Question 4Use the following Total Tax / Annual Income relationship to determine which of the following is Beverly's total tax for last year if her income last was $164,000. What total income tax did Beverly pay in income tax. $52,480.00$33,495.50$32,800.00 Income Tax CalculationsAnnual Income:Total Amount of Income Tax:Maximum TotalMaximum Amount Amount of ActualMarginal TaxMaximumAmount of ActualMaximum TotalIncome for Eachof Income WithinIncome WithinRate perAmount of TaxTax WithinAmount of TaxBracketEach BracketEach Bracket$100 earnedWithin EachEach BracketWithin EachBracketBracketmore than$518,400$37 taxmore than$153,225$311,050$35 tax$105,857.50no more than$153,225no more than$518,400$44,050$32 tax$14,096no more than$47,367.50no more than$207,350$77,775$24 tax$18,666no more than$163,300no more than$33,271.50no more than$45,400$22 tax$9,988no more than$85,525$14,605.50$30,250$12 tax$3,630no more than$4,617.50no more than$40,125no more than$9,875no more than$987.50$9,875$10 tax$987.50Total IncomeTotal Tax

Taxable income seems to be the part of an individual person's or a firm's income that is being used…

Question 4 Use the following Total Tax / Annual Income relationship to determine which of the following is Beverly's total tax for last year if her income last was $164,000. What total income tax did Beverly pay in income tax. $52,480.00 $33,495.50 $32,800.00

Question 4 Use the following Total Tax / Annual Income relationship to determine which of the following is Beverly's total tax for last year if her income last was $164,000. What total income tax did Beverly pay in income tax. $52,480.00 $33,495.50 $32,800.00

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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hi! for the tax on taxable income, I used the attached tax table, and found 6415+22%(61422-55900)=7630. Isn't that the way we should calculate the tax?
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41 Using the 2019 marginal tax rates provided in the table below, find the marginal and average tax rates for the incomes shown. Give all answers to two decimals. Part 1 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? % Part 2 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? % Skip Start Solving Exit Exit Training M