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- Based on the following data, would Beth andRoger Simmons receive a refund or oweadditional taxes?Adjusted grossincome, $42,140Credit for childStandard deduction,$24.800and dependentFederal income taxwithheld. $2.017careTax rate on taxableexpenses, $400income, 10 percentFor each employee listed, use the wage-bracket method to calculate federal income tax withholding, assuming that each has submitted a pre-2020 Form W-4. Then calculate both the state income tax withholding (assuming a state tax rate of 5.0% of taxable pay, with taxable pay being the same for federal and state income tax withholding), and the local income tax withholding. Refer to the Federal Tax Tables in Appendix A of your textbook.NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation. Jay Monroe (single; 2 federal withholding allowances) earned weekly gross pay of $1,110. For each period, he makes a 401(k) retirement plan contribution of 10% of gross pay. The city in which he works (he lives elsewhere) levies a tax of 2.4% of an employee's taxable pay (which is the same for federal and local income tax withholding) on residents and 1.8% of an employee's taxable pay on nonresidents.…Refer to the 2023 individual rate schedules in Appendix C. Required: What are the tax liability, the marginal tax rate, and the average tax rate for a married couple filing jointly with $66,900 taxable income? What are the tax liability, the marginal tax rate, and the average tax rate for a single individual with $192,300 taxable income? What are the tax liability, the marginal tax rate, and the average tax rate for a head of household with $461,300 taxable income?
- Suppose a graduate student earned a gross income of $60,000 in the year 2022 and is a resident of Ontario, Canada. The following information is provided for the calculation of the student's federal and provincial income taxes: Federal tax rates for 2022 are as follows: 15% on the first $49,020 of taxable income 20.5% on the next $49,020 of taxable income (on the amount over $49,020 up to $98,040) 26% on the next $61,536 of taxable income (on the amount over $98,040 up to $159,576) 29% on the next $71,517 of taxable income (on the amount over $159,576 up to $231,093) 33% on the amount over $231,093 Ontario tax rates for 2022 are as follows: 5.05% on the first $47,630 of taxable income 9.15% on the next $47,629 of taxable income (on the amount over $47,630 up to $95,259) 11.16% on the next $62,335 of taxable income (on the amount over $95,259 up to $157,594) 12.16% on the next $70,000 of taxable income (on the amount over $157,594 up to $227,594) 13.16% on the…Determine from the tax table provided the amount of the income tax (before any credits) for each of the following taxpayers for 2021: Тахраyer(s) Filing Status Taxable Income Income Taх Allen Single $21,000 Boyd MFS 24,545 Caldwell MFJ 35,784 Dell H of H 27,450 Evans Single 44,999Please answer. Follow instructions carefully
- 2. Determine from the tax table or the tax rate schedule, whichever is appropriated, the amount of the income tax for each of the following taxpayers for 2022. Taxpayer(s) Filling Status Single MFS Elisha Leo Tommy Emilia H of H Single Taxable Income Income Tax 74,580 $86,200 $20,350 $49,650 $ $ $12312What would be the average tax rate for a person who paid taxes of $6,435 on a taxable income of $40,780? (Enter your answer as a percent rounded to 2 decimal places.)Using the individual tax rate schedule, perform the following: a. Calculate the tax liability, after-tax earnings, and average tax rates for the following levels of partnership earnings before taxes: $11,600; $78,900; $308,000; $499,000; $1.2 million; $1.7 million; and $2.1 million. b. Plot the average tax rates (measured on the y-axis) against the pretax income levels (measured on the x-axis). What generalization can be made concerning the relationship between these variables? a. Calculate the tax liability, after-tax earnings, and average tax rates for the following levels of partnership earnings before taxes: $11,600; $78,900; $308,000; $499,000; $1.2 million; $1.7 million; and $2.1 million. (Round dollars to the nearest cent and round percentages to one decimal place.) Before-Tax Earnings $11,600 Data table (Click the icon here in order to copy the contents of the data table below into a spreadsheet.) TABLE 1.2: Federal Income Tax Rates and Brackets for Individual Returns (2018)…
- A single person with taxable income of $36090 will have the first $9525 of that income taxed at 10%. Determine the taxes owed on just the first $9525.Required: Determine the average amount of taxable income per tax return, for each of the ranges of taxable income provided, using the information in the below table. Taxable Income and Total Tax Liability are in thousands. Note: Enter your answers in whole dollars and not in thousands. Round the final answers to the nearest dollar value. Item Number of returns Taxable income Total tax liability Average tax rate* $50,000 28,925,996 $50,000 to under $100,000 37,547,154 $15,000 to under Ranges of Adjusted Gross Income $30,000 to under Under $15,000 $30,000 30,714,303 $5,382,125 27,410,121 $189,339,926 $533,617 9.91% $15,620,244 8.25% $ 56,377,985 8.82% $ 639,283,718 $ 1,912,919,663 $ 215,889,667 11.29% $100,000 to under $200,000 24,179,926 $ 2,687,812,279 $ 385,958,662 14.36% $200,000 or more 11,615,832 $ 6,249,259,422 $ 1,591,915,179 25.47% *The average tax rate is total tax liability divided by taxable income. Under $15,000 $15,000 to under $30,000 $30,000 to under $50,000 $50,000 to…Patriot Corporation reports the following results for the current year: View the current year results. Read the requirements. Requirement a. What are Patriot's taxable income and income tax liability for the current year? Begin by computing Patriot's taxable income. (If an input field is not used in the table, leave the input field empty; do not select a label or enter a zero.) Gross income Minus: Taxable income Requirements a. What are Patriot's taxable income and income tax liability for the current year? b. How would your answers to Part a change if Patriot's short-term capital loss is $12,000 instead of $2,000? Print Done - X Current Year Results Gross profits on sales Long-term capital gain Long-term capital loss Short-term capital gain Short-term capital loss Operating expenses Print $ 159,000 7,000 8,000 9,000 2,000 70,000 Done X