Gabriella and Steve have adjusted gross income of $96,600 and $82,300 respectively. Calculate their income tax if they delay their marriage until next year so they can file their tax returns as individuals at the single tax rate this year. Their income tax would be $_____
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- Gabriella and Steve have adjusted gross income of $96,600 and $82,300 respectively. Calculate their income tax if they delay their marriage until next year so they can file their tax returns as individuals at the single tax rate this year. Their income tax would be $_____
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- Havel and Petra are married and will file a joint tax return. Havel has W-2 income of $39,790, and Petra has W-2 income of $46,227. 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 answer to 2 decimal places. a. Tax liability using Tax Tables b. Tax liability using Tax Rate ScheduleLeonardo, who is married but files separately, earns $80,200 of taxable income. He also has $15,200 in city of Tulsa bonds. His wife, Theresa, earns $50,200 of taxable income. If Leonardo earned an additional $30,200 of taxable income this year, what would be the marginal tax rate on the extra income for 2020? (Use tax rate schedule.) (Round your final answer to two decimal places.) Multiple Choice O 22.02 percent 18.83 percent 24.02 percent 23.65 percent None of the choices are correctElijah and Anastasia are husband and wife who have five married children and nine minor grandchildren. For 2020, what is the maximum amount they can give to their family (including the sons and daughters-in-law) without using any of their unified transfer tax credit?
- Liam has a gross income of $120,000 and takes the standard deduction. 1) What are his total taxes due? 2) What is his marginal tax rate? 3) What is his effective tax rate? Round to the neared hundredth of a percent.Use the table to calculate how much money Lizzie will owe in taxes under a progressive tax program. Give your answer to two decimals. Calculate how much money Lizzie will owe in taxes under a proportional, or flat, tax rate of 30%30%. Give your answer to two decimals.Determine the taxable amount of Social Security benefits for the following situations. If required, round your answers to the nearest dollar. If an amount is zero, enter "0". a. Tyler and Candice are married and file a joint tax return. They have adjusted gross income of $39,400 before considering their Social Security benefits, no tax-exempt interest, and $13,790 of Social Security benefits. As a result, $ of the Social Security benefits are taxable. b. Assume Tyler and Candice have adjusted gross income of $15,800 before considering their Social Security benefits, no tax-exempt interest, and $17,380 of Social Security benefits. As a result, $ 8,490 X of the Social Security benefits are taxable. c. Assume Tyler and Candice have adjusted gross income of $104,500 before considering their Social Security benefits, no tax-exempt interest, and $15,675 of Social Security benefits. As a result, 96,338 X of the Social Security benefits are taxable.
- Brandon, an unmarried individual, has $196,300 taxable income. Assume the taxable year is 2022. Use Individual Tax Rate Schedules. Required: a. Identify Brandon's statutory marginal rate and compute average tax rate assuming Brandon is a single taxpayer. b. Identify Brandon's statutory marginal rate and compute average tax rate assuming Brandon is a head of household. c. Identify Brandon's statutory marginal rate and compute average tax rate assuming Brandon is a surviving spouse. Complete this question by entering your answers in the tabs below. X Answer is complete but not entirely correct. Required A Required B Required C Identify Brandon's statutory marginal rate and compute average tax rate assuming Brandon is a single taxpayer. Note: Do not round intermediate calculation. Round your "Average rate" answer to 2 decimal places (for example XX.XX%). Marginal rate Average rate 32 % 32.00%Caroline has a net income of 80000. she has received her T4 in the middle of February and she knows she might have to pay a significant tax amount. She is an employee and she is also a mother of one child. calculate her total federal tax payableDetermine the taxable amount of Social Security benefits for the following situations. If required, round your answers to the nearest dollar. If an amount is zero, enter "0". a. Tyler and Candice are married and file a joint tax return. They have adjusted gross income of $40,000 before considering their Social Security benefits, no tax-exempt interest, and $14,000 of Social Security benefits. As a result, $ of the Social Security benefits are taxable. b. Assume Tyler and Candice have adjusted gross income of $17,600 before considering their Social Security benefits, no tax-exempt interest, and $19,360 of Social Security benefits. As a result, $ of the Social Security benefits are taxable. c. Assume Tyler and Candice have adjusted gross income of $106,000 before considering their Social Security benefits, no tax-exempt interest, and $15,900 of Social Security benefits. As a result, $ of the Social Security benefits are taxable.Determine the taxable amount of Social Security benefits for…
- Hongtao is single and has a gross income of $92,700. His allowable deductions for adjusted gross income are $4,200, and his itemized deductions are $18,350. The standard deduction for 2020 is $12,400. Round all final amounts to the nearest dollar. Refer to the Tax Rate Schedules to answer the following questions. c. Assume the same facts as in part a and part b, except that Hongtao is married. His wife's salary is $25,000, and she has $1,300 withheld from her paycheck. They file jointly. The standard deduction for 2020 is $24,800. Their taxable income is $__________ Their tax liability is $____________ They will receive a refund of $_________Trey has two dependents, his daughters, ages 14 and 18, at year-end. Trey files a joint return with his wife. What amount of child tax credit (either as a child or a qualifying dependent) will Trey be able to claim in 2021 for his daughters under each of the following alternative situations? Use Exhibit 8-8. b. His AGI is $420,200. Amount of child tax creditErin is self-employed for 2021. Erin estimates her required annual estimated tax payment for 2021 to be $5,300. Erin had a $400 overpayment of last year's taxes which she will apply against her first quarter estimated payment. a. How much should Erin pay with her first quarter estimated tax voucher? b. When is the payment due?