If the tax rates are 15% on the first $50,000 of taxable income, and 20% on the next $25,000, and 25% on the next $25,000, what is the tax liability for an individual with $80,000 of taxable income, what is the marginal tax rate, and what is the average tax rate ? a. $10,250, 15%, and 20% b. $25,122, 22%, and 16% c. $11,345, 15%, and 34% d. $13,750, 25%, and 17.19%

Q: Use the the marginal tax information in the table below to calculate the after tax monthly income…

A: The taxpayers are required to pay taxes on the taxable income. The tax liability depends upon the…

Q: 2. Using the following Income Tax data, and given that your annual income is $ 85,000: a) Calculate…

A: ''Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: What self-employment tax rate is applied to earnings that exceed $142,800 in a year and also do NOT…

A: Self-Employment Tax: Taxes for Social Security and Medicare are combined into a single payment…

Q: An individual earns $62,900 per year. What is their marginal tax rate?

A: A Single person filing Federal tax return has a gross income of $ 62,900. The marginal tax rate of…

Q: The income tax T owed in a certain state is a function of the taxable income I, both measured in…

A: Given , The equation of tax is as follows: T=0.13I-300…

Q: income if you save $170 per pay period after pa Net Pay & Spendable Income Net pay Spendable income

A: Net pay per pay period can be calculated by deducting tax from gross pay per pay period Spendable…

Q: Suppose your annual income is $29182 and there are two tax brackets: 10% for $0-$20,000 and 30% for…

A: Tax amount is the amount of tax obligation that an entity has to pay on its income to the government…

Q: If your taxable income is Over- But not Over- $0 $9,275 $9,275 $37,650 $37,650 $91,150 $91,150…

A: Solution:- Income tax is the amount of tax charged by government on the income earned.

Q: Using the 2019 marginal tax rates provided in the table below, find the marginal and average tax…

A: Federal tax is calculated as per the schedule given by IRS.  Average rate of tax means the effective…

Q: Consider a system that computes the taxes owed by an individual. It computes the tax according to…

A: Tax slab represents different tax rates with respect to different level of taxable income earned by…

Q: DelemIine the Tollowing. Use the lax table below. ТАX ТАBLE If taxable income: Tax due is: 3 0% Not…

A: Since, taxable income is below $250000, tax due = 150000 * 0% = 0

Q: Using the information below, calculate the individual income tax liability. (Use the following…

A: Income tax is a type of tax that governments impose on individuals and entities based on their…

Q: 1. Assume that you have 100,000 TL annual income which is subject to a progressive taxation.…

A: Annual Income = 100,000 Tax Rates and calculations are provide below:

Q: "Your company will generate $470,000 in taxable income for 2020. Assume that your state tax rate is…

A: The tax amount refers to the liability of the corporation towards the government. It is calculated…

Q: What is the amount of Taxes Owed for the period if the tax rate is 30%, if Earnings Before Taxes (…

A: Taxes are the amount due to the government on the income earned by an individual or a company. The…

Q: Given the following tax structure: Taxpayer Mae Pedro Salary $ 21,500 $ 46,000 Required: a. What is…

A: Taxes -Taxes are forced contributions imposed by a local, regional, or federal government on people…

Q: Suppose the tax amount on the first $10,000 income is $0; $2000 on the next $20,000; $4000 on the…

A: The marginal tax rate refers to the rate at which an additional dollar of income is taxed. It's the…

Q: much income tax is paid on 915500 of ta Single Taxable Income Tax Brackets and Rates, 2017 Rate…

A: Income tax is a liability of every individual toupee to the government based on their taxable…

Q: Use the following tax table to determine how much income tax is paid on 732000 of taxable income.…

A: The objective of this question is to calculate the total income tax paid on a taxable income of…

Q: Which of the following is the tax rate for Social Security? 10.1 % 6.2% 13.7 % 4.5%

A: The objective of the question is to identify the correct tax rate for Social Security among the…

Q: Please check if the information is correct

A: Information given in the question : Your RRSP contributions are tax deductible. That means you can…

Q: For taxable income of $0-$50,000, the rate is 15 percent. For incomes of 450,001-$75,000 the base…

A: Tax on first $50,000 = $7,500 Tax rate on balance amount = 25% Tax on balance amount = ($68,000 -…

Q: How did you get $12,974.50 for the Marginal tax rate part?

A: Marginal tax rate is the percentage tax paid on each additional dollar of income earned. In other…

Q: Consider gross earnings of $84,000. The standard deduction is $12,000 and itemized deduction is…

A: Taxable income is the income on which the tax rate is imposed. It is the income net off of the…

Q: The 2009 U.S. tax rates for a single person are shown below f taxable icome is over- But not over-…

A: Exemptions and deductions both reduces the taxable income, but are not considered the same thing. A…

Q: Considering my financial situation and future plans, can you please compile a report which addresses…

A: Based on the information in the question, calculate the amount of tax John will pay to CRA without…

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: Suppose a taxpayer can time when they receive a $100,000 distribution from a pre-tax 401(k)…

A: Marginal tax rate refers to the % of the tax that is applied to an additional unit of income. It is…

Q: Suppose the tax rate on the first $10,000 income is 0; 10 percent on the next $20,000; 20 percent on…

A: The income tax on an individual's income is computed on the basis of different slabs of income. The…

Q: If you would have to pay $5,000 in taxes on $50,000 taxable income and $8,000 in taxes on $60,000…

A: The tax on a taxable income is computed based on a tax rate. Generally, the tax rate is not same for…

Q: Now consider another hypothetical tax code. Assume the tax rate on the first $15,000 of taxable…

A: Income Tax - Taxes at the federal and state levels are imposed on the income of people, businesses,…

Q: A single individual that has 100,000 taxable income before dividends and is in the 28% marginal tax…

A: The marginal tax rate or bracket states the highest tax rate of the taxpayer or in short, it is the…

Q: If a person with a 24 percent tax bracket makes a deposit of $6,500 to a tax-deferred retirement…

A: Tax bracket 24%  Deposit to a tax deferred retirement account $6500

Q: if a taxpayer is in the 12% tax bracket, how much will they pay on $1,200 in CD interest?

A: Tax is the amount paid to government on the income earned.

Q: Using the tax rate schedule given here LOADING..., perform the following: a. Find the marginal tax…

A: Income Tax is a statutory or mandatory tax payable by the individuals and other entities on the…

Q: If you live in a state that needs to collect $18 million in property taxes and has a tax rate of…

A: Property tax amount = $18,000,000 Tax rate = 2.77%

Q: "What is the tax on a property with an assessed value of $88,700 if the tax rate is 4.5% of the…

A: Assessed value is a real estate asset's price. Assessed value is used to calculate its property…

Q: If you would have to pay $5,000 in taxes on $50,000 taxable income and $8,000 in taxes on $60,000…

A: A tax is an amount of money that is owed by the public to the government. Taxes are levied by the…

Q: If your gross salary is $273 000 and your taxable income is $73 000 and your tax rate is 25% how…

A: A tax is a necessary contribution or financial charge levied by the government on the income earned…

Q: EBIT is $12,000 and interest expense is $3,000. If the tax rate is 20%, what is the net income? O…

A: EBIT = $12000 Interest expenses = $3000 Tax rate = 20%

Q: Consider a tax system where the first $40,000 of income is tax free, the next $40,000 is taxed at…

A: Here discuss about the details of average tax rate, marginal tax rate and taxes which are involved…

Q: If Hulk has taxable income = $94,000, how much will it pay in taxes?  Select one: a. $16,750 b.…

A: Taxable Income = 94,000   Brackets: Up-to 50,000 = 15% tax rate 50,001 to 75,000 = 25% tax rate…

Q: The tax rates are as shown below: Taxable Income Tax Rate $0 - 50,000 50,001 - 75,000 75,001 100,000…

A: Tax liability refers to an amount that is paid to the government by an individual, corporation, etc…

Q: You just completed your taxes and had $3,79 withheld for income taxes and a final tax liability of…

A: A tax refund seems to be the difference between the total amount of tax paid and the total amount of…

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.