Maureen Smith is a single individual. She claims a standard deduction of $12,400. Her salary for the year was $188,000. Assume the following tax table is applicable.Single IndividualsIf YourTaxableIncome IsUp to $9,875$9,875-$40,125$40,125-$85,525$85,525-$163,300$163,300-$207,350$207,350-$518,400Plus This PercentageYou Pay This Amount on on the Excess over thethe Base of the BracketBase10.0%$0.00987.504,617.5014,605.5033,271.50Over$518,400What is her marginal tax rate?47,367.50156,235.0012.022.024.032.035.037.0Average TaxRate at Top ofBracket10.0%11.517.120.422.830.137.0

The objective of this question is to determine Maureen Smith's marginal tax rate based on her salary…

Answered: Maureen Smith is a single individual.…

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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Consider the following hypothetical income tax brackets for a single taxpayer. Assume for simplicity there are no exemptions or deductions. Income $0-$10,000 $10,000-$40,000 $40,000-$100,000 Over $100,000 Is this tax regressive, progressive, or proportional? The income tax is progressive Suppose Susan's income is $30,000. How much will she pay in income taxes? Susan will pay $ in income taxes. (Enter your response as an integer) Tax Rate 10% 20 35 50
Ahmed is self-employed. He has a revenue of $170,000. His expenses for the year is $50,000. The following are the prevailing Income Tax slabs: Up to $9,525 10% $9,525 – $38,700 12% $38,700 – $82,500 22% $82,500 – $157,500 24% $157,500 – $200,000 32% $200,000 – $500,000 35% Above $500,000 37% If he received $12,000 in tax deduction, what is his taxable income for the year? How much did he pay in federal income tax?
Jamison's gross tax liability is $10,850. Jamison had $2,050 of available credits and he had $7,255 of taxes withheld by his employer. What are Jamison's taxes due (or taxes refunded) with his tax return? Multiple Choice $8.800 taxes due $1,545 taxes due $1,545 tax refund $3,595 taxes due
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L. A. and Paula file as married taxpayers. In August of this year, they received a $5,200 refund of state income taxes that they paid last year. How much of the refund, if any, must L. A. and Paula include in gross income under the following independent scenarios? Assume the standard deduction last year was $25,100. Note: Leave no answer blank. Enter zero if applicable. Required: a. Last year L. A. and Paula had itemized deductions of $19,200, and they chose to claim the standard deduction. b. Last year L. A. and Paula claimed itemized deductions of $31,400. Their itemized deductions included state income taxes paid of $7,500 and no other state or local taxes. c. Last year L. A. and Paula claimed itemized deductions of $27,600. Their itemized deductions included state income taxes paid of $10,500, which were limited to $10,000 due to the cap on state and local tax deductions.
Jared Goff, of Los Angeles, determined the following tax information: gross salary, $85,000; interest earned, $2,500; IRA contribution, $4,500; and standard deduction, $12,200. Filing single, calculate Jared's taxable income and tax liability.
Sam, not married and does not maintain a home for a dependent, has $50,000 salary and $5,000 qualified dividends. Sam has itemized deductions of $14,000. Compute Sam's total tax liability including both her income tax and net investment income tax, if applicable, for the current year. Group of answer choices $4,100. $4,115. $4,850. $5,040.
Alan and Sara Winthrop are a married couple who file a joint income tax return. They have two children, and they have legitimate itemized deductions totaling $28,000. Their total income fr wages is $271,800. Assume the following tax table is applicable: Married Couples Filing Joint Returns You Pay This Amount on the Base of the Bracket If Your Taxable Income Is Up to $19,750 $19,750-$80,250 $80,250-$171,050 $171,050-$326,600 $326,600-$414,700 $414,700-$622,050 Over $622,050 What is their marginal tax rate? O a. 22.0% O b. 12.0% O c. 35.0% O d. 24.0% O e. 32.0% $0.00 1,975.00 9,235.00 29,211.00 66,543.00 94,735.00 167,307.50 Plus This Percentage on Average Tax Rate at Top the Excess over the Base of Bracket 10.0% 10.0% 12.0 11.5 22.0 17.1 20.4 22.8 26.9 37.0 24.0 32.0 35.0 37.0
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Duela Dent is single and had $178,400 in taxable income. Use the rates from Table 2.3. (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Calculate her income taxes. Income taxes $ 57,088.00
Maureen Smith is a single individual. She claims a standard deduction of $12,400. Her salary for the year was $188,000. Assume the following tax table is applicable. Single Individuals If Your Taxable Income Is Up to $9,875 $9,875- $40,125 $40,125- $85,525 $85,525- $163,300 $163,300- $207,350 $207,350- $518,400 You Pay This Amount on the Base of the Bracket $0.00 987.50 4,617.50 14,605.50 33,271.50 Over $518,400 What is her marginal tax rate? 47,367.50 156,235.00 Plus This Percentage on the Excess over the Base 10.0% 12.0 22.0 24.0 32.0 35.0 37.0 Average Tax Rate at Top of Bracket 10.0% 11.5 17.1 20.4 22.8 30.1 37.0
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