Marginal Tax Rate in KS for single filers is3.1%$0< I< 15, 000T(I) =5.25%5.7%$15,000 ≤ I≤ 30,000I > $30,000The standard deduction is $3,000 (thus the first $3,000 of income is NOTtaxed).How much would someone who earns $25,500 a owe in state taxes?(do NOT put a $ or comma in your answer. Thus if you answer is $6,500 justtype 6500)

The objective of the question is to calculate the state tax owed by a single filer in Kansas who…

Answered: Marginal Tax Rate in KS for single…

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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A customer makes a taxable purchase of 44,000. Assuming the applicable sales tax rate is 8.75%, how much will the customer owe? Please round your answer to the nearest whole dollar. Do not include dollar signs. O 47,454 O 44,000 48,750 none of the above
If you would have to pay $5,000 in taxes on $50,000 taxable income and $8,000 in taxes on $60,000 taxable income, then the marginal tax rate on the additional $10,000 of income is A.- 15 percent, and the average tax rate is 30 percent at the $60,000 income level. B.- 30 percent, and the average tax rate is about 13 percent at the $60,000 income level. C.- 30 percent, but average tax rates cannot be determined from the information given. D.- 30 percent, and the average tax rate is 20 percent at the $50,000 income level.
Firm E must choose between two alternative transactions. Transaction 1 requires a $9,150 cash outlay that would be nondeductible in the computation of taxable income. Transaction 2 requires a $14,800 cash outlay that would be a deductible expense. Required: a. Determine the after-tax cost for each transaction. Assume Firm E's marginal tax rate is 25 percent. b. Determine the after-tax cost for each transaction. Assume Firm E's marginal tax rate is 45 percent.
2abc. Help me answer the given question. Do not round off answers while solving, instead just the final answer will be rounded off to one decimal places.
Impact on Taxes. Lawrence has a marginal tax rate of 24%. He suddenly realizes that he neglected to include a $5,000 tax deduction. How will this oversight affect his taxes?
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
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
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 $100,000 Suppose your annual income is $75,000. How much tax do you pay? a. $10,000 b. C. d. $7500 $8500 $9000
Suppose there is a 10% tax on the first $20,000 of taxable income, a 20% tax on taxable income above $20,000 until $35,000, and a 30% tax on all taxable income above $35,000. There is a $10,000 exemption per person in a family. What is the marginal tax rate for a single mother making $45,000 who has three children? a)20% b)10% c)30% d)40%
Given the following tax structure, what minimum tax would need to be assessed on Shameika to make the tax progressive with respect to average tax rates?
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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