An individual has a taxable income of $90,000 and paid total taxes of $27,000. Calculate their average tax rate.
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- 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 amountCompute 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.
- What are the tax rates for FICA Social Security and FICA Medicare? What are the maximum taxable earnings amounts for each of these taxes?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?What is the tax liability for a single individual who has taxable income of $115,500, that includes a taxable qualified dividend of $2,000? Use the appropriate Tax Tables and Tax Rate Schedules. (All answers should be rounded to the nearest dollar.)
- Ben Jefferson arrived at the following tax information: Gross salary, $41,780 Interest earnings, $225 Dividend income, $80 One personal exemption, $2,650 Itemized deductions, $3,890 Adjustments to income, $1,150 What amount would Ben report as taxable income?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.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; $76,335
- You determined the following tax information for yourself: Gross Salary: $160,000 Interest Earned: $2,000 IRA Contribution: $5,000 Standard Deduction: $12,400 Filing Single, calculate your taxable income and tax liability. Taxable Income: Tax Liability:For the person below, calculate the FICA tax and income tax to obtain the total tax owed. Then find the overall tax rate on the gross income, including both FICA and income tax. Assume that the individual is single and takes the standard deduction. A man earned a salary of $27,000 and received $1250 in interest. 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) $4050 Let FICA tax rates be 7.65%on the first $127,200 of income from wages, and 1.45% on any income from wages in excess of $127,200. His total FICA tax is $____.George Franklin paid taxes of $4,650 on a taxable income of $34,000 . What was his average tax rate?
