Prepare the journal entries to record 2020 income taxes (current and deferred). (Credit account titles are automatically indentedwhen the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for theamounts.)Account Titles and ExplanationDebitCredit(To record current tax expense.)(To record deferred tax expense.) Prior to 2019, the accounting income and taxable income for Sheffield Corporation were the same. On January 1, 2019, thecompany purchased equipment at a cost of $1,116,000. For accounting purposes, the equipment was to be depreciated over sixyears using the straight-line method and no residual value. For income tax purposes, the equipment was subject to a CCA rate of30% (half-year rule applies for 2019). Sheffield's income before tax for accounting purposes for 2020 was $13,000,000. Thecompany was subject to a 20% income tax rate for all applicable years and anticipated profitable years for the foreseeable future.Sheffield follows IFRS.Calculate taxable income and taxes payable for 2020.Taxable incomeIncome taxes payable$eTextbook and MediaList of Accounts%24%24

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Calculate taxable income and taxes payable for 2020. Taxable income Income taxes payable eTextbook and Media List of Accounts %24 %24

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 2020 wage-bracket tables
Please Solve In 20mins
Federal Income Tax Rates For the Year 2022 From To AmountTax Rate Maximum Cummulative 50,197 50,197 15.0% 50,197 100,392 50,195 20.5% 100,392 155,625 55,233 26.0% 155,625 221,708 66,083 29.0% 221,708 infinity 33.0% Tax 7,529.55 10,289.98 14,360.58 19,164.07 Tax 7,529.55 17,819.53 32,180.11 51,344.18 Using the above tax rates, what is the amount of federal tax owed on an income of 74587? Answer to two decimals. Do not use commas or $ signs.
32 During the week ended June 15, Wiley Automotive's employees earned $2,650 of gross wages and had $363 of federal income tax withheld. All of their employees had already earned over $7,000 of gross wages for the year so none of their wages were subject to FUTA or SUTA tax. However, all of their wages were still subject to Social Security tax of 6.2% and Medicare tax of 1.45%. The journal entry to record Payroll Tax Expense for the pay period would be: 2
Exercise 3-23 (Algorithmic) (LO. 6) Compute the 2023 tax liability and the marginal and average tax rates for the following taxpayers. Click here to access the 2023 tax rate schedule. If required, round the tax liability to the nearest dollar. When required, round the average rates to four decimal places before converting to a percentage (l.e., .67073 would be rounded to .6707 and entered as 67.07%). a. Chandler, who files as a single taxpayer, has taxable income of $157,600. Tax liability: Marginal rate: Average rate: 14,934 X 19.78 X % % b. Lazare, who files as a head of household, has taxable income of $72,000. Tax liability: Marginal rate: Average rate: % %
PSb 3-7 Calculate Federal Income Tax Withholding Using the Percentage Method (2020 Form W-4) For each employee listed, use the percentage method to calculate federal income tax withholding for an employee who has submitted a 2020 Form W-4. Refer to Appendix A, 2020 Federal Tax Tables in your textbook. Publication 15-T (2020) 1: Julia Jacobsen files as single on her tax return and earned weekly gross pay of 500. For each pay period she makes a 401(k) contribution of 2% of gross pay. Julia checked box 2c on Form W-4, entered $40 on line 4c of the form, and did not enter any information in step 3 of the form. Federal income tax withholding = | 2: Alejandro Wright files as single on his tax return and earned weekly gross pay of 1300. He does not make any retirement plan contributions. Alejandro entered 500 in step 3 of the form and did not enter any information in steps 2 & 4 of the form. Federal income tax withholding = $ Tentative Federal Income Tax Withholding = $ 3: Beatrice Nen files…
Review this weeks reading in particular the Zambian Revenue Authority note on Pay As You Earn. Review the examples so that you understand how the calculation of tax and emoluments from earnings is calculated. Below is a chart showing as of 2019 what the Zambian monthly income bands are and the applicable tax rates. Zambia Monthly Income Bands (2019): Tax Rates (%) K0 to K3,300 0 K3,300.01 to K4,100 25 K4,100.01 to K6,200.01 30 Above K6,200.01 37.5 Do you agree with these bands and rates? If you were in charge would you make any adjustments to either the band ranges or to the tax rates for each band? If so, what adjustments would you make and why? Be specific as to your goal in making adjustments, is it to raise more money for the government for specific purposes, to lower the tax burden for certain income groups or what.
A-6
2020 Tax Rate Schedules Single-Schedule X Head of household-Schedule Z If taxable of the If taxable of the income is: But not атоunt income is: But not атоunt Over- over- The tax is: over- Over- over- The tax is: over- $ 9,875 .........10% 2$ $ $ 14,100 .........10% 2$ 9,875 40,125 $ 987.50 + 12% 9,875 14,100 53,700 $ 1,410.00 + 12% 14,100 40,125 85,525 4,617.50 + 22% 40,125 53,700 85,500 6,162.00 + 22% 53,700 85,525 163,300 14,605.50 + 24% 85,525 85,500 163,300 13,158.00 + 24% 85,500 163,300 207,350 33,271.50 + 32% 163,300 163,300 207,350 31,830.00 + 32% 163,300 207,350 518,400 47,367.50 + 35% 207,350 207,350 518,400 45,926.00 + 35% 207,350 518,400 156,235.00 + 37% 518,400 518,400 154,793.50 + 37% 518,400 Married filing jointly or Qualifying widow(er)- Schedule Y-1 Married filing separately-Schedule Y-2 If taxable of the If taxable of the income is: But not атоunt income is: But not атоunt Over- over- The tax is: over- Over- over- The tax is: over- 2$ $ 19,750 .........10% $ $ $ 9,875…
Duela Dent is single and had $182,400 in taxable income. Using the rates from Table 2.3, calculate her income taxes. What is the average tax rate? What is the marginal tax rate? Note: Do not round intermediate calculations and round your income tax answer to 2 decimal places, e.g., 32.16. Enter the average and marginal tax rate answers as a percent, rounded 2 decimal places, e.g., 32.16. Income taxes Average tax rate Marginal tax rate % %
Refer to the following table to answer the following questions: 2012 Federal Income Tax Brackets Taxable Income Tax Rate 10 percent $0-$8,700 $8,701-$35,350 15 percent 25 percent $85,651-$178,650 28 percent $178,651-$388,350 33 percent 35 percent $35,351-$85,650 Over $388,350 Using the table, what is the total payroll tax bill (assume zero state and local income taxes) for someone who makes $67,000 per year? O $5.125.50 O $17.905.25 O $23,030.75 O $16.933.75 O $13.751.25
Cullumber Company sponsors a defined benefit pension plan for its employees. The following data relate to the operation of the plan for the year 2025 in which no benefits were paid. 1. 2. 3. 4. The actuarial present value of future benefits earned by employees for services rendered in 2025 amounted to $55,700. The company's funding policy requires a contribution to the pension trustee amounting to $144,323 for 2025. As of January 1, 2025, the company had a projected benefit obligation of $894,700, an accumulated benefit obligation of $792,500, and a debit balance of $402,000 in accumulated OCI (PSC). The fair value of pension plan assets amounted to $601,400 at the beginning of the year. The actual and expected return on plan assets was $54,300. The settlement rate was 9%. No gains or losses occurred in 2025 and no benefits were paid. Amortization of prior service cost was $49,800 in 2025. Amortization of net gain or loss was not required in 2025.