Jorge and Anita, married taxpayers, earn $158,800 in taxable income and $42,200 in interest from an investment in City of Heflinbonds. Using the U.S. tax rate schedule for married filing jointly, how much federal tax will they owe? What is their average tax rate?What is their effective tax rate? What is their current marginal tax rate?Note: Do not round intermediate calculations. Round your answers to 2 decimal places.Answer is complete but not entirely correct.Federal tax$ 25,551 XAverage tax rateEffective tax rateMarginal tax rate16.09X %12.71X %22 %

Answer:- The taxpayer pays taxes on the taxable income however certain incomes are not subject to…

Answered: Jorge and Anita, married taxpayers,…

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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Under Australia Tax
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The 2020 Arizona graduated tax rate is given in the table below for those filing status is single or married filing separate. To use this table you will calculate the amount of money to be taxed at each level and theri sum up the amount for each given tax rate. Find the income tax for a person filing single and has a taxable income reported as $75.700. Round your answer to the nearest whole dollar amount. Income The income between $0 and $27.272 Tax Rate 2.59% The income between $27.272 and $54.544 3.34% The income between $54,544 and $163.632 4.17% The income above $163.632 Your Answer: 4.50%
Jorge and Anita, married taxpayers, earn $158,000 in taxable income and $42,000 in Interest from an Investment in City of Heflin bonds. Using the U.S. tax rate schedule for married filling jointly, how much federal tax will they owe? What is their average tax rate? What is their effective tax rate? What is their current marginal tax rate? (Do not round Intermediate calculations. Round your answers to 2 decimal places.) Federal tax Average tax rate Effective tax rate Marginal tax rate Tax rate schedule: 2021 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: 0 $9,950 $9.950 $ 40,525 $ 86,375 $164,925 $209,425 $ 523,600 The tax is: 10% of taxable income $995 plus 12% of the excess over $9,950 $4,664 plus 22% of the excess over $40,525 $164,925 |$14,751 plus 24% of the excess over $86,375 $33,603 plus 32% of the excess over $164,925 $47,843 plus 35% of the excess over $209,425 $209,425 $523,600 | $157,804.25 plus 37% of the excess over $523,600…
please confirm the calculations and do what's wrong and incomplete.
None
Problem 1-39 (LO 1-3) (Static) Jorge and Anita, married taxpayers, earn $150,000 in taxable income and $40,000 in interest from an investment in City of Heflin bonds. (Use the U.S. tax rate schedule for married filing jointly). Required: a. If Jorge and Anita earn an additional $100,000 of taxable income, what is their marginal tax rate on this income? b. What is their marginal rate if, instead, they report an additional $100,000 in deductions? (For all requirements, round your answers to 2 decimal places.) a. b. arginal tax rate. Marginal tax rate % %
Timmy Tappan is single and had $189,000 in taxable income. Use the rates from Table 2.3. a. Calculate his income taxes. (Do not round intermediate calculations.) b. What is the average tax rate? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) c. What is the marginal tax rate? (Do not round intermediate calculations.) Answer is complete but not entirely correct. $ a. Income taxes b. Average tax rate c. Marginal tax rate 47,843 X 478.43 X % 32 %
Which of the following is FALSE of the progressive tax system in the U.S. for couples filing a joint tax return who earn more than $100,000 of income? The marginal tax rate starts out low (for low levels of income) and ends up high (for high levels of income. Total tax paid divided by total income earned is equal to the average tax rate These couples will pay more in taxes compared to couples who make $50,000 of income The average tax rate will be greater than the highest marginal tax rate. Income is separated into brackets, and the higher income amounts get taxed at a higher rate compared to lower income amounts
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Duela Dent is single and had $181,600 in taxable income. Using the rates from Table 2.3, calculate her income taxes. What is the average tax rate? What is the marginal tax rate? Note: Do not round intermediate calculations and round your income tax answer to 2 decimal places, e.g., 32.16. Enter the average and marginal tax rate answers as a percent, rounded 2 decimal places, e.g., 32.16. Income taxes Average tax rate Marginal tax rate 39,801.50 X 22.00 × % % 32.00
roblem 1-39 (LO 1-3) (Static) Jorge and Anita, married taxpayers, earn $150,000 in taxable income and $40,000 in interest from an investment in City of Heflin bonds. (Use the U.S. tax rate schedule for married filing jointly). Required: If Jorge and Anita earn an additional $100,000 of taxable income, what is their marginal tax rate on this income? What is their marginal rate if, instead, they report an additional $100,000 in deductions? (For all requirements, round your answers to 2 decimal places.)

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