Given the following tax structure, what minimum tax would need to be assessed onShameika to make the tax progressive with respect to average tax rates?TaxpayerMihwahShameikaMinimum taxSalary$ 10,000$ 50,000Muni-BondInterest$ 10,000$ 30,000Total Tax$ 600???

In a progressive tax, the tax is rises when taxable income increases.Taxpayer with greater salaries…

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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If Ana chose to be taxed at an 8 percent rate, how much is her overall income tax? (based on the provided photo) P321,500 P342,500 P351,500 P358,000
Problem 1-51 (LO 1-5) (Algo) Given the following tax structure: Taxpayer Mae Salary $ 13,000 Pedro Venita $ 26,000 $ 13,000 What tax would need to be assessed on Venita to make the tax horizontally equitable? Tax Total Tax $ 650 $ 1,690 ???
Problem 1-47 (LO 1-3) (Algo) 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 Taxpayer Salary Interest Mihwah $16,000 $ 6,750 Shameika $68,000 $24,500 Minimum tax Tax $ 736 777
Required: Determine the average amount of taxable income per tax return, for each of the ranges of taxable income provided, using the information in the below table. Taxable Income and Total Tax Liability are in thousands. Note: Enter your answers in whole dollars and not in thousands. Round the final answers to the nearest dollar value. Item Number of returns Taxable income Total tax liability Average tax rate* $50,000 28,925,996 $50,000 to under $100,000 37,547,154 $15,000 to under Ranges of Adjusted Gross Income $30,000 to under Under $15,000 $30,000 30,714,303 $5,382,125 27,410,121 $189,339,926 $533,617 9.91% $15,620,244 8.25% $ 56,377,985 8.82% $ 639,283,718 $ 1,912,919,663 $ 215,889,667 11.29% $100,000 to under $200,000 24,179,926 $ 2,687,812,279 $ 385,958,662 14.36% $200,000 or more 11,615,832 $ 6,249,259,422 $ 1,591,915,179 25.47% *The average tax rate is total tax liability divided by taxable income. Under $15,000 $15,000 to under $30,000 $30,000 to under $50,000 $50,000 to…
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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?
Suppose that the income tax law exempts income of less than $8000 from the tax, taxes income between $8000 and $20,000 at a 25% rate, and taxes income greater than $20,000 at a 30% rate. Find the average tax rate and the marginal tax rate for someone earning $16,000 and for someone earning $30,000. The tax law is change so that income of less than $6000 is untaxed, income from $6000 to $20,000 is taxed at 20%,
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 Таxрayer Mihwah Salary $ 10,000 $ 50,000 Interest $ 10,000 $ 30,000 $ 600 Shameika ??? Minimum tax
where did you get 3,146 for the tax liability?
7
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
Using the 2019 corporate tax rate: a. What are the tax liability, the marginal tax rate, and the average tax rate for a corporation with $248, 300 taxable income? b. What are the tax liability, the marginal tax rate, and the average tax rate for a corporation with $39,253,000 taxable income? (Create a problem similar to the one above and give multiple choice answer)

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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? Taxpayer Mihwah Shameika Minimum tax Salary $ 10,000 $ 50,000 Muni-Bond Interest $ 10,000 $ 30,000 Total Tax $ 600 ???