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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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?
A customer purchases $28.14 in prodcts only $12.83 is taxable. How much sales tax is owed if the tax rate is 10%?
2-3 Computing Graduated State Income Tax Rather than a flat percentage rate, some states have what is known as a graduated income tax. This means that your state income tax is computed at a varying rate each time you reach a new income level. The higher your income, the greater your tax. Example Find the amount of state income tax deducted from each paycheck. Carla Erpelding's annual salary is $28,500. She is paid biweekly. Her personal exemptions total $1,500. The state income tax is calculated on the following graduated basis: 2.5 percent of the first $25,000 and 3.5 percent over $25,000. 1. Find the taxable wages. - ($28,500 $1,500) = $27,000 2. Find the annual tax withheld. First $25,000: = ($25,000 x .025) = $625 Over $25,000 = ($27,000-$25,000) x .035 = $2,000 x .035 = $70 Annual Tax = $625+ $70 = $695 3. Find the tax per period. Annual Tax Number of Pay Periods per Year = Tax Withheld per Pay Period $695.00 ÷ 26 = $26.73 tax per pay period Practice Using the following graduated…
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 that the first $ 5000 income earned is not taxed at all, the next $ 10000 earned is taxed at the rate of 15%, any further income is taxed at the rate of 30%. Construct Marginal Tax Rate as a function of income, graph it. Let y denote income. show that the function is discontinuous at y = 5000 and y = 15000
How much tax is withheld from $36,200 if the tax rate is 4%?
Please check if information is accurate. Please include stuff I have missed.
7
2. 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.
Phil Corporation gave Manager A, a resident citizen grocery allowance worth P 39,000 How much is the Fringe benefit tax?
You own an a townhome with an assessed value of $184,600. The tax rate is $2.20 per $100 of assessed value. (Round your answers to the nearest cent.) propery tatx $4061.20 If the state offers a 4% discount for early payment, how much (in $) would the tax bill amount to if you paid early? If the state offers a 4% discount for early payment, how much (in $) would the tax bill amount to if you paid early?
You own an a townhome with an assessed value of $182,200. 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 $)? $ 4,008.4 (b) If the state offers a 4% discount for early payment, how much (in $) would the tax bill amount to if you paid early? $ 160.34 X 1 (c) If the state charges a mandatory 3% penalty for late payments, how much (in $) would the tax bill amount to if you 2 paid late? $ 140.29 X

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