Use the 2012 marginal tax rates to compute the tax owed by the following person. Round taxable income to the nearestdollar as needed.a single male, no dependents.Gross income: $84,000Deductions:$31,000 mortgage interest$4795 property taxes$4000 charitable contributionsAdjustments: $3000Tax credit: noneClick the icon to view the 2012 marginal tax rates.The income tax owed is $(Round to the nearest cent as necessary.)Mati

The term "tax owed" refers to the amount of money that a taxpayer is legally obligated to pay to the…

Answered: dollar as needed. a single male, no…

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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(Situational amounts are stated in thousands) Situation 1 Situation 2 Situation 3 Situation 4 $ 85 $ 215 $ 195 $ 260 Taxable income Total Future deductible amounts 15 20 20 Total Future taxable amounts 15 15 30 Balance at beginning of year: Deferred tax asset Deferred tax liability 2 9. 4 The enacted tax rate is 40%. Required: 1. For each situation (1-4), determine your responses for a. through f. and fill in the table appropriately: 1 2 3 4 a. Income taxes payable b. Deferred tax asset balance c. Deferred tax asset change d. Deferred tax liability balance e. Deferred tax liability change f. Income tax expense 2. For each situation, prepare the journal entry for taxes. Situation 1 Situation 2 Situation 3 Situation 4
H1.
Use the 2016 marginal tax rates to compute the income tax owed by the following person. Single male, no dependents. Gross income:$90,000 Adjustments: $1000 Deductions:$25,000 mortgage interest $4916 property taxes $4000 charitable contributions ch
Mr. Borbon had the following data for his income tax return for the current year: Php 490, 000 150, 000 200, 000 120, 000 70, 000 320,000 Sales Personal Exemption Cost of Sales Administrative and Selling Expenses Personal Expenses Professional Income Graduated Income Tax Rate Effective January 1, 2018 Initial Basis 0-250,000 Over 250, 000 but not over 400, 000 Over 400,000 but not over 800,000 Over 800, 000 but not over 2,000, 000 Over 2, 000, 000 but not over 8, 000, 000 Over 8, 000, 000 Tax due In Excess -0- -0- |-0- +20% of the excess over 250,000 30,000 130,000 490, 000 2, 410, 000 +25% of the excess over 400,000 +30% of the excess over 800, 000 +32% of the excess over 2, 000, 000 +35% of the excess over 8, 000, 000 How much is the income tax due is he uses itemized deduction? O Php 24,000 O Php 52,500 O Php 42,500 O Php 10,000
Garrison Shops had a SUTA tax rate of 3.7%. The state's taxable limit was $8,000 of each employee's earnings. For the year, Garrison Shops had FUTA taxable wages of $66,500 and SUTA taxable wages of $83,700. Compute: Round your answers to the nearest cent. a. Net FUTA tax $fill in the blank 1 b. Net SUTA tax $fill in the blank 2
None
Solve the problem using 6.2%, up to $128,400 for Social Security tax and using 1.45%, no wage limit, for Medicare tax. What are the social security and Medicare withholdings (in $) for an executive whose annual gross earnings are $137,500?
Use the 2016 marginal tax rates to compute the tax owed by the following person. A head of household with a taxable income of $89,000 and a $7000 tax credit Click the icon to view the 2016 marginal tax rates. The tax owed is $ (Type an integer or a decimal. Round to the nearest cent as needed.) 2016 Marginal Tax Rates Tax Rate 10% 15% 25% 28% 33% 35% 39.6% 2016 Marginal Tax Rates, Standard Deductions, and Exemptions Married and each partner files a separate tax return Unmarried, divorced, or legally separated Single up to $9275 $9276 to $37,650 $37,651 to $91,150 $91,151 to $190,150 $190,151 to $413,350 $413,351 to $415,050 more than $415,050 $6300 Standard Deduction Exemptions (per $4050 person) Married Filing Separately Married Filing Jointly up to $9275 up to $18,550 $9276 to $37,650 $18,551 to $75,300 $37,651 to $75,950 $75,301 to $151,900 $75,951 to $115,725 $151,901 to $231,450 $115,726 to $206,675 $231,451 to $413,350 $206,676 to $233,475 $413,351 to $466,950 more than $233,475…
Check my answers. Determine if the timing differences are temporary or permanent. Net income per books (after-tax) $205,050 Federal income tax per books 55,650 Tax-exempt interest income PERMANENT 4,500 MACRS depreciation in excess of straight-line depreciation used for TEMPORARY financial accounting purposes 7,200 Excess of capital loss over capital gains 9,400 Nondeductible meals and entertainment PERMANENT 5,500 Interest on loan to purchase tax-exempt bonds PERMANENT 1,100
Required information [The following information applies to the questions displayed below] Allie received a $50,000 distribution from her 401(k) account this year that she established while working for Big Stories, Incorporated. Assume that her marginal ordinary tax rate is 24 percent. c. Allie is 67 and retired. How much tax and penalty will Allie pay on the distribution? Tax and penalty 3

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dollar as needed. a single male, no dependents. Gross income: $84,000 pute the tax owed by the Deductions: $31,000 mortgage interest $4795 property taxes $4000 charitable contributions Adjustments: $3000 Tax credit: none Click the icon to view the 2012 marginal tax rates