How much is the income tax due assuming the use of the 8% optional tax?
Q: Vinitpaul has the following information: AGI for 2022 Withholding for 2022 Total tax for 2021 Total…
A: Every taxpayer is liable to pay the amount of income tax payable on time. When a taxpayer does not…
Q: Carson Holiday has a federal tax levy of $4,119.90 against him. If Holiday is single with three…
A: Taxable income is the amount of income computed to measure the amount of taxes to be paid to the…
Q: Vinitpaul has the following information: AGI for 2022 Withholding for 2022 Total tax for 2021 Total…
A: Income tax penalty: Every taxpayer is liable to pay the payable amount of income tax on time. When…
Q: Use the 2021 tax rates to find Social Security and Medicare deductions for the following problems.…
A: Deductions are defined as those payments made by a taxpayer during a specific period that can be…
Q: Required information [The following information applies to the questions displayed below.) This year…
A: Answer:- When a taxpayer does not pay enough of their anticipated taxes or pays their taxes late,…
Q: Required information [The following Information applies to the questions displayed below.] This year…
A: When a taxpayer does not pay enough of their anticipated taxes or pays their taxes late, the IRS may…
Q: Use the 2021 FICA tax rates, shown, to answer the following question. If a taxpayer is self-employed…
A: In this scenario, we're calculating the FICA taxes for a self-employed taxpayer who earns $156,000…
Q: Bob Weiss wants to know his taxable income for 2020. Bob's filing status will be "Single". His AGI…
A: Taxable income is income that is taxable as per the Income tax system. This income is determined as…
Q: eorgina has four employees who earned $75,000, $27,000, $2,100, and $6,200 during 2020,…
A: Explanation: FUTA Tax rate = 6% less-Credit of SUTA Tax Rate FUTA Tax rate = 6%-5.4% FUTA Tax rate =…
Q: This year Lloyd, a single taxpayer, estimates that his tax liability will be $13,300. Last year, his…
A: Answer:- Tax liability meaning:- The total amount of taxes owed to taxing authorities, such as the…
Q: Regina has four employees who earned $75,000, $27,000, $2,100, and $6,200 during 2020, respectively.…
A: Net FUTA Tax rate = FUTA Tax rate - SUTA Tax Rate = 6% - 5.4% = 0.6%
Q: Required information [The following information applies to the questions displayed below.] This year…
A: Please see the working notes below and computation are provided.Explanation:a. (1) 90 percent of…
Q: Mary is a self-employed attorney. a. Assuming that Mary earns $27,500 from her practice,…
A: For the 2020 tax year, the self-employment tax rate is 15.3%. Social Security represents 12.4% of…
Q: Anthony's business days for the year total 20 days and his personal days while traveling total 8…
A: According to IRS, only necessary and ordinary business expenses are deductible as travel expenses.…
Q: additional 0.9% Medicare tax
A: Additional medicare tax is levied on the amount over and above $2,00,000 at the rate of 0.9%. The…
Q: Josh earned $10,000 of profit from a sole proprietorship in 2022. If he also has $140,000 of salary…
A: In order to pay for social security and Medicare, self-employed people and small business owners…
Q: ! Required Information [The following information applies to the questions displayed below.] This…
A: The penalty percentage for late payment of withholding tax is an additional 3% for underpayment over…
Q: Tax Drill - Self-Employment Tax In 2023, Miranda records net earnings from self-employment of…
A: To calculate Miranda's self-employment tax and her deduction for AGI, we need to consider the…
Q: In 2022, Miranda records net earnings from self-employment of $168,500. She has no other income.…
A: In the self employment you are the employee and employer also both parts are to be paid by self…
Q: Your client's federal marginal tax rate is 36%, and the state marginal rate is 7%. The client does…
A: The taxable equivalent yield is the yield that a taxable investment must offer to provide the same…
Q: Rasheed works for Company A, earning $299,000 in salary during 2022. Assuming he is single and has…
A: Payroll taxes are the taxes that are paid by both the company and the employee to support the…
Q: For 2022 income, a married couple is in the 22% bracket until their income goes over $178,150. Above…
A:
Q: Marey is a 17 year old dependent high school student with income from wages of $8,000 and S4,000 of…
A: Income tax refers to the tax liability which is imposed on an individual or a corporation or an…
Q: Rasheed works for Company A, earning $350,000 in salary during 2021. Assuming he is single and has…
A: The Federal Insurance Contributions Act (FICA) is a United States law that requires employers to…
Q: 1.Jake pays $8,500 in deductible property taxes. His marginal tax rate is 31%, his effective tax…
A: Jake pays $ 8500 in the deductible property taxes. We are supposed to calculate the savings in tax…
Q: Rasheed works for Company A, earning $404,000 in salary during 2020. Assuming he is single and has…
A: According to the question given, we need to compute the FICA taxes.FICA tax:FICA stands for Federal…
Q: Gus is the self-employed owner of Four Paws Pet Supply. His estimated annual earnings are $43,280.00…
A: Introduction:- The following basic information as follows under:- Gus is the self-employed owner of…
Q: In 2021, I have an income of $49,000 from my job as a salesman. I contribute $8,000 to a traditional…
A: Federal income taxes is the tax amount which a tax payer has to be paid to government and which is…
Q: In 2018, Brenda has calculated her regular tax liability to be $32,500 and her tentative minimum tax…
A: Federal income tax liability is the amount of money individuals and businesses owe to the federal…
Q: This year Lloyd, a single taxpayer, estimates that his tax liability will be $13,000. Last year, his…
A: When a taxpayer does not pay enough of their anticipated taxes or pays their taxes late, the IRS may…
Q: Jacob has $180,000 of self-employment earnings from a sole proprietorship. Jacob's self-employment…
A: In this problem, we are asked to compute Jacob's self-employment tax for 2022.
Q: Geronimo files his tax return as a head of household for year 2022. If his taxable income is…
A: Average tax rate is determine using the total tax paid and the taxable income. Average tax rate is…
Q: Wanda, a single taxpayer, has alternative minimum taxable income of $149,200 for 2020. Her regular…
A: Alternative Minimum Tax (AMT) is a tax liable on the minimum income earned by a person in the United…
Q: Assume your gross pay per pay period is $4,900 and you are in the 33 percent tax bracket. Calculate…
A: Net pay is calculated by subtracting the savings from the gross pay and after deducting the tax…
Q: IS single, nden Tnd fiolusd
A: Facts of the case:- A retired…
Q: The taxpayer's FICA taxes are $ ☐ . (Round to the nearest cent as neede
A: Income tax:The income tax refers to the amount that is paid by the taxpayer to the tax authority of…
Q: What is her self-employment tax liability and additional Medicare tax liability for 2020? Thx,
A: For self-employed FICA tax rate for 2020 is 15.3% on first $137,700 of net income plus 2.9% on the…
Q: Country A has a tax rate of 5% on the first $20,000 of taxable income, then 20% on the next $30,000,…
A: Taxation According to IRS while computing net taxable amount to taken up the deduction in proper…
Q: Frank is a self-employed CPA whose 2021 net earnings from his trade or business (before the H.R. 10…
A: B) $48,000
Q: Marc, a single taxpayer, earns $214,000 in taxable income and $6,600 in interest from an investment…
A: The tax rate that is applied to the final dollar of a person's income is known as the marginal tax…
Q: Trudy's AGI last year was $366,000. Her Federal income tax came to $109,800, paid through both…
A: a.
Q: Jim has a house payment of $2,000 per month of which $1,700 is deductible interest and real estate…
A:
Q: The 2019 tax brackets in France are given in the table. Gabriel has a taxable income of €36,700…
A: The tax liability is calculated based on slab rate given in the question. Accordingly, there is no…
Q: a. Her AMT base is $111,000, all ordinary income. Description (1) AMT base (2) Dividends taxed at…
A: The tentative minimum tax is a calculation used in the U.S. tax system to ensure that high-income…
Q: Scenario: Emma (age 30) and Brad (age 32) are considering getting married before the end of 2022.…
A: According to the given question, we are required to compute the taxable income, income tax…
Q: Hw.145. Francisco paid the following taxes in 2022: !"$6,000 property taxes on their personal…
A: There are two different types of deductions itemized and standard deduction. Itemized deduction is…
Q: Jackie is a non-VAT self-employed individual. His forecast for 2022 shows non-operating income of…
A: "Income tax payable" refers to the sum of income tax that a person or organisation pays to the…
Q: John makes $6,500 contribution into a Roth IRA in 2023. He is in the 22% marginal tax bracket. How…
A: An IRA (Individual Retirement Account) contribution refers to the money that an individual deposits…
Jackie is a non-VAT self-employed individual. His
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- Monica’s expected cash payment to a seller is $640,000 and her marginal tax rate is 32%. Monica will receive tax savings from the payment (if there are any) at the time of the payment. What is Monica’s ATCF if the payment is 40% tax deductible? A. ($558,100) B. ($640,000) C. ($256,000) D. ($384,000)Deductions from Adjusted Gross Income, Calculating Tax Liability (LO. 3, 5) Hongtao is single and has a gross income of $92,700. His allowable deductions for adjusted gross income are $4,200, and his itemized deductions are $18,350. The standard deduction for 2020 is $12,400. Round all final amounts to the nearest dollar. Refer to the Tax Rate Schedules to answer the following questions. a. Hangtao's taxable income is 70,150 v and his tax liability is $ for 2020. Feedback b. If Hongtao has $11,800 withheld from his salary during 2020 then Hongtao has a refund v of s Feedback c. Assume the same facts as in part a and part b, except that Hongtao is married. His wife's salary is $25,000, and she has $1,300 withheld from her paycheck. They file jointly. The standard deduction for 2020 is $24,800. Their taxable income is and their tax liability is $ for 2020. They will receive a refund v of $Exercise 12-24 (LO. 6) In 2023, Miranda records net earnings from self-employment of $168,500. She has no other income. Determine the amount of Miranda's self-employment tax and her AGI income tax deduction. In your computations, for the tax liability, round interim amounts to two decimal places and the final answer to the nearest whole dollar. For the AGI deduction, if necessary, use amounts that have been rounded to the nearest dollar. Miranda's self-employment tax is s X and she has a s X deduction for AGI.
- This year Lloyd, a single taxpayer, estimates that his tax liability will be $10,000. Last year, his total tax liability was $15,000. He estimates that his tax withholding from his employer will be $7,800. Required: a. How much does Lloyd need to increase his withholding by (for the year), in order to avoid the underpayment penalty? b. Assuming Lloyd does not make any additional payments, what is the amount of his underpayment penalty? Assume the federal short-term rate is 5 percent. Complete this question by entering your answers in the tabs below. Required A Required B How much does Lloyd need to increase his withholding by (for the year), in order to avoid the underpayment penalty? Increase in withholdingSuppose there is a 10% tax on the first $20,000 of taxable income, a 20% tax on taxable income above $20,000 until $35,000, and a 30% tax on all taxable income above $35,000. There is a $10,000 exemption per person in a family. What is the marginal tax rate for a single mother making $45,000 who has three children? a)20% b)10% c)30% d)40%Income Tax Credits (LO. 6) Refer to Exhibit 8-5 and 8A-1 SCHEDULE EIC (EARNED INCOME CREDIT) 2018 EARNED INCOME CREDIT TABLE to answer the following questions. Determine the total allowable 2018 earned income credit in each of the following situations: a. Rina is single and earns $6,800 in salary for the year. In addition, she receives $2,200 in unemployment compensation during the year. b. C. Lachlan is single with one dependent child. During the year, he earns $8,000 as a waiter and receives alimony of $10,000 and child support of $5,000. Zorica is a single parent with two dependent children. She earns $19,000 from her job as a mechanic. She also receives $3,000 in child support from her ex-husband. d. Elliot and Pam are married and have three dependent children. Elliot and Pam earn $12,000 and $9,000 from their jobs, respectively. They receive $800 in interest and $1,000 in dividend income. Assume the taxpayer files a joint return.
- Marc, a single taxpayer, earns $64,200 in taxable income and $ 5,420 in interest from an investment in city of Birmingham bonds. Using the U.S. tax rate schedule for 2020, how much federal tax will he owe? ( Round your final answer to the nearest whole dollar.) (Use tax rate schedule.) A) $9.914 B) $14,250 C) $7,968 D) None of the choices are correct E) $7,729Troy graduated in civil engineering from Concordia two years ago and decided to work in the remote area of northern Quebec. He is making great money and saving it all. What is Troy's average rate of tax if in 2021 he paid taxes of $58,232.74 on his gross income earned of $135,000? (ignore Non-Refundable Tax Credits, Quebec Abatement, and any employer withholdings) A 43.14% В 38.09% 49.97% D 33.29% 29.35%Required information [The following information applies to the questions displayed below.] In 2023, Juanita is married and files a joint tax return with her husband. What is her tentative minimum tax in each of the following alternative circumstances? Use Tax Rate Schedule, Dividends and Capital Gains Tax Rates for reference. Note: Input all values as positive. Leave no answer blank. Enter zero if applicable. c. Her AMT base is $120,000, which includes $13,000 of qualified dividends. Description (1) AMT base (2) Dividends taxed at preferential rate (3) Tax on dividends (4) AMT base taxed at regular AMT rates (5) Tax on AMT base taxed at 26% rate (6) Tax on AMT base taxed at 28% rate Tentative minimum tax Amount
- Geronimo files his tax return as a head of household for year 2021. If his taxable income is $76,600, what is his average tax rate? (Use tax rate schedule.) (Round your final answer to two decimal places) Multiple Choice O O 14:55 percent 16.56 percent 1102 percent 22.00 percent None of the choices are correctAshley, who is married to Anne and age 30, provides you with the following information from their financial records for 2020. Regular income tax liability $24,668 AMT net positive adjustments 40,000 AMT preferences 10,000 Taxable income 150,400 Calculate their tentative minimum tax amount for 2020 if they file a joint return. a. $0 b. $2,185 c. $22,620 d. $24,360 e. $34,30034.For 2020, the maximum percentage of Social Security benefits that could be included in a taxpayer’s gross income is: 0% 25% 50% 75% 85% 36. Dana and Larry are married and live in Texas. Dana earns a salary of $45,000 and Larry has $25,000 of rental income from his separate property. If Dana and Larry file separate tax returns, what amount of income must Larry report? $0 $22,500 $25,000 $47,500 None of the above
