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Can someone anwser and help me through these please? Thank you!

Can someone anwser and help me through these please? Thank you!

FINANCIAL ACCOUNTING
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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Can someone anwser and help me through these please? Thank you! 

--- **Meet Marcel** - Marcel is in his first job after college, working at City Center Bank as a teller. - He is not married, nor does he have any dependents. - He will be 23 on January 1 of the current year. - Marcel's wages (regularly taxed income) is $35,000. **Meet Stephanie** - Stephanie has been working at City Center Bank for 5 years. She is now an assistant manager. - She is not married, nor does she have any dependents. - She will be 28 on January 1 of the current year. - Stephanie's wages (regularly taxed income) is $50,000. **Key Information** - Neither has withheld any money towards federal or state taxes, and has no unemployment income. - Neither is being claimed as a dependent by their parents or anyone else. - Neither contributes to a 401(k) or IRA. - Both will use the standard deduction of $12,400. (Note: This is the new standard deduction as of 2020.) *Most people have money withheld from each paycheck to avoid paying a huge bill at the end of every year. We’re assuming no withholdings to illustrate the total amount in taxes paid throughout the year. **Tables:** The tables are to be filled in based on the information calculated by the Nerdwallet's Federal Income Tax Calculator for both Marcel and Stephanie. 1. **Marcel’s Taxes:** - **Taxable Income** - **Effective Tax Rate** - **Estimated Federal Taxes** - **Estimated Taxes Withheld: $0** - **Estimated Amount Owed** 2. **Stephanie’s Taxes:** - **Taxable Income** - **Effective Tax Rate** - **Estimated Federal Taxes** - **Estimated Taxes Withheld: $0** - **Estimated Amount Owed** *Adapted from a project by Kimberley Kelton and Kelly Greenwood* --- **Question:** 4. Why are Marcel’s and Stephanie’s taxable incomes less than their annual salaries? ---
Transcribed Image Text:--- **Meet Marcel** - Marcel is in his first job after college, working at City Center Bank as a teller. - He is not married, nor does he have any dependents. - He will be 23 on January 1 of the current year. - Marcel's wages (regularly taxed income) is $35,000. **Meet Stephanie** - Stephanie has been working at City Center Bank for 5 years. She is now an assistant manager. - She is not married, nor does she have any dependents. - She will be 28 on January 1 of the current year. - Stephanie's wages (regularly taxed income) is $50,000. **Key Information** - Neither has withheld any money towards federal or state taxes, and has no unemployment income. - Neither is being claimed as a dependent by their parents or anyone else. - Neither contributes to a 401(k) or IRA. - Both will use the standard deduction of $12,400. (Note: This is the new standard deduction as of 2020.) *Most people have money withheld from each paycheck to avoid paying a huge bill at the end of every year. We’re assuming no withholdings to illustrate the total amount in taxes paid throughout the year. **Tables:** The tables are to be filled in based on the information calculated by the Nerdwallet's Federal Income Tax Calculator for both Marcel and Stephanie. 1. **Marcel’s Taxes:** - **Taxable Income** - **Effective Tax Rate** - **Estimated Federal Taxes** - **Estimated Taxes Withheld: $0** - **Estimated Amount Owed** 2. **Stephanie’s Taxes:** - **Taxable Income** - **Effective Tax Rate** - **Estimated Federal Taxes** - **Estimated Taxes Withheld: $0** - **Estimated Amount Owed** *Adapted from a project by Kimberley Kelton and Kelly Greenwood* --- **Question:** 4. Why are Marcel’s and Stephanie’s taxable incomes less than their annual salaries? ---
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