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
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- 3kk.2. The 2000 U.S.A. tax rate for married couples was as follows: 10% on an adjusted gross income (AGI) between $0 and $30,000; 20% on the excess over $30,000 on an AGI between $30,000 and $70,000; and 30% on the excess over $70,000 on an AGI between $70,000 and $150,000. (a) Determine the tax function and draw its graph. (b) How much taxes would a married couple pay on an AGI of $95,000? (e) What was the couple's AGI if taxes are $11,000?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.)
- 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 $40506. 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? (428. 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
- 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.10. Anna is single, and she files taxes based on a taxable income of $90,000. Given the tax bracket shown below, her tax bill is closest to Single Taxable Income $0-$9.525 $9 526- $38.700 $38.701 - $82,500 $82,501-$157.500 $157.501-$200.000 $200 001 - $500 000 $500 001 or more a) $9,000 b) $10,610 c) $15,739 d) $21,600 e) $14,090 $15,890 g) $32,090 Tax Rate 10% of taxable income $952.50 plus 12% of the amount over $9.525 $4.453.50 plus 22% of the amount over $38.700 $14.089.50 plus 24% of the amount over $82,500 $32.089.50 plus 32% of the amount over $157.500 $45,689.50 plus 35% of the amount over $200.000 $150.689.50 plus 37% of the amount over $500,000Use the 2010 marginal tax rates to compute the income tax owed by the following person Sngle male, no dependenta Gross income $79,000 Adjustmenta 12000 Deductiona. $20,000 mortgage interest 2010 Marginal Tax Rates 54605 property taxes sz000 chantable contributions Tax credt none 2016 Marginal Tax Rates, Standard Deductions, and Exemptions Unmarried, divorced, Married and each partner Married and both Click the icon to view the 2010 marginal tax rates Unmarried and paying or legally separated files a separate tax return partners file a single more than half the cost of supporting a child or parent The income tax owed is tax return (Type an ineger or a decimal. Round to the nearest cent as needed.) Tax Rate Single up to $9275 Married Filing Separately Married Filing Jointly Head of Household 10% up to S0275 $8276 to $37 650 up to $18,550 up lo $13,250 $13.251 to $50,400 15% S0276 to $37.650 $37 661 to $91,150 $18,551 to $75,300 25% $37,651 to $75.950 $75,301 to $151.900 $151.901 to…
- G15. Adela and James are married and file tax returns jointly. Last year Adela earned $45,500 and James earned $44,700 in wages.A dditional tax information for the year is as follows: Interest earned: $1,200, State and local income taxes paid: $4,230, mortgage interest: $6,200, contributions to charity: $1,400, contributions to retirement plans: $3,350.F rom this information, calculate their taxable income (in $).10. Use the marginal tax rates in the table below to compute the tax owed in the following situation. Winona and Jim are married filing jointly, with a taxable income of $269,000. They are entitled to an $8000 tax credit. Tax Rate 10% 15% 25% 28% 33% 35% 39.6% Standard deduction Exemption (per person) Married Filing Jointly up to $18,650 up to $75,900 up to $153,100 up to $233,350 up to $416,700 up to $470,700 above $470,700 $12,700 $4050 The tax owed is $ (Type an integer or a decimal.)I need your help with the question attached.