Given the following tax structure, what minimum tax would need to be assessed on Shameika to make the tax progressive withrespect to effective tax rates?Note: Round percentages to 1 decimal place. Round your final answer to nearest whole dollar amount.TaxpayerMihwahShameikaMinimum taxSalary:$ 25,000$ 65,000Muni-BondInterest$ 25,000$ 37,500Total Tax$ 2,250222

The tax rate can be determined using the tax liability and the taxable income. The average tax rate…

Answered: Given the following tax structure, what…

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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Using the tax table, determine the amount of taxes for the following situations: (Do not round intermediate calculations. Round your answers to 2 decimal places.) a. A head of household with taxable income of $59,500. Tax amount b. A single person with taxable income of $35,800. Tax amount c. Married taxpayers filing jointly with taxable income of $71,100. Tax amount
Given the following tax structure: Total tax Salary $ 10,000 $ 20,000 Тахрayer Mae $ 600 Pedro ??? a. What is the minimum tax that Pedro should pay to make the tax structure vertically equitable based on the tax rate paid? (Round your final answer to nearest whole dollar amount.) Minimum tax b. This would result in what type of tax rate structure? Tax rate structure Progressive
Effect of tax credit versus tax exemption Explain and calculate the differences resulting from a $1,000 tax credit versus a $1,000 tax deduction for a single taxpayer with $48,000 of pre-tax income. The standard deduction in 2018 was $12,000 for single. Note that personal exemptions were suspended for 2018. Use Exhibit 3.3 to determine the corresponding tax rate. Round the answers to the nearest cent. After-tax Income (Tax Deduction) After-tax Income (Tax Credit) $ $
Given the following tax structure, what minimum tax would need to be assessed on Shameika to make the tax progressive with respect to average tax rates? Muni-Bond Total Tax Тахрayer Mihwah Salary $ 10,000 $ 50,000 Interest $ 600 $ 10,000 $ 30,000 Shameika ??? Minimum tax
13.E J owns some property that has an assessed value of $415,920. Calculate the tax due if the tax rate is 33.25 mills. (Round your answer to the nearest cent.) a.$13,725.36 b.$13,829.34 c.$16,636.80 d.$17,988.54
Given the following tax structure: Taxpayer Mae Salary $ 11,000 Pedro $ 21,000 Total tax $ 550 222 Required: a. What is the minimum tax that Pedro should pay to make the tax structure vertically equitable based on the tax rate paid? Note: Round your final answer to nearest whole dollar amount. b. This would result in what type of tax rate structure? 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 based on the tax rate paid? Note: Round your final answer to nearest whole dollar amount. Minimum tax Required A Required B >
For the person below, calculate the FICA tax and income tax to obtain the total tax owed. Then find the overall tax rate on the gross income, including both FICA and income tax. Assume that the individual is single and takes the standard deduction. A man earned $30,000 from wages. Tax Rate 10% Single up to $9325 15% up to $37,950 25% up to $91,900 28% up to $191,650 33% up to $416,700 35% up to $418,400 39.6% above $418,400 Standard deduction Exemption (per person) $6350 $4050 Let FICA tax rates be 7.65% on the first $127,200 of income from wages, and 1.45% on any income from wages in excess of $127,200. His FICA tax is $ (Round up to the nearest dollar.)
Use the following federal tax table for biweekly earnings of a single person to help answer the question below. Emeril has gross biweekly earnings of $784.21. By claiming 1 more withholding allowance, Emeril would have $13 more in his take home pay. How many withholding allowances does Emeril currently claim? a. 3 b. 4 c. 5 d. 6
Based on the following data, will Ann Wilton receive a federal tax refund or owe additional taxes in 2019? ( Input the amount as a positive value. Round your intermediate calculations and final answer to 2 decimal places. Omit the "$" sign in your response.) Taxable Income Tax Rate 0-$47,630 15% $47,630-$ 95,259 20.5% $95, 259-$147,667 26% $147, 667-$ 210,371 29% Net income(line 23600) $ 51,790 Deductions to determine net income $ 11,660 Federal income tax withheld $ 7,144 Total non-refundable tax credit amounts, excluding medical expenses $ 12, 189 Medical expenses $ 3,100
Based on the following data, will Ann Wilton receive a federal tax refund or owe additional taxes in 2022? (Input the amount as a positive value. Round your intermediate calculations and final answer to 2 decimal places. Omit the "$" sign in your response.) Taxable Income 0-$50, 197 $50, 197-$100,392 $100,392-$155,625 $155,625-$221,708 Total income (line 15000) Net income (line 23600) Deductions to determine net income Tax Rate 15% 20.5% 26% 29% Federal income tax withheld Total non-refundable tax credit amounts, excluding medical expenses Refund + LA $120, 190 $108,740 $ 11,450 $ 18,462 $ 15,450
For the person below, calculate the FICA tax and income tax to obtain the total tax owed. Then find the overall tax rate on the gross income, including both FICA and income tax. Assume that the individual is single and takes the standard deduction. A man earned a salary of $27,000 and received $1250 in interest. Tax Rate Single 10% up to $9325 15% up to $37,950 25% up to $91,900 28% up to $191,650 33% up to $416,700 35% up to $418,400 39.6% above $418,400 Standard deduction $6350 Exemption (per person) $4050 Let FICA tax rates be 7.65%on the first $127,200 of income from wages, and 1.45% on any income from wages in excess of $127,200. His total FICA tax is $____.
Explain and calculate the differences resulting from a $2,000 tax credit versus a $2,000 tax deduction for a single taxpayer with $40,000 of pre-tax income. The standard deduction in 2018 was $12,000 for single. Note that personal exemptions were suspended for 2018. Use Exhibit 3.3 to determine the corresponding tax rate. Round the answers to the nearest cent. After-tax Income (Tax Deduction) $ After-tax Income (Tax Credit)

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