Jeremy (unmarried) earned $101, 000 in salary and $6, 100 in interestincome during the year. Jeremy's employer withheld $10,000 of federalincome taxes from Jeremy's paychecks during the year. Jeremy has onequalifying dependent child (age 14) who lives with him. Jeremy qualifiesto file as head of household and has $25,000 in itemized deductions. b.Assume that in addition to the original facts, Jeremy has a long-termcapital gain of $4,080. What is Jeremy's tax refund or tax due includingthe tax on the capital gain?Schedule Z - Head of Household If taxableincome isover:$170,050Schedule Z-Head of Household$0$ 14,650$ 14,650 $ 55,900$ 55,900 $ 89,050$ 89,050 $170,050$215,950$215,950 $539,900$539,900But notover:The tax is:10% of taxable income$1,465 plus 12% of the excessover $14,650$6,415 plus 22% of the excessover $55,900$13,708 plus 24 % of the excessover $89,050$33,148 plus 32% of the excessover $170,050$47,836 plus 35% of the excessover $215,950$161,218.5 plus 37% of the excessover $539,900

Tax Refund: A "tax refund" is a type of payment issued to a taxpayer to make up for any excess taxes…

Answered: If taxable income is over: Schedule…

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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Complete the table below.
Taxable Income and Total Tax Liability are in thousands. Item Number of returns Taxable income Under $15,000 30,715,203 Total tax liability Average tax rate* $ 5,400,125 $ 529,117 9.80% Ranges of Adjusted Gross Income $15,000 to under $30,000 27,411,021 $ 189,357,926 $ 15,530,244 $30,000 to under $50,000 28,926,896 $ 639,301,718 $ 55,477,985 8.20% 8.68% *The average tax rate is total tax liability divided by taxable income. Required: $50,000 to under $100,000 37,548,054 $ 1,912,937,663 $ 214,989,667 11.24% $100,000 to under $200,000 24,180,826 $ 2,687,830,279 $ 385,058,662 14.33 % $200,000 or more 11,616,732 $ 6,249,277,422 $ 1,591,015,179 25.46% a. If the federal tax system was changed to a proportional tax rate structure with a tax rate of 17.10%, calculate the amount of tax liability for 2021 for all taxpayers. b. What is the amount and nature of difference from actual tax liability specified in the above table? Required A Required B If the federal tax system was changed to a…
! Required information [The following information applies to the questions displayed below.] Emily, who is single, has been offered a position as a city landscape consultant. The position pays $125,000 in cash wages. Assume Emily has no dependents. Emily deducts the standard deduction instead of itemized deductions, she is not eligible for the qualified business income deduction, and she did not make any charitable donations. (Use the tax rate schedules.) b-1. Suppose Emily receives a competing job offer of $120,000 in cash compensatic $5,000. What is the amount of Emily's after-tax compensation for the competing offer? (Round your intermediate calculations and final answer to the nearest whole dollar amount.) and nontaxable ded) benefits worth Description Amount (1) Gross income (2) For AGI deductions (3) Adjusted gross income 2$ (4) Standard deduction (5) Taxable income 2$ (6) Income tax liability After-tax compensation
Amount in excess of P490,000.00 taxable income is to be multiplied to_______to compute for the graduated tax due a. 30% b. 32% c. 35%
Taxable Income (income tax brackets) Tax rates 15% on the first $50,197 of taxable income, plus20.5% on the next $50,195 of taxable income (on the portion of taxable income over 50,197 up to $100,392), plus 26% on the next $55,233 of taxable income (on the portion of taxable income over $100,392 up to $155,625), plus 29% on the next $66,083 of taxable income (on the portion of taxable income over 155,625 up to $221,708), plus 33% of taxable income over $221,708 a) Danny had a taxable income of $126,500. How much federal income tax should he report? (assuming tax rates remain the same) b) Danny expects his taxable income to increase by 25%. How much federal tax should he expect to pay the following year (assuming tax rates remain the same).
5
Q1. Taxable income and applicable tax rates for C.J. Company’s first four years are shown below. For each year, taxable income and pretax financial income are identical. In the table below, taxable income is before any consideration of NOL carryback and carryforward. The enacted tax rates were known at 1/1/2018. Taxable Income Enacted tax rate 2018 $200 20% 2019 ($300) 15% 2020 $340 25% 2021 $210 25% Now assume that C.J. opted to carryback its 2019 NOL and carryforward any unused NOL to future years. Complete the table below for 2018 through 2021 to show the amount of income tax payable to the IRS or the refund due from the IRS for each year. Put your answer in the table below. Show tax payable as a positive number and tax refund as a negative number. Year Tax…
5
Chapter 3 Activity – Taxes Individual Income Tax Brackets (2021) Marginal Tax Rate Single, taxable income over: Joint, taxable income over: Head of Household, taxable income over: 10% $0 $0 $0 12% $9,950 $19,900 $14,200 22% $40,525 $81,050 $54,200 24% $86,375 $172,750 $86,350 32% $164,925 $329,850 $164,900 35% $209,425 $418,850 $209,400 37% $523,600 $628,300 $523,600 Standard Deduction Amounts (2021) Filing Status Deduction Amount Single $12,550 Married Filing Jointly $25,100 Head of Household $18,800 Long-term Capital Gains & Qualified Dividends (2021) Tax Rate Single Joint Head of Household 0% Under $40,000 Under $80,800 Under $54,100 15% $40,400 $80,800 $54,100 20% $445,850 $501,600 $473,750 Additional 3.8% Net Investment Income Tax for MAGI over $200,000 / $250,000 / $200,000 Calculate the federal income…
Chuck, a single taxpayer, earns $75,000 in taxable income and $10,000 in interest from an investment in City of Heflin bonds. (Use the U.S tax rate schedule.) Required: a. How much federal tax will he owe? b. What is his average tax rate? c. What is his effective tax rate? d. What is his current marginal tax rate? Complete this question by entering your answers in the tabs below. Req A Req B Choose Numerator Req C What is his average tax rate? (Do not round intermediate calculations. Round total tax to nearest whole dollar amount.) 1 1 Req D Choose Denominator Average Tax Rate 0
Schedule Z-lIf your filing status is Head of household The tax is: If your taxable income is: of the But not amount Over- over- over- $0 $13,850 10% 13,850 52,850 $1,385.00 + 12% 13,850 52,850 84,200 6,065.00 + 22% 52,850 84,200 160,700 12,962.00 + 24% 84,200 160,700 204,100 31,322.00 + 32% 160,700 204,100 510,300 45,210.00 + 35% 204,100 510,300 152,380.00 + 37% 510,300 Write the equation of the 5th row in y=mx+b form
Question 5- Estate planning Ben is 29 years of age. He has total accumulated superannuation balance of $150,000. As a member of the fund, he is automatically eligible for $100,000 standard group term life insurance, available to all employees. Ben owns no other assets. He has recently married Emma, but they do not have any children yet. a. Does Ben need a will? Explain your response b. What total amount would be paid out from Ben's superannuation fund in the event of his death? c. Who are the possible beneficiaries of Ben's superannuation fund and would they likely be classed as dependants or non-dependants for superannuation purposes?. d. What will the superannuation fund trustee do if Ben does not nominate any death benefit beneficiary(is) in the event of his death2 e. Is the trustee bound if Ben completes a non-binding nomination? f. How would Ben's estate be distributed if he has no will in place? g. Assume it is three years on and Ben now has a two-year-old daughter, Tiffany.…

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