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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According to Progressive tax system in a country an individual are exempted for the first OMR 30,000 taxable income. Higher income bracket from 30,0001 to 75,000 taxable income on which tax rate is 15%. Additional income tax bracket over and above OMR 75,000 taxable income on which tax rate is 20%. Assuming that taxable income of an individual is OMR 90,000. What will be the tax liability of an individual? a. OMR 14,250 b. Exempted c. OMR 9,750 d. OMR 6,750
Which of the following Excel functions can you apply to determine a deduction amount using the following tax table for various tax brackets? Students' Income. Tax $10/day or less 0% $15/day - $9.99/day 10% $30/day - 14.99/day 15% CO Vlookup O Or() O Sum() O Sumif)
Determine the tax llability for tax year 2021 In each of the following Instances. In each case, assume the taxpayer can take only the standard deduction. Use the approprlate Tax Tables and Tax Rate Schedules. a. A single taxpayer, not head of household. with AGI of $24,793 and one dependent. b. A single taxpayer, not head of household, with AGI of $189,309 and no dependents. Note: Round your Intermedlate computations to 2 decCimal places and final answer to the nearest dollar amount CA marrled couple filing Jointly with AGI of $41,245 and two dependents. d. A marrled couple filing Jolntly with AGI of $163,588 and three dependents. Note: Round your Intermedlate computations to 2 decimal places and final answer to the nearest dollar amount e. A marrled couple fillng Jolntly with AGI of $313.894 and one dependent. Note: Round your Intermediate computations to 2 decimal places and final answer to the nearest do EA taxpayer filing marrled filing separately with AGI of $70,296 and one…
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 $ 16,000 $ 68,000 Muni-Bond Interest $ 6,750 $ 24,500 Total Tax $ 736 ???
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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 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
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What is the alternative minimum tax (AMT) rate for individuals? 1 %. 7%. 12.3%. 20%.

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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 ???