Jordan and Paul, a married couple, have taxable income of $89,525, which is taxed as follows:$19,900 x 108 -($81,050 $19,900) x 12% =($89,525$81,050) x 22% =-Total tax liabilityTheir marginal tax rate is:Multiple Choice10%.12%.$ 1,990.007,338.001,864.50$ 11,192.50

Marginal Tax Rate :— It is the highest tax rate that is possible in the given taxable income. It is…

Answered: Jordan and Paul, a married couple, have…

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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Use the Tax Rate Tables, Exhibit 18-3, to calculate the tax liability for the following taxpayers. Name Filing Status Taxable Income Tax Liability 10. Rua Head of Household $175,800 $36,554 11. Dylewski Married, Jointly $52,500 ANSWER$5,919 12. Williams Single $61,300 blank 2 13. Cabral Married, Separately $185,188 ANSWER$40,949.66
Use the 2016 marginal tax rates to compute the tax owed by a single woman with a taxable income of $64,000.
The tax liability for a married couple with taxable income of $87,131 is: Use the appropriate Tax tables or Tax rate schedules. Multiple Choice O $14,475. $12,869 $10,015. None of these.
sch.3
Mustafa earns 72,000 TRY in a year. Assume that he has 8,000 TRY tax exemption. The following figure shows the marginal tax rates for different income intervals. marginal tax rate 15 25 35 40 taxable ıncome 15.000 35.000 65.000 65.000 a) Calculate total tax payments of Mustafa.b) Calculate average tax rate for Mustafa
Marty (62), single, has 2022 taxable income of $510,000. What is Marty's marginal tax rate? 35%. 37%. 38.5%. 39.6%.
Accounting Below are the 2021 tax brackets for single American taxpayers: Marginal Tax Rate For Single Individuals For Married Individuals Filing Joint Returns 10% $0 to $9,950 $0 to $19,900 12% $9,951 to $40,525 $19,901 to $81,050 22% $40,526 to $86,375 $81,051 to $172,750 24% $86,376 to $164,925 $172,751 to $329,850 32% $164,926 to $209,425 $329,851 to $418,850 35% $209,426 to $523,600 $418,851 to $628,300 37% $523,601 or more $628,301 or more a) Build this table in Excel. Have the user plug in their salary in a cell. In another cell, use a lookup function to determine and output the marginal tax rate, assuming the person is single. Note: the marginal tax rate is defined as the tax rate that applies to the last unit of the tax base. For example, if your income was $25,000, your marginal tax rate is 12%. Your lookup function should be flexible enough to output the correct answer for a multitude of different salaries. b) Do the same but this time assume the person is married filing…
A married couple with 4 children is filing taxes jointly. They have a gross income of $436,202, and they made the following tax-deductible purchases: • Charitable contributions: $6,826 • Medical expenses: $2,712 • Mortgage interest: $5,973 Compute their final income tax using the following information: Married Individuals Filing Joint Returns and Surviving Spouses If Taxable Income Is Between: The Tax Due Is: 0- $19,750 10% of taxable income $19,751 - $80,250 $1,975 + 12% of the amount over $19,750 $80,251 - $171,050 $9,235 + 22% of the amount over $80,250 $171,051 - $326,600 $29,211 + 24% of the amount over $171,050 $326,601 - $414,700 $66,543 + 32% of the amount over $326,600 $414,701 - $622,050 $94,735 + 35% of the amount over $414,700 $622,051 $167,307.50 + 37% of the amount over $622,050 Round your answer to the nearest dollar. Recall the standard deduction for married filers: $24,800
Ossie owns some property which has an assessed value of $174,800. Find the tax due if the tax rate is $8.88 per $100 of the assessed value. (Round your answer to the nearest cent.) A. $1,552.22 B. $13,809.20 C. $15,382.40 D. $15,522.24
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% = $ 1,990.00 7,338.00 12,853.50 ($139,475 $81,050) × 22% = $ 22,181.50 - Total tax liability Their marginal tax rate is: Multiple Choice O 13% 16%. 10%
Use the tax brackets and rates to compute the federal tax for Jim, who is declaring taxable income of$90,00O $44,701 or less 15% Over $44,701 - $89,401 22% Over $89,401 - $138,581 26% O $23,400 O $19,800 O $10,070.93 O $16,694.89
Arno and Bridgette are married and have combined W-2 income of $72,800. They paid an additional $554 when they filed their taxes. How much income tax did their employers withhold during the year? Use the tax tables. (Please Explain) Multiple Choice a. $5,329. b. $5,883. c. $4,775.

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Jordan and Paul, a married couple, have taxable income of $89,525, which is taxed as follows: $19,900 x 10% = ($81,050 $19,900) x 12% = ($89,525 $81,050) x 22% = - Total tax liability Their marginal tax rate is: Multiple Choice 10%. 12%. $ 1,990.00 7,338.00 1,864.50 $ 11,192.50