Find the amounts that are missing from this summary of an income tax return:a. Gross income$42,685b. Adjustments to income$3,670c. Adjusted gross incomed. Deductions$8,978e. Adjusted gross income less deductionsf. Exemptions (4$3,100)$12,400g. Taxable incomeVince Bottolito's adjusted gross income on his federal tax return was $53.748. He claimed thestandard deduction of $4,850, and one exemption at $3,100. What was Vince's taxable income?The Valek's gross income last vear was $64.890. They had adjustments to income totalingS3.829. Their deductions totaled $12.502. and they had four exemptions at S3.100 each. Findtheir taxable income.

Missing amounts in the summary of income rax return:- Adjusted gross income= Gross income+…

Answered: Find the amounts that are missing from…

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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subject:accounting
Consider gross earnings of $84,000. The standard deduction is $12,000 and itemized deduction is $5,000. Social security tax rate is 6.2%; Medicare tax rate is 1.45%. How much is the taxable income (for federal income tax)?
The 2009 U.S. tax rates for a single person are shown below. If taxable income is over But not over- The tax is: $8,350 $33,950 $82.250 $8,350 $33.950 S82 250 $171.500 10% of the amount over $0 $835 plus 15% of the amount over $8,350 $4,675 plus 25% of the amount over $33,950 $16,750 plus 28% of the amount over $82,250 $41,740 plus 33% of the amount over $171,500 $108,218 50 plus 35% of the amount over $372.950 $171,500 $372,950 no limit $372.950 Suppose Carson has total income of 5650,000, the personal exemption is $3,650, and the standard deduction is $5,700. Carson's marginal tax rate is%. (Enter your response as an infeger)
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With the following data, compute the NET FUTA Tax. Gross FUTA Tax DUE $6,750 Credit against FUTA (assume applicable) $3,100 O $3,650 O $7,000 O $3,100 O $6,750
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Use table to calculate Ed Robinsons income tax due on his $450,000 income, assuming that he files as a single taxpayers. Use table to calculate Ed Robinsons income tax due on his $450,000 income, assuming that he files as a single taxpayers. Use table to calculate Ed Robinsons income tax due on his $450,000 income, assuming that he files as a single taxpayers.
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I need help solving this problem Daniel Simmons arrived at the following tax information: Gross salary $ 62,250 Interest earnings $ 75 Dividend income $ 140 One personal exemption $ 4,050 Itemized deductions $ 7,000 Adjustments to income $ 850 Assume the standard deduction for a single person is $6,350. Calculate the following information: Total Income = Adjusted Gross Income = Taxable Income = Thank you!
Question2: Income tax The taxable income of Ahmed, Badriya and Sameer is $20,000, $45,000, $100,000 respectively. Use the following tax rates: 5% for income from 0 - $20,000 10% for income from $20,001 - $50,000 15% for income above $50,000 Calculate the tax payable by each person. Explain the type of taxation system applicable in this situation. Is this system of taxation fair? Explain why this system is being criticised?
1 Ross Martin arrived at the following tax information: Tax Information $ 58,610 Gross salary Interest earnings Dividend income 5 290 polnts 235 Standard deduction 12,000 11,420 2,050 Skipped Itemized deductions Adjustments to income еВook What amount would Ross report as taxable income? Hint Taxable income Print References
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