Given the following tax structure:Total taxSalary$ 10,000$ 20,000ТахрayerMae$ 600Pedro???a. What is the minimum tax that Pedro should pay to make the tax structure vertically equitable based on the tax rate paid? (Roundyour final answer to nearest whole dollar amount.)Minimum taxb. This would result in what type of tax rate structure?Tax rate structureProgressive

Types of Tax structure include: Progressive Tax System Proportional Tax System Regressive Tax…

Answered: Given the following tax structure:…

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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Problem 1-34 (LO 1-3) (Algo) Chuck, a single taxpayer, earns $75,200 in taxable income and $10,200 in interest from an investment in City of Heflin bonds. (Use the U.S tax rate schedule.) Required: a. How much federal tax will he owe? b. What is his average tax rate? c. What is his effective tax rate? d. What is his current marginal tax rate? Complete this question by entering your answers in the tabs below. Required A Required B Required C Answer is not complete. Federal tax Required D How much federal tax will he owe? Note: Do not round intermediate calculations. Round "Federal tax" to nearest whole dollar amount.
Given the following tax structure, what minimum tax would need to be assessed on Shameika to make the tax progressive with respect to effective tax rates? (Round your final answer to nearest whole dollar amount.) Muni-Bond Total Tax Salary $ 10,000 $ 50,000 Тахраyer Interest $ 600 $ 10,000 $ 30,000 Mihwah Shameika ??? Minimum tax
ront Peragraph Styies Edting Senitty Now let's do a problem where we know the person's taxes and want to find their taxable income, and their AGI You may find the functions you determined in the question above helpha 6. Suppose someone paid $17,500 in taxes What could this person's adjusted gross income be? 1040 Linels) Description Amount 1 and Sb Wagen, salanes, and Sps Adjusted gross income (AGI) Standard deduction and exemption (singie. nondependent) Subtract line 5 trom line 4 Taxable income Total Tax (hom schedule) Elfective tax rate (tax asacentage of all income) 11a $12 200 11b $17.500 2019 Tax Schedule (NOT ued for HW- separate Tax Schedules previded wm Single Taxable Income Tax Brackets and Rates, 2019 If taxxable income is over- but not oer the tax i $0,700 $0,700 $39,475 584 200 $160,725 $204, 100 $30 475 $94.200 $160,725 $204.100 $610,300 10% of the amount over $0 $970 plus 12% of the amount over $0,700 $4,543 plus 22s of the amount over $39475 $14,382 plus 24 of the amount…
What is the alternative minimum tax (AMT) rate for individuals? 1 %. 7%. 12.3%. 20%.
Given the following tax structure: Taxpayer Mae Salary $ 44,500 Pedro $ 68,500 Total Tax $ 3,738 ??? Required: a. What is the minimum tax that Pedro should pay to make the tax structure vertically equitable with respect to the amount of tax p b. This would result in what type of tax rate structure? Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required A Required B What is the minimum tax that Pedro should pay to make the tax structure vertically equitable with respect to the amount of tax paid? Minimum tax $5,754 X mirod Required P
assessed on Shameika to make the tax progressive with respect to average tax rates? Total tax Divide by Salary income Average tax rate for Mihwah Taxable income for Shameika X Average tax rate Tax baxed on average tax rate Average tax rate for Mihwah = 736 16,000 = 4.6 736 16000 Shameika must pay greater than $3080 to make tax rate progressive Minimum tax 4.60% 68000 4.60% 3,128 3,129 x 100
Suppose a tax is such that an individual with an income of $10,000 pays $2000 of tax, a person with an income of $20,000 pays $3000 of tax, a person with an income of $30,000 pays $4000 of tax, and so forth. What is each person’s average tax rate? Is this tax regressive, proportional, or progressive?
What would be the marginal tax rate for a single person who has a taxable income of: a) $31,560 b) $58,150 c) $66,450 d) $100,580 DO NOT INCLUDE % SIGN
What would be the marginal and average tax rates for a married couple with taxable income of $89,600? For an unmarried taxpayer with the same income? Use Table 3.7. (Do not round intermediate calculations. Enter the marginal tax rate as a percent rounded to 1 decimal place. Enter the average tax rate as a percent rounded to 1 decimal place.) a. What would be the marginal tax rate for a married couple with income of $89,600? Marginal tax rate for a married couple b. What would be the average tax rate for a married couple with income of $89,600? Average tax rate for a married couple % Marginal tax rate for an unmarried taxpayer c. What would be the marginal tax rate for an unmarried taxpayer with income of $89,600? % Average tax rate for an unmarried taxpayer % d. What would be the average tax rate for an unmarried taxpayer with income of $89,600? %
Presented below is a list of costs and expenses incurred in the factory by Nu-Way Corporation, a manufacturer of recreational vehicles.____ 1. Property taxes on the factory land____ 2. Nails and glue used in production____ 3. Cabinet maker's wages____ 4. Factory supervisors' salaries____ 5. Metal used in manufacturing____ 6. Depreciation on factory machines____ 7. Factory utilities____ 8. Carpeting for the recreational vehicles____ 9. Property taxes on the factory building____ 10. Insurance on factory equipmentInstructionsClassify the above items into the following categories:DM — Direct MaterialsDL — Direct LaborMO — Manufacturing Overhead

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