Jennifer and Paul, who file a joint return, have taxable income of $139,475 and the following tax liability:$19,900 x 10% =($81,050 $19,900) × 12% =$ 1,990.007,338.0012,853.50($139,475$81,050) × 22% =$ 22,181.50-Total tax liabilityTheir marginal tax rate is:Multiple ChoiceO 13%16%.10% Havel and Petra are married and will file a joint tax return. Havel has W-2 income of $38,868, and Petra has W-2 Income of $49,671.Use the appropriate Tax Tables and Tax Rate Schedules.Required:a. What is their tax liability using the Tax Tables?b. What is their tax liability using the Tax Rate Schedule?Note: Round your intermediate computations and final answers to 2 decimal places.a. Tax liability using Tax Tablesb. Tax liability using Tax Rate Schedule

Hi studentSince there are multiple questions, we will answer only first question.Taxes are one of…

Jennifer and Paul, who file a joint return, have taxable income of $139,475 and the following tax liability: $ 1,990.00 7,338.00 12,853.50 $ 22,181.50 $19,900 x 10% = ($81,050 ($139,475 $19,900) × 12% = $81,050) × 22% = Total tax liability Their marginal tax rate is: Multiple Choice 13%. O 16% 10%

Jennifer and Paul, who file a joint return, have taxable income of $139,475 and the following tax liability: $ 1,990.00 7,338.00 12,853.50 $ 22,181.50 $19,900 x 10% = ($81,050 ($139,475 $19,900) × 12% = $81,050) × 22% = Total tax liability Their marginal tax rate is: Multiple Choice 13%. O 16% 10%

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Use the marginal tax rates in the table below to compute the tax owed in the following situation. The tax owed is S (Simplify your answer. Round to the nearest dollar as needed.) Marco is married filing separately with a taxable income of $67,900. Tax Rate 10% 15% 25% 28% 33% 35% 39.6% Standard deduction Exemption (per person) Married Filing Separately up to $9325 up to $37,950 up to $76,550 up to $116,675 up to $208,350 up to $235,350 above $235,350 $6350 $4050
6. A married couple are calculating their federal income tax using the tax rate tables: Then Estimated Taxes Are If Taxpayer's Income Is Between So $16,700 $67,900 $137,050 $208,850 $372,950 But Not Over $16,700 $67,900 $137,050 $208,850 $372,950 Base TaxRate $0 10% $1,670.00 15% $9,350.00 25% $26,637.50 28% $46,741.50 33% $100,894.50 35% S0 $16,700 $67,900 $137,050 $208,850 $372,950 How much tax will they have to pay on their taxable income of $202,000? (4
Determine the amount of the child tax credit in each of the following cases: Answer is complete but not entirely correct. a. A single parent with modified AGI of $214,200 and one child age 4. b. A single parent with modified AGI of $78,800 and three children ages 7, 9, and 12. c. A married couple, filing jointly, with modified AGI of $408.733 and two children age 14 and 16. d. A married couple, filing jointly, with modified AGI of $132,855 and one child, age 13. Child Tax Credit Allowed $ $ $ 19 $ 1,900 x 9,000 x 6,000 x 3,000
28. Using the tax table provided, compute the income tax due for Susie and Josh Adams whose taxable income for the past year is $181,050. Income Tax Not Of the Amount Over The Tax is: Over Over $- $19,750 $0 10% $- + 19,750 80,250 1,975 12% 19,750 80,250 171,050 9,235 22% 80,250 + 171,050 326,600 29,211 + 24% 171,050 326,600 414,700 66,543 + 32% 326,600 414,700 622,050 94,735 + 35% 414,700 622,050 167,308 + 37.0% 622,050
Tax Drill - Social Security Benefits Determine the taxable amount of social security benefits for the following situations. If an amount is zero, enter "0". a. Erwin and Eleanor are married and file a joint tax return. They have adjusted gross income of $36,000, no tax-exempt interest, and $12,400 of Social Security benefits. As a result, s 0X of the Social Security benefits are taxable. b. Assume Erwin and Eleanor have adjusted gross income of $12,000, no tax-exempt interest, and $16,000 of Social Security benefits. As a result, s O✓ of the Social Security benefits are taxable. c. Assume Erwin and Eleanor have adjusted gross income of $85,000, no tax-exempt interest, and $15,000 of Social Security benefits. As a result, s 0X of the Social Security benefits are taxable.
Liam has a gross income of $120,000 and takes the standard deduction. 1) What are his total taxes due? 2) What is his marginal tax rate? 3) What is his effective tax rate? Round to the neared hundredth of a percent.
Example 4-2 To compute the tax using the percentage method, follow the steps illustrated below. Step 1 Determine the amount of gross wages earned, marital status, number of allowances, and frequency of pay. Note: If the wage ends in a fractional dollar amount, the wage may be rounded to the nearest dollar. However, in this text, exact wages are used. ➡ Wilson Goodman, single, claims two allowances and earns $915.60 semimonthly. Step 2 Multiply the number of allowances claimed by the amount of one allowance for the appropriate payroll period, as shown in the Table of Allowance Values in Figure 4.6. ➡ Table of Allowance Values for semimonthly payroll period shows $175.00. Multiply $175.00 × 2 = $350.00 Step 3 Subtract the amount for the number of allowances claimed from the employee’s gross pay to find the excess of wages over allowances claimed. ➡ Gross pay $915.60 Less: Allowances 350.00 Excess wages $565.60 Step 4…
8 Multiple Choice 1-24 (LO 1-2) Jennifer and Paul, who file a joint return, have taxable income of $97,425 and the following tax liability: $20,550 x 10% = ($83,550 $20,550) × 12% = ($97,425 - $83,550) × 22% = Total tax liability Their average tax rate is: Multiple Choice O O 1 O O 12%. 13%. 22% 10%. $ 2,055.00 7,560.00 3,052.50 $ 12,667.50
Cop