Maria makes $35,000 per year. After taking deductions and credits, Maria's total tax liability is $4,200. What is Maria's effective tax rate? Group of answer choices ...8.33% ...28% ...12% ...20%
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- What taxes would an individual pay if he were self-employed and the business is not incorporated?Fill in the blanks. Taxable Income Over But not over- Tax Rate $0 $10,000 10% $10,000 $50,000 $100,000 $50,000 $100,000 20% 40% 60% Refer to the above table. If an individual's taxable income is $60,000, their marginal tax rate is 50 x %, their income tax as a percentage of income is 40 x % (round up to whole number), and the income tax they have to pay is $ 24.000 xFor tax year 2018 a married couple filing jointly has a taxable income of $120,000. How much do they owe in taxes? (do not include the $ in your answer)
- the personal income tax rate is 31%, the dividend income tax rate is 12% and the corporate tax rate is 20 %, what is the effective tax advantage of debt? (The answer can be positive or negative.)What would be your federal income tax if your taxable income was $108,000.00? $_____________ What is the average tax rate for $108,000.00 in taxable income? _____________% How much tax would you owe if your income increased by $25,000 to $133,000.00? $ _______________ What would be your average tax rate with $133,000.00 of taxable income? _____________%Don't use pen or paper
- In your current job, you earn $55,000. You take the standard deduction of $12,200. You have an offer of a new job working for a different employer. Your salary would go up by $5,000. Given your current taxable income, what is your marginal tax rate? For taxable income over... $0 $9,700 $39,475 $84,200 $160,725 $204,100 $510,300 22% O 12% O 10% O 24% ... but not over... $9,700 $39,475 $84,200 $160,725 $204,100 $510,300 ...the marginal tax rate is: 10% 12% 22% 24% 32% 35% 37%Income: 115,000 State Tax Rate: 7 % Federal Income Tax: $0 to $29,000 10% Federal Payroll Tax Rate: 12% $29,001 to $58,300 15% $58,301 to $163,000 29% * Round all answers to 2 decimal places. Do not include any commas or percentage signs.* a) Compute the total tax paid b) What is the marginal tax rate? c) What is the average tax rate?Refer to the table below: 2020 Tax Data Tax Bracket $0-9,875 $9,876-40,125 $40,126-85,525 $85,526-163,300 $163,301-207,350 $207,351-518,400 Over $518,400 Compute the taxes on a taxable income of $30,000 Instructions: For part a, enter your response as a whole number. For part b, round your response to one decimal place a. What is the marginal tox rate? 35 % Marginal Tax Rate 10% 12% 22% 24% 32% 35% 37% b. What is the nominal tax rate? 24.9%
- Referring to the following table for the question Taxable Income Marginal Tax rate 0-$10,000 10% $10,000 $30.000 15% over $30,000 20% How much is the total income tax bill if the taxable income is $26,999? [Enter your answer in 2 decimal placesIf GNPFC is $1900 million and net indirect taxes are $110 million Find GNPMPQuestion 6 Here is a hypothetical income tax schedule expressed in nominal terms for the year 2015: Annual tax bracket Tax rate (%) Tax paid ($) Less than or equal to $3,620 $3,621 to $6,033 $6,034 to $7,240 $7,241 to $9,654 $9,655 to $21,722 More than $21,722 a. Compute only (a) in the income tax schedule for Sarah, whose annual income is $25,000. 15 25 |(a) 35 40 42 |(b) b. Compute only (b) in the income tax schedule for Rasha, whose annual income is $100,000.
