Miley, a single taxpayer, plans on reporting $36,425 of taxable income this year (all of her income is from a part-time job). She is consideringapplying for a second part-time job that would give her an additional $10,700 of taxable income. By how much will the income from thesecond job increase her tax liability? (Use the tax rate schedules.)Multiple ChoiceO$1,070$1,284$1,524

Tax liability refers to the obligation of a taxpayer towards the government. This obligation…

Answered: Miley, a single taxpayer, plans on…

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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Use the following information Molly has collect to help her determine her taxable income for the year: Salary from her job 115,100 Interest earn from 1,280 savings Interest paid on student loans Your Answer: Answer 905 Standard deduction 12,950 Itemized deductions 842 Child tax credit 2000
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Kole earns $170,000 in 2023 in his job as a sales manager. What is his FICA tax? (Employee portion of Social Security and Medicare Tax) O $10,063 $12.255 O $13,005 O $12,397
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PROBLEM: Jose Diaz has a federal tax levy of $4,119.90 against him. If Diaz is single with three personal exemptions and had a take home pay of $1020.00 this week, how much would his employer take from his pay to satisfy part of the tax levy? Federal tax levy amount _________
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Mark's gross annual salary is $78,082 with biweekly paychecks. If he is married and has 3 dependent children, compute the biweekly withholding his employer will send to the IRS. Use the following information: • Biweekly allowance: $165.38 per person. 2022 Married Person Biweekly Withholding Table Taxable Wages 50-$498 $498-$893 $893-$2,105 $2,105-$3,924 $3,924-$7,038 $7,038-$8,804 $8,804-$12,957 $12,957 or more Wages Withholding $0.00 50.00 plus 10% of amount exceeding $498 $39.50 plus 12% of amount exceeding $893 $184.94 plus 22% of amount exceeding $2,105 $585.12 plus 24% of amount exceeding $3,924 $1,332.48 plus 32% of amount exceeding $7,038 $1,897.60 plus 35% of amount exceeding $8,804 $3,351.15 plus 37% of amount exceeding $12,957 Round your answer to the nearest dollar.
Suppose you made $70,390 of income from wages and $178 of taxable interest. You also made contributions of $6400 to a tax deferred retirement account. You have 2 dependents and file as single. The standard deduction is 3900 and the exemption is 5900 per exemption. What is your Taxable Income? Answer to the nearest dollar.
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Use the marginal tax rates in the table below to compute the tax owed in the following situation. The tax owed is S (Simplify your answer. Round to the nearest dollar as needed.) Marco is married filing separately with a taxable income of $67,900. Tax Rate 10% 15% 25% 28% 33% 35% 39.6% Standard deduction Exemption (per person) Married Filing Separately up to $9325 up to $37,950 up to $76,550 up to $116,675 up to $208,350 up to $235,350 above $235,350 $6350 $4050
Brooke, a single taxpayer, works for Company A for all of 2022, earning a salary of $57,000.

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