Answered: First Year Second Year Higher Higher…

Business

Accounting

First Year Second Year Higher Higher Higher Lower a. b. Higher Lower C. Lower d. Lower

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter8: Depreciation, Cost Recovery, Amortization, And Depletion

Section: Chapter Questions

Problem 16DQ

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Answer the question no (a) and (b)
Compute the 2020 tax liability and the marginal and average tax rates for the following taxpayers. Click here to access the 2020 tax rate schedule. If required, round the tax liability to the nearest dollar. When required, round the average rates to four decimal places before converting to a percentage (i.e. .67073 would be rounded to .6707 and entered as 67.07%). a. Chandler, who files as a single taxpayer, has taxable income of $147,200. Tax liability: Marginal rate: % Average rate: % b. Lazare, who files as a head of household, has taxable income of $65,400. Tax liability: Marginal rate: % Average rate: %
2020 Tax Rate Schedules Single-Schedule X Head of household-Schedule Z If taxable of the If taxable of the income is: But not атоunt income is: But not атоunt Over- over- The tax is: over- Over- over- The tax is: over- $ 9,875 .........10% 2$ $ $ 14,100 .........10% 2$ 9,875 40,125 $ 987.50 + 12% 9,875 14,100 53,700 $ 1,410.00 + 12% 14,100 40,125 85,525 4,617.50 + 22% 40,125 53,700 85,500 6,162.00 + 22% 53,700 85,525 163,300 14,605.50 + 24% 85,525 85,500 163,300 13,158.00 + 24% 85,500 163,300 207,350 33,271.50 + 32% 163,300 163,300 207,350 31,830.00 + 32% 163,300 207,350 518,400 47,367.50 + 35% 207,350 207,350 518,400 45,926.00 + 35% 207,350 518,400 156,235.00 + 37% 518,400 518,400 154,793.50 + 37% 518,400 Married filing jointly or Qualifying widow(er)- Schedule Y-1 Married filing separately-Schedule Y-2 If taxable of the If taxable of the income is: But not атоunt income is: But not атоunt Over- over- The tax is: over- Over- over- The tax is: over- 2$ $ 19,750 .........10% $ $ $ 9,875…
MACRS 5-year property Year Rate 1 20.00% 2 32.00% 3 19.20% 4 11.52% 5 11.52% 6 5.76%
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Use the table below for the next few questions Table for Single Taxpayers Over But not over $51 $195......................10% of excess over $51 $195 $645......................$14.40 plus 15% of excess over $195 $645 $1,482...................$81.90 plus 25% of excess over $645 $1,482 $3,131...................$291.15 plus 28% of excess over $1,482 $3,131 $6,763...................$752.87 plus 33% of excess over $3,131 $6,763...........................................$1,951.43 plus 35% of excess over $6,763 Herb Becker had gross earnings of $465 last week. He is single and claims a withholding allowance for himself only. The amount of each weekly withholding allowance is $65.38. Using the Table for Single Taxpayers above, compute the amount that will be withheld from his paycheck for federal income tax. (Figure withholding to the nearest cent.) 40.59 54.09 45.09 35.09
Use the table below for the next few questions Table for Single Taxpayers Over But not over $51 $195......................10% of excess over $51 $195 $645......................$14.40 plus 15% of excess over $195 $645 $1,482...................$81.90 plus 25% of excess over $645 $1,482 $3,131...................$291.15 plus 28% of excess over $1,482 $3,131 $6,763...................$752.87 plus 33% of excess over $3,131 $6,763...........................................$1,951.43 plus 35% of excess over $6,763
est 21 Grades-ACCT-1020-L01 - Prin... P Homework and Tests - Karl Willi... Saved Partners are taxed on their withdrawals, not on their share of partnership income. True or False True False < Prev 4 of 28 www
Esfandairi Enterprises is considering a new three-year expansion project that requires an initial fixed asset investment of $2.18 million. The fixed asset falls into the three-year MACRS class (MACRS schedule). The project is estimated to generate $1.645 million in annual sales, with costs of $610,000. The project requires an initial investment in net working capital of $250,000, and the fixed asset will have a market value of $180,000 at the end of the project. The tax rate is 21 percent. a. What is the project's Year 0 net cash flow? Year 1? Year 2? Year 3? (A negative answer should be indicated by a minus sign. Do not round intermediate calculations and enter your answers in dollars, not millions of dollars, rounded to 2 decimal places, e.g., 1,234,567.89.) b. If the required return is 12 percent, what is the project's NPV? (Do not round intermediate calculations and enter your answers in dollars, not millions of dollars, rounded to 2 decimal places, e.g., 1,234,567.89.) a. Year 0…
Subject-Accounting
2:11 1 ul LTE ( Take a Photo Crop Photo Crop just one question Kerer w ure U17 Teuerai ILOme tax tauies ueiow. Unmarried Individuals-Schedule X 2017 If Taxable Income Is Over But Not Over Of the Amount Over The Tax Is Plus $0 $9,325 $0 10% $0 $9,325 $37,950 $932.50 15% $9,325 $37,950 $91,900 $5,226.25 25% $37,950 $91,900 $191,650 $18,713.75 28% $91,900 $191,650 $416,700 $46,643.75 33% $191,650 $416,700 $418,400 $120,910.25 35% $416,700 $418,400 $121,500.25 39.6% $418,400 Married Filing Jointly-Schedule Y-1 2017 If Taxable Income Is Over The Tax Is Of the Amount Over But Not Over Plus $0 $18,650 $0 10% $0 $18,650 $75,900 $1,865.00 15% $18,650 $75,900 $153,100 $10,452.50 25% $75,900 $153,100 $233,350 $29,752.50 28% $153,100 $233,350 $416,700 $52,222.50 33% $233,350 $416,700 $470,700 $112,728.00 35% $416,700 $470,700 $131,628.00 39.6% $470,700 Suppose a married couple won the Mega Millions jackpot and took it as a lump sum of $385,000,000. What is the federal income tax on their winnings?
Income and Education. Using Exhibit 1.8, discuss the relationship between annual income and the highest level of education completed. Provide specific examples of the difference between having no high school diploma and having a bachelors degree, and between having a bachelors degree and a professional degree.