Last year Diane's annual income was $86,011. Use the following Income Tax table to calculate how much Daan paid last year in income tax.Round your answer to the nearest dollar. Only enter the number. Do not enter the dollar sign. For example: 11,526 In the kmage Annual Income:Maximum TotalIncome for EachBracketmore than$518,400no more than$518,400no more than$207,350no more than$163,300no more than$85,525no more than$40,125no more than$9,875Maximum Amountof Income WithinEach Bracket$311,050$44,050$77,775$45,400$30,250$9,875Total IncomeIncome Tax CalculationsAmount of ActualIncome WithinEach BracketTotal Amount of Income Tax:Marginal TaxRate per$100 earned$37 tax$35 tax$32 tax$24 tax$22 tax$12 tax$10 taxMaximumAmount of TaxWithin EachBracket$105,857.50$14,096$18,666$9,988$3,630$987.50Total TaxAmount of ActualTax WithinEach BracketMaximum TotalAmount of TaxWithin EachBracketmore than$153,225no more than$153,225no more than$47,367.50no more than$33,271.50no more than$14,605.50no more than$4,617.50no more than$987.50

Under the slab system for taxation, the income tax rate in the slab increases with an increase in…

Last year Diane's annual income was $86,011. Use the following Income Tax table to calculate how much Daan paid last year in income tax. Round your answer to the nearest dollar. Only enter the number. Do not enter the dollar sign. For example: 11,526 In the kmage

Last year Diane's annual income was $86,011. Use the following Income Tax table to calculate how much Daan paid last year in income tax. Round your answer to the nearest dollar. Only enter the number. Do not enter the dollar sign. For example: 11,526 In the kmage

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Adriana's income last year was $56,700. If Medicare is taxed at a rate of $1.45 tax per $100 earned,…

A: Medicare Tax is tax paid on the portion of medicare. It is used to provide health insurance to older…

Q: Javier is currently paying $1 comma 5001,500 in interest on his credit cards annually. If, instead…

A: The objective of this question is to calculate the future value of an annuity. An annuity is a…

Q: For the person below, calculate the FICA tax and income tax to obtain the total tax owed. Then find…

A: FICA Tax: FICA stands for Federal insurance contribution act. It is mandatory as per U.S law in…

Q: Home ownership has other expenses, including taxes, homeowner's insurance and utilities. The annual…

A: Amount borrowed = $145,000 a) Annual property tax = 1% of amount borrowed = $145,000×1%=$1,450…

Q: Last year, Marylynn opened Baron’s Appliance Sales and Service. Her tax accountant provided the…

A: a) Taxable income is derived by subtracting expenses and depreciation from gross income. Taxable…

Q: A person works and earns $3315 dollars but on a pay stub pays 39% to tax. How much money is left…

A: Data given: Earning=$3315 Tax =39%

Q: Mike and Teresa have a monthly gross income of $6,167, but they pay $502 per month in taxes. They…

A: Debt service ratio is one of the ratio related to usage of debt. This is the ratio between debt…

Q: In the current year, Clara rented her apartment on AirBnb for 13 days. She received gross rental…

A: The above question involves calculating the income and expenses for a rental activity carried out by…

Q: Jennifer made $74,900 last year. She pays 6% state income tax, 15% federal income tax, 6.2% for…

A: Gross monthly income is the amount that is paid by an employer to the employee monthly before…

Q: Ed and Marta are paid $2,460 after taxes every month. Monthly expenses include $834 on housing and…

A: Savings ratio shows the proportion/ratio of savings to the respective income.

Q: rran operates a boutique yarn store from their own. The store had accounting income after tax of…

A: Taxable income is the income before tax that is available after making standard deductions from the…

Q: on Chather bought a new Dell computer for $1,100. This included a 5% sales tax. What is the amount…

A: Sales tax refers to an amount that is paid by the seller to the government at fixed percentage to be…

Q: Maria purchased items at a grocery store. The items totaled to $67.89 before taxes. After paying the…

A: Tax compliance is a mandatory financial charge or other type of levy imposed on a taxpayer by a…

Q: Use the tax schedules provided to determine the AGI and fill in the tables for the following…

A: Adjusted Gross Income - Standard Deductions = Taxable Income Effective Tax Rate = Taxable…

Q: I earn $50,000 per year, which is called my “gross income." But I only take home $39,500 each year,…

A: Introduction:- Income is the monetary value of an entity's consumption and saving opportunities…

Q: Kensley enjoys playing blackjack at the casino every Thursday night after work. This year, she has…

A: As per the provisions of the IRS, gambling losses can be adjusted as tax-deductible losses. However,…

Q: Sedki earned $119,750 in 2014. How much did he pay in Social Security taxes? In Medicare taxes? In…

A: FICA taxes stands for Federal Insurance Contributions Act refers to the payroll tax paid to the U.S.…

Q: How much must Deon pay in income tax for last year?

A: Tax refers to the amount charged by the government on individuals, partnership firms, HUF’s or any…

Q: You have some property which has an assessed value of $240,900. If the tax rate is 56.40 mills,…

A: Introduction The mill rate is based on mills which is derived from Latin word millesimal which…

Q: Dila just deposited $10,600 into an account that pays 7.4% p.a.. but with daily compounding (i.e.,…

A: The concept of time value of money will be used here.As money earns interest its worth changes with…

Q: Round your answer to the nearest penny. Input dollars and cents. 1. Frankie earned $28,700 last…

A: Social Security tax-This tax is levied on employees as well as on employers and the tax so…

Q: Alice makes $40,800 per year before taxes, which equal $9995 total for state income tax and all…

A: 1 month = 4 weeks1 year = 4 *12 = 48 weeksTotal Income per year = $40,800Income per week =…

Q: Ginny Fieg expanded her beauty salon by increasing her space by 20%. Ginny paid property taxes of…

A: Property tax is the tax liability which is imposed by the government on the property owned by an…

Q: Mike has breakfast at a local restaurant and notices the sub- total for his food and coffee is…

A: The sales tax rate can be calculated as the ratio of sales tax and the bill amount

Q: Janis just finished her dinner and is paying her bill. After tax, her bill comes to $18.47. She…

A: The tipping amount is the excess of the amount paid by the customer over her after tax billing…

Question

Last year Diane's annual income was $86,011. Use the following Income Tax table to calculate how much Daan paid last year in income tax.

Round your answer to the nearest dollar. Only enter the number. Do not enter the dollar sign. For example: 11,526

In the kmage

Annual Income:
Maximum Total
Income for Each
Bracket
more than
$518,400
no more than
$518,400
no more than
$207,350
no more than
$163,300
no more than
$85,525
no more than
$40,125
no more than
$9,875
Maximum Amount
of Income Within
Each Bracket
$311,050
$44,050
$77,775
$45,400
$30,250
$9,875
Total Income
Income Tax Calculations
Amount of Actual
Income Within
Each Bracket
Total Amount of Income Tax:
Marginal Tax
Rate per
$100 earned
$37 tax
$35 tax
$32 tax
$24 tax
$22 tax
$12 tax
$10 tax
Maximum
Amount of Tax
Within Each
Bracket
$105,857.50
$14,096
$18,666
$9,988
$3,630
$987.50
Total Tax
Amount of Actual
Tax Within
Each Bracket
Maximum Total
Amount of Tax
Within Each
Bracket
more than
$153,225
no more than
$153,225
no more than
$47,367.50
no more than
$33,271.50
no more than
$14,605.50
no more than
$4,617.50
no more than
$987.50

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1: Define Income Tax under Slab System

VIEW

Step 2: Determining Tax Liability

VIEW

Solution

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

The home of Bill Burton is assessed at $80,000. The tax rate is 18.50 mills. What is the tax on Bill's home:
How is income defined by the IRC? For example, suppose you decided to hold a garage sale one fine summer weekend. The proceeds of such came out to $40. Do you report this? Why or why not?
Roxy operates a dress shop in Arlington, Virginia. Lisa, a Maryland resident, comes in for a measurement and purchases a $2,800 dress. Lisa returns to Virginia a few weeks later to pick up the dress and drive it back to her Maryland residence, where she will use the dress. Assuming that Virginia's sales tax rate is 5 percent and that Maryland's sales tax rate is 6 percent, what is Roxy's sales tax collection obligation? Multiple Choice $0 $140 to Virginia $140 sales tax to Virginia and $28 use tax to Maryland $168 to Maryland
Jason is looking at a new car priced at $21,599, which includes 6.75% sales tax. How much was the sales tax?
Javier is currently paying $1 comma 5001,500 in interest on his credit cards annually. If, instead of paying interest, he saved this amount every year, how much would he accumulate in a tax-deferred account earning 1111 percent over 99, 1414, or 1919 years? Note: Round intermediate computations to at least five (5) decimal places. Click on the table icon to view the FVIFA table: LOADING...
You make the following monthly payments. Your total net income (net of taxes) is $4,000. Calculate your savings ratio. Rent $600 Entertainment $300 Car payment $253 $500 Credit card payment $100 $450 Utilities $200 Gasoline $185 Groceries $250 Retirement savings $150 Student loan payment $300 O 17.80%. O 16.18%. O 29.05%. O 29.48%. You spend Save for Later Health insurance Taxes Submit An:
The annual insurance premium on Maria's home is $1,958 and the annual property tax is $1,432. If her monthly principal and interest payment is $1,613, find the adjusted monthly payment including principal, interest, taxes, and insurance (PITI). PITI= $ (Round to the nearest cent as needed.)
Please help me with e and f. Thanks!
Conchita Martinez will have a monthly interest and principal payment of $1,867.96. Her monthly real estate taxes will be $58.27 and her monthly homeowner's insurance payments will be $85.59. If her gross monthly income is $6,786.26, find the housing ratio. The housing ratio is (Round to two decimal places as needed.)
Conchita Martinez will have a monthly interest and principal payment of $1,820.68. Her monthly real estate taxes will be $57.06 and her monthly homeowner's insurance payments will be $89.47. If her gross monthly income is $6,778.27, find the housing ratio. Question content area bottom Part 1 The housing ratio is= (Round to two decimal places as needed.)
Calculate the paychecks below: 1. Bob is paid an annual salary of $50,000 and taxes are 20%. a. How much is his GROSS Monthly Pay? b. How much is withheld for taxes? c. What is his NET Monthly pay? 2 Manl
If a man earns a salary of $34,892 a year and is paid weekly, how much is his weekly paycheck before taxes? The man earns $ weekly before taxes. (Round to the nearest cent as needed.)