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- For the person below, calculate the FICA tax and income tax to obtain the total tax owed. Then find the overall tax rate on the gross income, including both FICA and income tax. Assume that the individual is single and takes the standard deduction. A womanearned a salary of $27,000 and received $1000 in interest. Tax Rate Single 10% up to $9325 15% up to $37,950 25% up to $91,900 28% up to $191,650 33% up to $416,700 35% up to $418,400 39.6% above $418,400 Standard deduction $6350 Exemption (per person) $4050 Let FICA tax rates be 7.65%on the first $127,200 of income from wages, and 1.45% on any income from wages in excess of $127,200. Her income tax is $_____.Determine the tax liability, marginal tax rate, and average tax rate in each of the following cases. Use the tax tables to determine tax liability. Required: a. Married taxpayers, taxable income of $30,916. b. Single taxpayer, taxable income of $66,829. Note: For all requirements, round "Average tax rate" to 2 decimal places. a. b. Tax liability Marginal tax rate % % Average tax rate % %For the person below, calculate the FICA tax and income tax to obtain the total tax owed. Then find the overall tax rate on the gross income, including both FICA and income tax. Assume that the individual is single and takes the standard deduction. A man earned a salary of $27,000 and received $1250 in interest. Tax Rate Single 10% up to $9325 15% up to $37,950 25% up to $91,900 28% up to $191,650 33% up to $416,700 35% up to $418,400 39.6% above $418,400 Standard deduction $6350 Exemption (per person) $4050 Let FICA tax rates be 7.65%on the first $127,200 of income from wages, and 1.45% on any income from wages in excess of $127,200. His total FICA tax is $____.
- Determine the tax liability, marginal tax rate, and average tax rate in each of the following cases. Use the Tax Tables to compute tax liability. Required: a. Married taxpayers, who file a joint return, have taxable income of $32,366. b. Single taxpayer, has taxable income of $67,342. Note: For all requirements, round "Average tax rate" to 2 decimal places. Tax liability a. $ b. $ 3,474 14,336 Marginal tax rate 15 % 25 % Average tax rate. 12.13 % 21.28 %Marginal tax rates: Partner A, a single taxpayer, is one of two partners in a small business. As such, she receives pass-through income that is taxed at her personal tax rates. After all adjustments and deductions have been made, including the 20% qualified business income deduction, she is preparing to calculate her taxes owed for the year. 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: $ 15,200 = 12% (i got this correct)The total taxes due for earnings before taxes of $15,200 is $____?I don't understand how to calculate this portion?I did:Base Tax + Marginal Rate * Amount over base bracket953 + 12% * $9525 = $2096 (the 2096 came in wrong and it said $1634 is the correct answer and i don't understand where that number came from?)S Problem 1-44 (LO 1-2, 1-4) Determine the tax liability, marginal tax rate, and average tax rate in each of the following cases. Use the Tax Tables to compute tax liability. Required: a. Married taxpayers, who file a joint return, have taxable income of $98,013. b. Married taxpayers, who file a joint return, have taxable income of $67,379. Note: For all requirements, round "Average tax rate" to 2 decimal places. a. b. Tax liability Marginal tax rate % % Average tax rate % %
- FICA Taxes. For each of the following individuals, calculate the FICA taxes and income taxes to obtain the total tax owed. Then find the overall tax rate on the gross income, including both FICA income taxes. Assume that all the individuals are single and take the standard deduction. Use the tax rates on Table 4.9. Jack earned a salary of $44,800 and received $1,250 in interest The solution this problem FICA Tax = $3,427; Income tax = $4881; total tax = $8308; tax rate = 18.0%Problem 1-42 (LO 1-4) Havel and Petra are married and will file a joint tax return. Havel has W-2 income of $38,812, and Petra has W-2 income of $46,627. Use the appropriate Tax Tables and Tax Rate Schedules. Required: a. What is their tax liability using the Tax Tables? b. What is their tax liability using the Tax Rate Schedule? Note: Round your intermediate computations and final answers to 2 decimal places. a. Tax liability using Tax Tables b. Tax liability using Tax Rate ScheduleFranklin Stewart arrived at the following tax information: Gross salary Interest earnings Eligible dividend income Basic personal amount Union dues Moving expense (50 km for employment) $ 47,780 225 100 12,069 3,890 1,150 What amount will Franklin report as taxable income? (Round your answer your response.) Taxable income $
- EXERCISE 8-2. CLASSIFICATION OF INCOME. REQUIREMENTS: I Classify the following income into (A) Self-Employment B) Passive subject to final withholding tax (C) Compensation, IL On the following income, write (Y) if the taxpayer can avail of the 8% income tax rate, and (N) if the taxpayer cannot avail of the 8% income tax rate 1. Rent income of apartment 2 Gain on sale of a commercial building 3 Gain on sale of residential house 4. Income as street vendor 5 Income of a junk shop owner 6. Interest on peso deposit with Bank of the Philippine Islands 7. Royalty as book authorIncome Tax Credits (LO. 6) Refer to Exhibit 8-5 and 8A-1 SCHEDULE EIC (EARNED INCOME CREDIT) 2018 EARNED INCOME CREDIT TABLE to answer the following questions. Determine the total allowable 2018 earned income credit in each of the following situations: a. Rina is single and earns $6,800 in salary for the year. In addition, she receives $2,200 in unemployment compensation during the year. b. C. Lachlan is single with one dependent child. During the year, he earns $8,000 as a waiter and receives alimony of $10,000 and child support of $5,000. Zorica is a single parent with two dependent children. She earns $19,000 from her job as a mechanic. She also receives $3,000 in child support from her ex-husband. d. Elliot and Pam are married and have three dependent children. Elliot and Pam earn $12,000 and $9,000 from their jobs, respectively. They receive $800 in interest and $1,000 in dividend income. Assume the taxpayer files a joint return.Problem 1. Mr. ABC, a resident Filipino Citizen, shows his income and expenses during a calendar year: Required:1a. Compute the taxable compensation income during the year assuming that Mr. ABC is a rank-and-file employee. 1b. Compute the table compensation income subject to regular tax during the year assuming that Mr. ABC is a managerial employee. 1c. Compute the total taxable income subject to regular tax during the year assuming that Mr. ABC is a rank-and-file employee. 1d. Compute the total income tax due if Mr. ABC is a rank-and-file employee and he opted to use Optional Standard Deduction. 1e. Compute the total income tax due if Mr. ABC is a rank-and-file employee and he opted to use the 8% preferential tax.