and the taxable income. A taxpayer earned wages of $61,300, received $880 in interest from a savings account, and contributed $2,200 to a tax-deferred retirement plan. He was entitled to a personal exemption of $4050 and had deductions totaling $6,930. OA. $62,180; $59,980; $55,930 OB. $64,380; $60,330; $53,400 OC. $62,180; $59,980; $49,000 D. $64,380; $60,330; $55,930 H
- Find the gross income, the adjusted gross income, and the taxable income. A single man earned wages of $164,500, received $895 in interest from a savings account, and contributed $13,500 to a tax-deferred savings plan. He has itemized deductions totaling $19,150, which is more than the standard deduction of $18,800 for his filing status.A single person with taxable income of $36090 will have the first $9525 of that income taxed at 10%. Determine the taxes owed on just the first $9525.What is the amount of taxes for the head of a household with taxable income of $62,525.
- A surviving spouse with one dependent child has a gross income of 68,170 per year. If 3,000 is withheld from the taxpayers wages for federal income taxes, what is the amount of the taxpayers refund or tax due?Compute the gross income, adjusted gross income, and taxable income in the following situation. Use the exemptions and deductions in the table to the right. Explain how it was decided whether to itemize deductions or use the standard deduction. A man is single and earned wages of $63,600. He received $390 in interest from a savings account. He contributed $510 to a tax-deferred retirement plan. He had $1650 in itemized deductions from charitable contributions. Solve His gross income is $ Tax Rate Single 10% up to $9325 15% up to $37,950 25% up to $91,900 28% up to $191,650 33% up to $416,700 35% up to $418,400 39.6% above $418,400 Standard deduction $6350 Exemption (per person) $4050Using the tax table, determine the amount of federal taxes for the following situations: a. A head of household with taxable income of $66,500. b. A single person with taxable income of $42,700. c. Married taxpayers filing jointly with taxable income of $81,800. Note: For all the requirements, round your intermediate calculations and final answer to the nearest whole dollar. a. Tax amount b. Tax amount c. Tax amount
