5. Calculate your federal income taxes for the year 2024Your base salary for the year was$ 65,000.00Your received a bonus of 12% of your base salaryYou worked two Sunday per month during 6 hours (those hours were paid 50% extra of your regular hour, and your payment was semimonthly)Your regular number of hours per week was37The tax for 2024 are as followsLess or equal thanMore thanMore thanMore thanMore thanTaxable Income$ 53,359.00$53,359.00106,717.00$$ 165,430.00$ 235,675.00up toup toup to$ 106,717.00$ 165,430.00$ 235,675.00Tax rates15.00%20.50%26.00%29.00%33.00%

Federal income tax is a tax imposed by the federal government of the United States on the income of…

Answered: Calculate your federal income taxes for…

Business

Accounting

Calculate your federal income taxes for the year 2024

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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Concept explainers

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.

Question

5. Calculate your federal income taxes for the year 2024
Your base salary for the year was
$ 65,000.00
Your received a bonus of 12% of your base salary
You worked two Sunday per month during 6 hours (those hours were paid 50% extra of your regular hour, and your payment was semimonthly)
Your regular number of hours per week was
37
The tax for 2024 are as follows
Less or equal than
More than
More than
More than
More than
Taxable Income
$ 53,359.00
$
53,359.00
106,717.00
$
$ 165,430.00
$ 235,675.00
up to
up to
up to
$ 106,717.00
$ 165,430.00
$ 235,675.00
Tax rates
15.00%
20.50%
26.00%
29.00%
33.00%

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