How to calcualate the final tax for Kim Johnson for taxable income of $233,000. Assume he is a resident and do not have private health insurance.
Q: Marcus a single taxpayer has taxable income of $60,000. Using the US 2020 tax rate schedule. How…
A: Taxable Income: Taxable income is the amount of a person's gross income that the government deems…
Q: Situation 1) Fiona’s niece is sixteen and has come to the U.S. from Ireland because her parents were…
A: Meaning of Dependent Dependents can be your child, step child or sibling. In this question, the…
Q: Janie graduates from high school in 2020 and enrolls in college in the fall. Her parents (who file a…
A: American Opportunity tax credit is the credit for qualified education expenses, eligible for…
Q: With respect to a Qualified Tuition Plan, which of the following statements is incorrect?…
A: The objective of the question is to identify the incorrect statement about a Qualified Tuition Plan…
Q: Jorge and Anita, married taxpayers, earn $166,000 in taxable income and $44,000 in interest from an…
A: The taxpayer pays taxes on the taxable income however certain incomes are not subject to tax. The…
Q: Net pay refers to the amount of take-home pay after taxes and other deductions (healthcare, social…
A: Net pay is calculated by deducting the tax from the gross salary amount.
Q: 1. If Cindy invests $2000 in an RRSP, how will this affect her tax return? 2. Indicate whether the…
A: As per our guidelines we are supposed to answer only one question (if there are multiple questions…
Q: Required: a. If Chuck earns an additional $40,000 of taxable income, what is his marginal tax rate…
A: Chuck will owe $12,908.5 in federal income tax this year computed as follows:$12,908.5 = $4,664 +…
Q: Harry is divorced with net income for tax purposes of $50,000. His 21 year old dependent daughter,…
A: In this question, we will calculate Harry’s medical expenses tax credit for 2021, we have to choose…
Q: Calculate Total Assessable Income, Taxable Income, Tax Liability, Medicare Levy and Medicare Levy…
A: Definition: Income tax: Income tax is computed as percentage of the income earned by the company
Q: US Tax System 1.) Vincent has income from taxable wages totaling $150,000. How much Social…
A: Social security tax (SST) is a sort of payroll tax which has to be withheld from the salary of the…
Q: Chuck, a single taxpayer, earns $77,800 in taxable income and $13,100 in interest from an investment…
A: Taxable income:Taxable income refers to the part of the income of a taxpayer that is subject to tax…
Q: Chuck, a single taxpayer, earns $80,600 in taxable income and $16,100 in interest from an investment…
A: Taxable income refers to the income on which the taxpayer is liable to pay the desired tax as stated…
Q: Calculate Student loan (HECS), Medicare Levy, and Medicare Levy Surcharge if applicable, for the…
A: the tax liability is basically the total amount of tax debts that are being owned by the corporate…
Q: Chuck, a single taxpayer, earns $76,000 in taxable income and $11,100 in interest from an investment…
A: “Since you have posted a question with multiple sub parts, we will provide the solution only to the…
Q: Post Malone, a single taxpayer, earns $78, 200 in taxable income and $11,700 in interest from an…
A: The tax liability represents the taxes to be paid. The federal tax liability is determined by the…
Q: orge and Anita, married taxpayers, earn $150,800 in taxable income and $40,200 in interest from an…
A: The average tax rate represents the overall tax rate, The tax liability is computed using the…
Q: Determine the final tax for Kim Johnson
A: In the United States, income tax is levied on all taxpayers for crossing the exemption limits. It’s…
Q: Jean Dixon and her spouse, Roger have 2020 medical expenses which totaled $4,340. While Jean has net…
A: Medical tax credit refers to the eligible deductions which are unreimbursed medical expenses that…
Q: Jorge and Anita, married taxpayers, earn $152,400 in taxable income and $40,600 in interest from an…
A: The tax bracket for the year 2023 related to married couple filing jointly is stated below by using…
Q: Check my worl Jorge and Anita, married taxpayers, earn $153,500 in taxable income and $43,500 in…
A: SOLUTION TAX SCHEDULE - TAX RATE MARRIED FILLING JOINTLY 10% $0-$19900 12% $19901-$81050…
Q: Jorge and Anita, married taxpayers, earn $150,000 in taxable income and $40,000 in interest from an…
A: Income tax is the amount to be paid to the government of tax authority on the income earned during…
Q: Jorge and Anita, married taxpayers, earn $159,600 in taxable income and $42,400 in interest from an…
A: The objective of this question is to calculate the federal tax, average tax rate, effective tax…
Q: Niles and Marsha adopted an infant boy (a U.S. citizen). They paid $15,750 in 2021 for…
A: Modified AGI is also referred to as modified adjusted gross income that is computed after…
Q: 1)Jorge and Anita, married taxpayers, earn $150,000 in taxable income and $40,000 in interest from…
A: a). i). Federal Tax amount = $ 29465.50ii). Average tax rate = 19.64 % (approx)iii). Effective tax…
Q: Chuck, a single taxpayer, earns $79,800 in taxable income and $15,900 in interest from an investment…
A: Answer:- Marginal tax rate meaning:- The marginal tax rate is the amount of tax a taxpayer pay for…
Q: Jorge and Anita, married taxpayers, earn $163,600 in taxable income and $43,400 in interest from an…
A: The taxpayer pays taxes on the taxable income however certain incomes are not subject to tax. The…
Q: Calculate Total Assessable Income, Taxable Income, Tax Liability, Medicare Levy and Medicare Levy…
A: Taxable income: It is the part of the income which is taxable in the hands individual.
Q: Bob spent the entire 2019 year in Tokyo. His annual salary was $90,000 and he paid $30,000 rent.…
A: Explanation:To determine the maximum amount of foreign housing expenses Bob can exclude, we need to…
Q: A software enfineer from London arrived to the US on February 1st of the current year on a temporay…
A: The objective of the question is to determine the tax filing status of a software engineer who is a…
Q: US Tax System 1.) Molly, a single taxpayer, has income from taxable wages totaling $240,000. How…
A: Medicare tax: It refers to a U.S. payroll tax that is charged on the medicare wages received by the…
Q: etermine the final tax for Kim Johnson for taxabl sident and do not have private health insurance.
A: Each and every citizen have to pay the tax on income and taxes are progressive types that means tax…
Q: Compute the additional Medicare tax for the following taxpayers. If required, round your answers to…
A: Answer:- The Medicare tax is a levy that is taken out of receipients' paychecks to pay for…
Q: How to calculate the final tax for Kim Johnson for taxable income of $233,000. Assume he is a…
A: To calculate the final tax for Kim Johnson, you will need to consider the following: Kim's taxable…
Q: Jorge and Anita, married taxpayers, earn $158,000 in taxable income and $42,000 in Interest from an…
A: All taxes paid divided by taxable income is the average tax rate. Average tax rates represent the…
Q: Jason is an Australian tax resident and for the financial year 2019-20, has taxable income of $…
A: HELP- HECS: The two components included in it are: a student discount a loan The Australian…
Q: Chuck, a single taxpayer, earns $75,400 in taxable income and $10,400 in interest from an investment…
A: The objective of this question is to calculate the marginal tax rate for Chuck, a single taxpayer,…
In Australia:
How to calcualate the final tax for Kim Johnson for taxable income of $233,000. Assume he is a resident and do not have private health insurance. Kim also won a lottery of $5000 above this income?
Step by step
Solved in 2 steps with 2 images
- Abel and Loni adopted a boy (a U.S. citizen) during the current tax year and incurred a total of $16,425 in qualified adoption expenses. Abel and Loni have modified AGI of $227,500. What is the amount of adoption credit they can take?Jorge and Anita, married taxpayers, earn $169,200 in taxable income and $44,800 in interest from an investment in City of Heflin bonds. Using the U.S. tax rate schedule for married filing jointly, how much federal tax will they owe? What is their average tax rate? What is their effective tax rate? What is their current marginal tax rate? (Do not round intermediate calculations. Round your answers to 2 decimal places.) Federal tax Average tax rate Effective tax rate Marginal tax rate % % %Chuck, a single taxpayer, earns $77,200 in taxable income and $12,400 in interest from an investment in City of Heflin bonds. (Use the U.S. tax rate schedule.) Required: a. If Chuck earns an additional $40,000 of taxable income, what is his marginal tax rate on this income? b. What is his marginal rate if, instead, he had $40,000 of additional deductions? Note: For all requirements, do not round intermediate calculations. Round percentage answers to 2 decimal places. a. Marginal tax rate b. Marginal tax rate 53.58% 30.56 %
- Considering the information below, calculate Jane tax liability (including Medicare Levy and Medicare Levy Surcharge, if applicable, and ignore any tax offsets such as LITO and LMITO): Jane is a married tax resident of Australia in the tax year 2018-2019 and has no private health insuranceAssessable income for the year is of $195,000Total deductions for the year are $25,000Jorge and Anita, married taxpayers, earn $150,500 in taxable income and $40,500 in interest from an Investment in City of Heflin bonds. (Use the U.S. tax rate schedule for married filing jointly). Required: a. If Jorge and Anita earn an additional $100,500 of taxable income, what is their marginal tax rate on this income? b. What is their marginal rate if, instead, they report an additional $100,500 in deductions? (For all requirements, do not round Intermediate calculations. Round your answers to 2 decimal places.) a. Marginal tax rate b. Marginal tax rate % %Chuck, a single taxpayer, earns $78,800 in taxable income and $14,400 in interest from an investment in City of Heflin bonds. (Use the U.S. tax rate schedule.) Required: a. If Chuck earns an additional $40,000 of taxable income, what is his marginal tax rate on this income? b. What is his marginal rate if, instead, he had $40,000 of additional deductions? Note: For all requirements, do not round intermediate calculations. Round percentage answers to 2 decimal places. a. Marginal tax rate b. Marginal tax rate % %
- Considering the information below, calculate Mary tax liability (including Medicare Levy and Medicare Levy Surcharge, if applicable, and ignore any tax offsets such as LITO and LMITO): Mary is a single non-tax resident (foreign resident) of Australia in the tax year 2018-2019 and has no private health insuranceAssessable income for the year is of $95,000Total deductions for the year are $25,000Chuck, a single taxpayer, earns $77,400 in taxable income and $12,600 in interest from an investment in City of Heflin bonds. (Use the U.S. tax rate schedule.) Required: A. If Chuck earns an additional $40,000 of taxable income, what is his marginal tax rate on this income? B. What is his marginal rate if, instead, he had $40,000 of additional deductions? Please I need fast subparts a and b please i give up vote 25. Jorge and Anita, married taxpayers, earn $150,000 in taxable income and $40,000 in interest from an investment in City of Heflin bonds. Using the U.S. tax rate schedule for married filing jointly, how much federal tax will they owe? What is their average tax rate? What is their effective tax rate? What is their current marginal tax rate? (Round your answers to 2 decimal places.) 6. Jorge and Anita, married taxpayers, earn $150,000 in taxable income and $40,000 in interest from an investment in City of Heflin bonds. (Use the U.S. tax rate schedule for married filing jointly). If Jorge and Anita earn an additional $100,000 of taxable income, what is their marginal tax rate on this income? What is their marginal rate if, instead, they report an additional $100,000 in deductions? 7. Scot and Vidia, married taxpayers, earn $240,000 in taxable income and $5,000 in interest from an investment in City of Tampa bonds. Using the U.S. tax rate schedule for married filing jointly, how much…
- Justin Timberlake, a single taxpayer, earns $78, 200 in taxable income and $13,600 in interest from an investment in City of Los Angeles bonds. (Use the U.S. tax rate schedule.) Required: If Justin earns an additional $40,000 of taxable income, what is his marginal tax rate on this income? What is his marginal rate if, instead, he had $40,000 of additional deductions?This is US Tax and Law Study GuideChuck, a single taxpayer, earns $79,400 in taxable income and $15,300 in interest from an investment in City of Heflin bonds. (Use the U.S. tax rate schedule.) Required: a. If Chuck earns an additional $40,000 of taxable income, what is his marginal tax rate on this income? b. What is his marginal rate if, instead, he had $40,000 of additional deductions? Note: For all requirements, do not round intermediate calculations. Round percentage answers to 2 decimal places. Answer is complete but not entirely correct. a. Marginal tax rate b. Marginal tax rate 24.00% 12.00%
