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 Tablesb. Tax liability using Tax Rate Schedule

Taxable income and tax liability The taxable income is the income that is used to compute the tax…

Answered: Havel and Petra are married and will…

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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Required: Determine the amount of average income tax liability per tax return, for each income range 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. Iten Number of returns Taxable income Total tax liability Average tax rates Under $15.000 Under $15,000 $15,000 to under $30,000 $30,000 to under $50,000 $50,000 to under $100,000 $100,000 to under $200,000 $200,000 or more 39,270,202 $6,939,029 $ 778,132 11.21N "The average tax rate is total tax liability divided by taxable income. S S $ $ $ $ Ranges of Adjusted Gross Income $30,000 to under $50,000 20 542 1,826 5,225 14,280 90.816 $15,000 to under $30,000 27,391,909 $ 192,903,768 $ 14,791,011 7.67% 27,233,637 $ 604,359,808 $50,210,871 8.31% $50,000 to under $100,000 34,641,449 $1,753,762,416 $ 106,213,777 10.62% $100,000 to under $200,000 21,113,838 $ 2,304,555,…
Use the tax brackets and rates in the table below to compute the federal tax for Lee, who is declaring taxable income of: iii. $185,000 Round off your answer to 2 decimal points. Taxable Income (income tax brackets) $46,605 or less Over $46,605 up to $93,208 Over $93,208 up to $144,489 Over $144,489 up to $205,842 Over $205,842 Tax Rates 15% of taxable income less than or equal to $46,605; plus 20.5% of taxable income greater than $46,605 and less than or equal to $93,208; plus 26% of taxable income greater than $93,208 and less than or equal to $144,489; plus 29% of taxable income greater than $144,489 and less than or equal to $205,842; plus 33% of taxable income greater than $205,842
Havel and Petra are married and will file a joint tax return. Havel has W-2 income of $38,840, and Petra has W-2 income of $49,642. Use the appropriate Tax Tables and Tax Rate Schedules. Required: What is their tax liability using the Tax Tables? What is their tax liability using the Tax Rate Schedule? Note: Round your intermediate computations and final answers to 2 decimal places.
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 a household with a taxable income of $62,000. b. A single person with a taxable income of $37,800. c. Married taxpayers filing jointly with taxable income of $73,400
The 2020 Arizona graduated tax rate is given in the table below for those filing status is single or married filing separate. To use this table you will calculate the amount of money to be taxed at each level and then sum up the amount for each given tax rate. Find the income tax for a person filing single and has a taxable income reported as $81,600. Round your answer to the nearest whole dollar amount. Proper units on worksheet but: Do not include the $ sign in your answer here. Income Tax Rate The income between $0 and $27,272 2.59% The income between $27,272 and $54,544 3.34% The income between $54,544 and $163,632 4.17% The income above $163,632 4.50%
Determine the amount of tax liability in each of the following instances: Use the Tax Tables for taxpayers with taxable income under $100,000 and the Tax Rate Schedules for those with taxable income above $100,000. Required: A married couple filing jointly with taxable income of $33,453. A married couple filing jointly with taxable income of $202,771. A married couple filing separately, one spouse with taxable income of $44,347 and the other with $56,687. A single person with taxable income of $79,898. A single person with taxable income of $313,471. A head of household with taxable income of $97,054. A qualifying widow with taxable income of $14,488. A married couple filing jointly with taxable income of $11,685.
As a tax return preparer for The Fernando Rodriguez Tax & Accounting Service, you have been asked to calculate the missing information for one of the firm's tax clients. The following table gives the standard deduction for various filing statuses. Standard Deductions Single or married filing separately $12,000 Married filing jointly or surviving spouse $24,000 Head of household $18,000 65 or older and/or blindand/or someone else canclaim you (or your spouseif filing jointly) as a dependent: Varies(See www.irs.gov for information.) Using the standard deduction table above, complete the following table (in $). Name Filing Status Income Adjustments toIncome Adjusted GrossIncome StandardDeduction ItemizedDeductions TaxableIncome Lerner married filingjointly $ $1,366 $47,378 $ $5,329 $
Susan and Stan Britton are a married couple who file a joint income tax return, where the tax rates are based on the tax table 3.5. Assume that their taxable income this year was $320,000. Do not round Intermediate calculation. a. What is their federal tax liability? Round your answer to the nearest dollar. $ b. What is their marginal tax rate? Round your answer to the nearest whole number. % c. What is their average tax rate? Round your answer to two decimal places. %
use the 2016 marginal tax rate to compute the tax owed by the following couple. A married couple filing jointly with a taxable income of $266,000 and a $8500 tax credit. The tax owed is $_
Yanni, who is single, provides you with the following information for 2023: Salary State income taxes Mortgage interest expense on principal residence Charitable contributions Interest income a. Yanni's taxable income: Click here to access the exemption table. If required, round your answers to the nearest do Compute the following: b. Yanni's AMT base: c. Yanni's tentative minimum tax: LA $ SA $103,000 10,300 9,270 S 2,060 1,545 10,370 X 0 X
I need help with b, c, and d.
Havel and Petra are married and will file a joint tax return. Havel has W-2 income of $ 40, 240, and Petra has W-2 income of $46, 677. Use the appropriate Tax Tables and Tax Rate Schedules. Required: What is their tax liability using the Tax Tables? What is their tax liability using the Tax Rate Schedule. How do I find the permitted deduction?

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