Problem 1-42 (LO 1-4) Havel and Petra are married and will file a joint tax return. Havel has W-2 income of $38,588, and Petra has W-2 income of $46,227. Use the appropriate Tax Tables and Tax Rate Schedules. Required: a. What is their tax liability using the Tax Tables? b. What is their tax liability using the Tax Rate Schedule? Note: Round your intermediate computations and final answer to 2 decimal places. a. Tax liability using Tax Tables b. Tax liability using Tax Rate Schedule.

Problem 1-42 (LO 1-4) Havel and Petra are married and will file a joint tax return. Havel has W-2 income of $38,588, and Petra has W-2 income of $46,227. Use the appropriate Tax Tables and Tax Rate Schedules. Required: a. What is their tax liability using the Tax Tables? b. What is their tax liability using the Tax Rate Schedule? Note: Round your intermediate computations and final answer to 2 decimal places. a. Tax liability using Tax Tables b. Tax liability using Tax Rate Schedule.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

use the marginal tax rates in the table below to compute the tax owed in the following situation. Winona and Jim are married filing jointly, with a taxable income of $288,000. They are entitled to a $6000 tax credit. Solve. The tax owed is $. enter your response here. Tax Rate Married filing jointly 10% up to $18,650 15% up to $75,900 25% up to $153,100 28% up to $233,350 33% up to $416,700 35% up to $470,700 39.6% above $470,700 Standard deduction $12,700 Exemption (per person) $4050
Use the Tax Rate Tables, Exhibit 18-3, to calculate the tax liability for the following taxpayers. Name Filing Status Taxable Income Tax Liability 10. Rua Head of Household $175,800 $36,554 11. Dylewski Married, Jointly $52,500 ANSWER$5,919 12. Williams Single $61,300 blank 2 13. Cabral Married, Separately $185,188 ANSWER$40,949.66
a. Compute the following: Gross income and AGI Standard deduction (single) Taxable income Income tax Gross income and AGI b. Assume that Toby and Nancy get married in 2023 and file a joint return. What is their taxable income and income tax? Round your final answer to the nearest whole dollar. Toby Filing Single $ Standard deduction (married, filing jointly) Taxable income Income tax Nancy Filing Single Married Filing Jointly c. How much income tax can Toby and Nancy save if they get married in 2023 and file a joint return?
Question 31 of 50. Review the following scenario, then choose the appropriate response describing steps a paid tax preparer must take to demonstrate due diligence. Charlie (21) comes in to your office to have his tax return prepared. He states that he is a full-tim college student with income from a part-time job, and his parents will not claim him as a dependent. He wants to claim the American Opportunity Tax Credit (AOTC). Which of the following describes an appropriate question to ask or action to take ooo Ask him if he has ever been convicted of a misdemeanor offense or had his driver's license revoked. Inform him that he may be assessed a penalty of $545 if he fails to provide all the information required. Inform him he must provide copies of all transcripts before you can prepare his retum. Request a copy of his Form 1098-T, Tuition Statement, and inquire into when and how his education and other were paid. Mark for follow up Question 32 of 50. Tee of these pro ambing systems.…
b
Question2: Income tax The taxable income of Ahmed, Badriya and Sameer is $20,000, $45,000, $100,000 respectively. Use the following tax rates: 5% for income from 0 - $20,000 10% for income from $20,001 - $50,000 15% for income above $50,000 Calculate the tax payable by each person. Explain the type of taxation system applicable in this situation. Is this system of taxation fair? Explain why this system is being criticised?
Use the 2021 marginal tax rates to compute the tax owed by the couple with the given filing status, taxable income, and tax credit. married filing jointly with a taxable income of $192,000 and a $8000 tax credit Click the icon to view the 2021 marginal tax rates. The tax owed is $ (Type an integer or a decimal. Round to the nearest cent as needed.)
Vipul k
As a tax return preparer for The Fernando Rodriguez Tax & Accounting Service, you have been asked to calculate the missing information for one of the firm's tax clients. The following table gives the standard deduction for various filing statuses. Standard Deductions Single or married filing separately $12,000 Married filing jointly or surviving spouse $24,000 Head of household $18,000 65 or older and/or blindand/or someone else canclaim you (or your spouseif filing jointly) as a dependent: Varies(See www.irs.gov for information.) Using the standard deduction table above, complete the following table (in $). Name Filing Status Income Adjustments toIncome Adjusted GrossIncome StandardDeduction ItemizedDeductions TaxableIncome Campbell Married filingjointly $58,320 $1,560 $ $ $5,910 $ When finding your client's taxable income, which deduction did you use?
Q. 5 i need help with a-d
3. Use the same assumptions as we did above (a couple is married, filing jointly, with no dependents, using the standard deductions and exemptions). Use the tax schedules provided to determine the AGI and fill in the tables for the following scenarios. a. Suppose a couple paid $3,000 in taxes in 1963. Use this information and the 1963 tax schedule to fill in the remaining boxes of the table. Description Amount Adjusted Gross Income Standard Deductions (married, filing jointly, no dependents) $1,200 Taxable Income Total Tax (calculate from schedule) $3,000 Effective tax rate b. Suppose a couple paid $3,000 in taxes in 1988. Use this information and the 1988 tax schedule to fill in the remaining boxes of the table. Description Amount Adjusted Gross Income Standard Deductions (married, filing jointly, no dependents) $8,900 Taxable Income Total Tax (calculate from schedule) $3,000 Effective tax rate C. Suppose a couple paid $3,000 in taxes in 2013.
Havel and Petra are married and will file a joint tax return. Havel has W-2 income of $38,924, and Petra has W-2 income of $49,729.Use the appropriate Tax Tables and Tax Rate Schedules. Required: What is their tax liability using the Tax Tables? What is their tax liability using the Tax Rate Schedule? (Round your intermediate computations and final answer to 2 decimal places.)