Johanna resides in Saskatchewan and has taxable income of $85,000 for the current year. Determine her tax payable.
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Johanna resides in Saskatchewan and has taxable income of $85,000 for the current year. Determine her tax payable.
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- Jamie has taxable income of $45,000. She is single, and her tax rate is 10% on the first $9,525 of the taxable income, 12% on the amount over $9,525 up to $38,700 of the taxable income, and 22% on the remainder. What are Jamie’s tax liability, marginal tax rate, and average tax rate? (Show all work. Round dollar amounts to the nearest cent and percentages to two decimal places.)Candace is claimed as a dependent on her parent's tax return. In 2020, Candace received $5,000 of interest income from corporate bonds she obtained several years ago. This is her only source of income. She is 15 years old at year-end. What is her gross tax liability? (Use Tax Rate Schedule, Standard deduction, Estates and Trusts.Simon is a resident for tax purposes. During the year he derived gross wages of $50,000 from his employer in Sydney, $2,000 interest from Australian investments, and $8,000 of rent from an overseas property. Giving reasons, calculate the taxable income for Simon
- Ross is single with an adjusted gross income of $61,100, and he uses the standard deduction for single filers. After first finding his taxable income, calculate his tax liability (in $). Standard deduction for single filers is $12,000.Pat and Jordan Beber are married and file a joint return in 2021. They live at 12345 Hemenway Avenue, Marlborough, MA 01752. Pat is a self-employed tax preparer whose SSN is 412-34-5670. Jordan is a software programmer whose SSN is 412-34-5671. Jordan had the following income and expenses for the year: Jordan's W-2: Gross wages Social security tax Medicare tax Federal withholding tax State withholding tax $ 100,776 6,248 1,461 18,735 4,800 Pat was the sole proprietor of NAMA Tax Service. The business is located at 123 Main Street, Marlborough, MA 01752, and the business code is 541213. Pat had the following revenue and expenses (Cash basis): Revenue Expenses: Advertising Insurance $ 80,000 1,200 3,200 2,400 18,000 Telephone Office rent Utilities Office supplies Depreciation 4,800 5,000 6,041 (must be allocated to She S 1231 assets listed next) Pat had the following business assets: Office furniture: Purchased for $4,950 on May 20, 2019. The equipment is being depreciated over…Paige had $100,000 of income from wages and $3,650 of taxable interest. Paige also made contributions of $2,300 to a tax-deferred retirement account. Paige has 4 dependents and files as head of household.What is Paige's total income?What is Paige's adjusted gross income?For Paige's filing status, the standard deduction is $18,000. What is Paige's taxable income?
- Ross is single with an adjusted gross income of $67,100, and he uses the standard deduction for single filers. After first finding his taxable income, calculate his tax liability (in $).Zack is single and has collected the following information for preparing his 2023 taxes: Gross income $74,000, tax credits $2,500, itemized deductions $10,500, deductions for AGI $5,000, tax prepayments $8,400. Based on this information, Zack's "adjusted gross income" equals $ , and his "taxable income" equals $ .Olga is married and files a joint tax return with her husband.What amount of AMT exemption may she deduct under each of the following alternative circumstances? a. Her AMTI is $391,500. b. Her AMTI is $1,080,600. c. Her AMTI is $1,601,500.
- Rajesh is filing single and he has an adjusted gross income (AGI) of $87,000 for the 2018 tax year. He qualifies for the standard deduction of $12,000. Use the following 2018 Federal tax rate schedule to calculate his 2018 Federal income tax. If your filing status is single; and taxable income is more than: but not over: your tax is: $ 0 $9,525 10% OF the taxable income $9,525 $38,700 $952.50 plus 12% of the excess over $9,525 $38,700 $82,500 $4,453.50 plus 22% of the excess over $38,700 $82,500 $157,500 $14,089.50 plus 24% of the excess over $82,500 $157,500 $200,000 $32,089.50 plus 32% of the excess over $157,500 $200,000 $500,000 $45,689.50 plus 35% of the excess over $200,000 $500,000 _______ $150,689.50 plus 37% OF THE AMOUNT OVER $500,000 Rajesh's 2018 tax is: $(Round to the nearest dollar.)What is Rajesh's effective tax rate? [Tax paid divided by taxable income]%(Write as a percent, rounded to one decimal place.)Hongtao is single and has a gross income of $92,700. His allowable deductions for adjusted gross income are $4,200, and his itemized deductions are $18,350. The standard deduction for 2020 is $12,400. Round all final amounts to the nearest dollar. Refer to the Tax Rate Schedules to answer the following questions. c. Assume the same facts as in part a and part b, except that Hongtao is married. His wife's salary is $25,000, and she has $1,300 withheld from her paycheck. They file jointly. The standard deduction for 2020 is $24,800. Their taxable income is $__________ Their tax liability is $____________ They will receive a refund of $_________Dmitry had $42,000 of income from wages and $1,550 of taxable interest. Dmitry also made contributions of $2,700 to a tax-deferred retirement account. Dmitry has 4 dependents and files as head of household.What is Dmitry's total income?What is Dmitry's adjusted gross income?For Dmitry's filing status, the standard deduction is $18,000. What is Dmitry's taxable income?Use the 2018 tax table to find the income tax for Dmitry filing as head of household. Round to the nearest dollar.