How much would be the tax credit if the amount of donation is $2,500 in 2023? Taxable income is $80,000.
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- What if someone made 130,000 in 2019 what is their total fica wages to be taxed?Which one of the following amounts represents the maximum amount that you may deduct for moving expenses on your 2020 personal income tax return? A) $ 8,800. B) $ 9,700. C) $10,200. D) $11,250.If you live in a state that needs to collect $18 million in property taxes and has a tax rate of 2.77%, what is that states taxable value
- Given that your gross income for 2020 was $180,000 and your taxable income was $140,000. Calculate: a. the marginal tax rate b. the average tax rate c. the effective tax rate. SHOW WORKIn 2022, an individual received a salary of $50,000. Deducted from the salary were income taxes of $10,000, the maximum Canada pension plan (CPP) and employment insurance (EI) contributions of $3,441 of which $349 was the enhanced CPP contribution, and charitable donations of $450. What would be the individual's total federal tax (federal tax less credits) in 2022? Group of answer choices 4,676 6,881 4,774 None of these 6,8356. You have a taxable income of $35,600. a. Use the 2020 federal tax tables to determine your tax liability given your filing status. b. What is your marginal tax rate? c. What is your average tax rate? d. You had $4400 withheld from your paychecks for federal taxes. When you file your return will you have a refund or owe money? How much?
- "Your company will generate $470,000 in taxable income for 2020. Assume that your state tax rate is 7% and your federal tax rate is 21%. How much federal tax do you owe?"K20.D6) The 2021 standard deduction is $12,600 and deductions for state and local taxes are limited to $10,000. You are already choosing to itemize your deductions becaue of charitible contributions. You expect to pay $8,000 of state income taxes in 2021 and you are looking at the tax benefits associated with purchasing a single family home as your primary residence. You estimate that the mortgage interest in 2021 will be $15,000 and the property taxes will be $6,000. What is the tax benefit associated with homeownership if your marginal tax rate is 22%?
- There is a cap on the amount that an employee or employer has to pay for Social Security contributions. The cap for the 2023 tax year is $9,932.40. How much money would someone have to earn for that amount to be 6.2% of their income?15. If you're single and your 2022 income is going to be $60,000 and you take the standard deduction, what would be your marginal federal tax rate? a) 0 b) 12% c) 22% d) None of the aboveIn 2021, I have an income of $49,000 from my job as a salesman. I contribute $8,000 to a traditional 401(k) and the maximum to a Roth IRA. I also earn $2,000 in ordinary dividends in a taxable account. How much will I pay in federal income taxes in 2021?