10. Use the marginal tax rates in the table below to compute thetax owed in the following situation.Winona and Jim are married filing jointly, with a taxableincome of $269,000. They are entitled to an $8000 taxcredit.Tax Rate10%15%25%28%33%35%39.6%Standard deductionExemption(per person)Married FilingJointlyup to $18,650up to $75,900up to $153,100up to $233,350up to $416,700up to $470,700above $470,700$12,700$4050The tax owed is $(Type an integer or a decimal.)

Given,Taxable Income of Winona & Jim are Married filing jointly = $269,000,Tax credit =…

Answered: O. Use the marginal tax rates in the…

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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Manabhai
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
K The Lees, a family of two adults and two dependent children under age 16, had a gross annual income of $72,000.00 for 2020. Determine their standard deduction and child tax credit amounts, as well as their marginal and average tax rates, assuming their filing status is married filing jointly. Why is their average tax rate lower than their marginal rate? ... Assuming the Lees' filing status is married filing jointly spouse, their standard deduction for the 2020 tax year is $ deduction table: . (Enter the amount to the nearest cent.) Click the following link for a standard
a. Tyler and Candice are married and file a joint tax return. They have adjusted gross income of $39,800 before considering their Social Security benefits, no tax-exempt interest, and $13,930 of Social Security benefits. As a result, s of the Social Security benefits are taxable. b. Assume Tyler and Candice have adjusted gross income of $16,000 before considering their Social Security benefits, no tax-exempt Interest, and $17,600 of Social Security benefits. As a result, of the Social Security benefits are taxable. c. Assume Tyler and Candice have adjusted gross income of $119,500 before considering their Social Security benefits, no tax-exempt interest, and $17,925 of Social Security benefits. As a result, s of the Social Security benefits are taxable.
b
Hansaben
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 $25,500. Their total income from wages is $282,000. Assume the following tax table is applicable: Married Couples Filing Joint Returns If Your Taxable Income Is You Pay This Amount on the Base of the Bracket Plus This Percentage on the Excess over the Base Average Tax Rate at Top of Bracket Up to $19,750 $0.00 10.0% 10.0% $19,750-$80,250 1,975.00 12.0 11.5 $80,250-$171,050 9,235.00 22.0 17.1 $171,050-$326,600 29,211.00 24.0 20.4 $326,600-$414,700 66,543.00 32.0 22.8 $414,700-$622,050 94,735.00 35.0 26.9 Over $622,050 167,307.50 37.0 37.0 What is their marginal tax rate? a. 35.0% b. 32.0% c. 12.0% d. 24.0% e. 22.0%
A married couple with 4 children is filing taxes jointly. They have a gross income of $436,202, and they made the following tax-deductible purchases: • Charitable contributions: $6,826 • Medical expenses: $2,712 • Mortgage interest: $5,973 Compute their final income tax using the following information: Married Individuals Filing Joint Returns and Surviving Spouses If Taxable Income Is Between: The Tax Due Is: 0- $19,750 10% of taxable income $19,751 - $80,250 $1,975 + 12% of the amount over $19,750 $80,251 - $171,050 $9,235 + 22% of the amount over $80,250 $171,051 - $326,600 $29,211 + 24% of the amount over $171,050 $326,601 - $414,700 $66,543 + 32% of the amount over $326,600 $414,701 - $622,050 $94,735 + 35% of the amount over $414,700 $622,051 $167,307.50 + 37% of the amount over $622,050 Round your answer to the nearest dollar. Recall the standard deduction for married filers: $24,800
Using the married filing jointly status and their income and expense statement, calculate the 2017 tax liability for Shameka and Curtis Williams. First, use the standard deduction, and then use the following itemized deductions: Income Expenses Earned income $48,000.00 Home mortgage interest $7,800.00 Interest income 1,600.00 Real estate and state income taxes 3,850.00 Miscellaneous deductions 550.00 Explain to the Williams which method they should use and why. Shameka and Curtis' total gross income for the 2017 tax year is $____________. (Round to the nearest cent.)
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 $27,500. Their total income from wages is $233,400. Assume the following tax table is applicable: Married Couples Filing Joint Returns If Your Taxable Income Is You Pay This Amount on the Base of the Bracket Plus This Percentage on the Excess over the Base Average Tax Rate at Top of Bracket Up to $19,750 $0.00 10.0% 10.0% $19,750-$80,250 1,975.00 12.0 11.5 $80,250-$171,050 9,235.00 22.0 17.1 $171,050-$326,600 29,211.00 24.0 20.4 $326,600-$414,700 66,543.00 32.0 22.8 $414,700-$622,050 94,735.00 35.0 26.9 Over $622,050 167,307.50 37.0 37.0 What is their marginal tax rate?
In 2022, Lisa and Fred, a married couple, had taxable income of $307,800. If they were to file separate tax returns, Lisa would have reported taxable income of $128,900 and Fred would have reported taxable income of $178,900. -what is the couples marriage benefit?
Jaylen and Zan are married, filing jointly. Their total adjusted gross income was $81,000 and they qualified for the standard deduction of $24,000. Use the following 2018 tax rate schedule to calculate their 2018 federal income tax. If your filing status is married, filing jointly or surviving spouses; and taxable income is more than: but not over: your tax is: $ 0 $19,050 10% OF the taxable income $19,050 $77,400 $1905 plus 12% of the excess over $19,050 $77,400 $165,000 $8907 plus 22% of the excess over $77,400 $165,000 $315,000 $28,179 plus 24% of the excess over $165,000 $315,000 $400,000 $64,179 plus 32% of the excess over $315,000 $400,000 $600,000 $91,379 plus 35% of the excess over $400,000 $600,000 _______ $161,379 plus 37% OF THE AMOUNT OVER $600,000 Jaylen and Zan's 2018 Federal income tax is: $(Round to the nearest dollar.)What is Jaylen and Zan's effective tax rate? [Tax paid divided by taxable income]%(Write as a percent, rounded to one decimal place.)

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