Let's assume you live in a country with a progressive tax system that has the following tax brackets:• 0% on income up to $10,000• 10% on income between $10,001 and $50,000• 20% on income between $50,001 and $100,000• 30% on income above $100,000Suppose your annual income is $75,000. How much tax do you pay?a. $10,000b.C.d.$7500$8500$9000

Income tax is paid on the income earned by the individual or organization on the basis of tax…

Answered: Let's assume you live in a country with…

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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Suppose you are in the 25% marginal tax bracket and earn $15,000. Then a tax credit of $1500 will reduce your tax bill by how much?
2) Suppose the income tax rate schedule is O percent on the first $10,00O; 10 percent on the next $20,000; 20 percent on the next $20,000; 30 percent on the next $20,000; and 40 percent on any income over $70,000. Family A earns $32,000 a year and Family B earns $70,000 a year. Both families each receive a ten percent raise. What is the marginal tax rate of each and what is the extra tax paid by each after the raise? 3) "Only in a progressive tax system does the amount of taxes increase as income increases." Do you agree or disagree? Explain.
If you live in a state that needs to collect $18 million in property taxes and has a tax rate of 2.77%, what is that states taxable value
What is the tax owed ?
60 00 Chuck, a single taxpayer, earns $76,300 in taxable income and $11,500 in interest from an investment in City of Heflin bonds (Use U.S. tax rate schedule.) Required: a. If Chuck earns an additional $40,000 of taxable income, what is his marginal tax rate on this income? b. What is his marginal rate if, instead, he had $40,000 of additional deductions? (For all requirements, do not round intermediate calculations. Round percentage answers to 2 decimal places.) a. Marginal tax rate % b. Marginal tax rate 62 F re to search F7 F5 +Do F4 F1 F2 & 23 3. 24 4. R. G W N C.
Please help me !! Note: Tax for Canada !! Question:- Individual J received non-eligible dividends totaling $12,000 in the current year. What is the amount of the federal dividend tax credit?
Pleas calculate the AVERAGE and MARGINAL TAX based on the tax bracket provided below. (Hint: every box in the table may NOT be used.) $0 $1,001 $3,001 Tax Bracket $10,001 $20,001 $40,001 $1,000 $3,000 $10,000 $20,000 $40,000 & Above Average Tax:__`17.729% Marginal Tax:__`25¹% Tax 5% 10% 15% 25% 30% 45% $ $ Taxable Income Amount Taxed type your ansv type your ansv type your ansv = type your ansv $16,500 $ $ $ $ Actual Tax Paid type your answe type your answe type your answe type your answe type your answe Amount Remaining $ $ $ $ type your answe type your answe type your answe type your answe
Cc.50.
If we add to our problem that Builtrite also had $20,000 in interest expense and that they were in the 39% income tax bracket, how much would this interest expense cost Builtrite after taxes? $12,200 $7,800 $3,900 $20,000
What dollar amount can you expect to receive if you file your taxes under a modest income? Select one:a. At least $350 over 12 months.b. At least $400 over 12 months.c. At least $250 over 12 months.d. At least $300 over 12 months.
I need the answer as soon as possible
You own an a townhome with an assessed value of $184,400. The tax rate is $2.20 per $100 of assessed value. (Round your answers to the nearest cent.) (a) What is the amount of property tax (in $)? $ 4056.8 (b) If the state offers a 4% discount for early payment, how much (in $) would the tax bill amount to if you paid early? 2$

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