QUESTION 2Ann's average income tax rate is 30%, and her marginal income tax rate is 37%. Her property tax bill for 2015 was $12,000 and her annual interest payment onher mortgage was $9,500. Based on this information, what is Ann's total income tax shield (i.e. how much is Ann saving on her income taxes)?O A. $3,515.00O B. $6,450.00OC. $7,955.00O D. $4,400.00

Solution:- Given, Average tax rate = 30% Marginal tax rate = 37% Tax bill = 12,000 Interest payment…

Answered: Ann's average income tax rate is 30%,…

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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Use the following information for the next three questions:Maricel started a laundry business last year. At the end of 2018, he earned a taxable income of P350,000 in total. He did not opt the 8% income tax rate.6. What is the tax rate based on the graduated tax schedule?a. 20% of the excess over P250,000b. P30,000 + 25% of the excess over P400,000c. P130,000 + 30% of the excess over P800,000d. P490,000 + 32% of the excess over P2,000,0007. What is the tax due?a. 0b. 20,000c. 55,000d. 70,0008. What is the percentage tax?a. 0b. 600c. 10,500d. 30,500
Alexis had a gross income of $92,234 in 2010. What was her net income in 2010? Use the income tax table below to answer the question. 2010 Federal Income Tax Brackets and Tax Rates (Canada) Tax Brackets Tax Rates 15% of taxable income less than or equal to $40,970; plus 22% of taxable income greater $40,970 to $81,941 than $40,970 and less than or equal to $81,941; plus $40,970 or less 26% of taxable income greater $81,941 to $127,021 than $81,941 and less than or equal to $127,021; plus More than $127,021 A 29% of taxable income greater than $127,021
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Kamryn Brown is single and earns $65,000 in taxable income and will use the following tax rate schedule to calculate the taxes he owes. 0 - 10,275 10% 10,276-41,775 12% 41,776-89,075 22% 89,076-170,050 24% Calculate the dollar amount of taxes that Kamryn owes. Select one: O a. $2,737.66 O b. $9,916.66 O c. $10,000.00 O d. $17,587.66 Oe. $14,300
Please show all steps and possibly how this could be done in excel if you get the chance. Thanks in advance!!! :)
I need help on part c. Thanks.
Use the table to calculate how much money Lizzie will owe in taxes under a progressive tax program. Give your answer to two decimals. Calculate how much money Lizzie will owe in taxes under a proportional, or flat, tax rate of 30%30%. Give your answer to two decimals.
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9. Nanette Davis' home is assessed at $250,000. If the tax rate is 4.95 mills, what is the tax on her home?

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