Calculating Taxable IncomeTaxable income$0-$9,525$9,526- $38,700$38,701 - $82,500$82,501 $157,500$157,501 $200,000$200,001 $500,000$500,001 or more--- -Rate10.0%Deborah's Tax Scenario12.0%22.0%24.0%32.0%35.0%37%Using the previous tax table, compute the tax liability for the individual in the scenario presented, rounding the liability to the nearest dollar. Inaddition, use the dropdown lists to identify the marginal tax rate and average tax rate for the individual in the scenario.Deborah is a young professional with taxable income of $195,500 as an advertising account executive.

Marginal Tax Rate:The marginal tax rate refers to that rate of tax which applies to the last portion…

Answered: Calculating Taxable Income Taxable…

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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Marginal tax rates Using the tax rate schedule given here, perform the following: a. Find the marginal tax rate for the following levels of sole proprietorship earnings before taxes: $14,700; $59,500; $89,600; $156,000; $247,000; $456,600; and $1 million. b. Plot the marginal tax rates (measured on the y-axis) against the pretax income levels (measured on the x-axis).
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
Pleas calculate the AVERAGE and MARGINAL TAX based on the tax bracket provided below. (Hint: every box in the table may NOT be used.) $0 $1,001 $3,001 Tax Bracket $10,001 $20,001 $40,001 $1,000 $3,000 $10,000 $20,000 $40,000 & Above Average Tax:__`17.729% Marginal Tax:__`25¹% Tax 5% 10% 15% 25% 30% 45% $ $ Taxable Income Amount Taxed type your ansv type your ansv type your ansv = type your ansv $16,500 $ $ $ $ Actual Tax Paid type your answe type your answe type your answe type your answe type your answe Amount Remaining $ $ $ $ type your answe type your answe type your answe type your answe
! Required information [The following information applies to the questions displayed below.] Emily, who is single, has been offered a position as a city landscape consultant. The position pays $125,000 in cash wages. Assume Emily has no dependents. Emily deducts the standard deduction instead of itemized deductions, she is not eligible for the qualified business income deduction, and she did not make any charitable donations. (Use the tax rate schedules.) b-1. Suppose Emily receives a competing job offer of $120,000 in cash compensatic $5,000. What is the amount of Emily's after-tax compensation for the competing offer? (Round your intermediate calculations and final answer to the nearest whole dollar amount.) and nontaxable ded) benefits worth Description Amount (1) Gross income (2) For AGI deductions (3) Adjusted gross income 2$ (4) Standard deduction (5) Taxable income 2$ (6) Income tax liability After-tax compensation
Status Single DATA TABLE Total Tax Payments $ 8,342 Taxable Income $ 55,060.00 20,000 30,000 Total Tax $ 7,972 40,000 Refund Amount Amount Owed Use Goal Seek to find the Taxable Income (C5) that results in the Total Tax (C7) shown. Answer to the nearest 0.01. Do not include any punctuation ($ or ,) in your answer! Example of accepted answer: 12345.67Examples of incorrect answers: $12,345.67, 12,345.67, $12345.67 Taxable Income Total Tax Answer $2,600 Answer $4,200 Answer $8,500 Answer $10,500 Answer $22,000 Be sure to answer to the neared 0.01.
Chapter 3 Activity – Taxes Individual Income Tax Brackets (2021) Marginal Tax Rate Single, taxable income over: Joint, taxable income over: Head of Household, taxable income over: 10% $0 $0 $0 12% $9,950 $19,900 $14,200 22% $40,525 $81,050 $54,200 24% $86,375 $172,750 $86,350 32% $164,925 $329,850 $164,900 35% $209,425 $418,850 $209,400 37% $523,600 $628,300 $523,600 Standard Deduction Amounts (2021) Filing Status Deduction Amount Single $12,550 Married Filing Jointly $25,100 Head of Household $18,800 Long-term Capital Gains & Qualified Dividends (2021) Tax Rate Single Joint Head of Household 0% Under $40,000 Under $80,800 Under $54,100 15% $40,400 $80,800 $54,100 20% $445,850 $501,600 $473,750 Additional 3.8% Net Investment Income Tax for MAGI over $200,000 / $250,000 / $200,000 Calculate the federal income…
Chuck, a single taxpayer, earns $75,000 in taxable income and $10,000 in interest from an investment in City of Heflin bonds. (Use the U.S tax rate schedule.) Required: a. How much federal tax will he owe? b. What is his average tax rate? c. What is his effective tax rate? d. What is his current marginal tax rate? Complete this question by entering your answers in the tabs below. Req A Req B Choose Numerator Req C What is his average tax rate? (Do not round intermediate calculations. Round total tax to nearest whole dollar amount.) 1 1 Req D Choose Denominator Average Tax Rate 0
If you have a taxable income of $369,770.00, what is your top marginal tax rate? total tax bill? S average tax rate? de % %

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