77. Refer to the table.IncomeТаx ATax B 0Tax C mo Tax D$10,000$650$1000$500$100020,00030,00040,0008502000100030009504000150060001050600020009500Which of the above tax schedules is only a progressive tax schedule?G IT Tpaid ta. Аb. ВС. Сd. Dof wine 78. Refer to the table.bto dainwIncomeТаx A$650Таx C$500Tax BTax D$10,00020,00030,00040,000$1000$10008502000100030009504000150060001050600020009500Which of the tax schedules is only a regressive tax schedule?а. Аb. BС.d. D

Ans. d. D A progressive tax system put a higher percentage rate on taxpayers who have higher…

Refer to the table. Income Таx A Таx B Tax C moon Tax D $10,000 20,000 $650 $1000 $500 $1000 850 2000 1000 3000 30,000 950 4000 1500 6000 40,000 1050 6000 2000 9500 Which of the above tax schedules is only a progressive tax schedule? L7 IT T paid T a. А b. B С. С d. D

Refer to the table. Income Таx A Таx B Tax C moon Tax D $10,000 20,000 $650 $1000 $500 $1000 850 2000 1000 3000 30,000 950 4000 1500 6000 40,000 1050 6000 2000 9500 Which of the above tax schedules is only a progressive tax schedule? L7 IT T paid T a. А b. B С. С d. D

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Concept explainers

Filing Federal Income Tax Return

A tax is the amount of money paid to the government on the revenue earned by the individual or business organization. It acts as an income for the government and an expense for the individual or business organization. There are different regulations regarding filing an income tax return in other countries.

Question

77. Refer to the table.
Income
Таx A
Tax B 0
Tax C mo Tax D
$10,000
$650
$1000
$500
$1000
20,000
30,000
40,000
850
2000
1000
3000
950
4000
1500
6000
1050
6000
2000
9500
Which of the above tax schedules is only a progressive tax schedule?
G IT Tpaid t
a. А
b. В
С. С
d. D
of wine

78. Refer to the table.
bto dainw
Income
Таx A
$650
Таx C
$500
Tax B
Tax D
$10,000
20,000
30,000
40,000
$1000
$1000
850
2000
1000
3000
950
4000
1500
6000
1050
6000
2000
9500
Which of the tax schedules is only a regressive tax schedule?
а. А
b. B
С.
d. D

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12/2/23, 11:25 AM 2023 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: $ 0 $ 11,000 $ 44,725 $ 95,375 $ 182.100 $ 231,250 $ 578,125 ezt.prod.mheducation.com/Media/Connect_Production/bne/accounting/spilker_15e/taxrateschedule2023.htm $ 95,350 $ 182,100 $ 231,250 $578,100 $ 11,000 $ 44,725 $ 95,375 $ 182,100 $ 231,250 $ 578,125 Schedule Z-Head of Household If taxable income is over: But not over: $ 0 $ 15,700 $ 15,700 $ 59,850 $ 59,850 $ 95,350 Schedule Y-1-Married Filing Jointly or Qualifying surviving spouse If taxable income is over: But not over: The tax is: $ 0 $ 22,000 $ 22,000 $ 89,450 $ 89,450 $ 190,750 $364,200 $ 462,500 $693,750 $ 190.750 $364,200 9 $ 462,500 $ 693,750 $ 0 $ 11,000 $ 44,725 $ 95,375 $ 182,100 $ 231,250 $ 346,875 The tax is: $ 182,100 $ 231,250 $578,100 10% of taxable income $1,100 plus 12% of the excess over $11,000 $5,147 plus 22% of the excess over $44,725 $16,290 plus 24% of the excess over $95,375 $37,104 plus 32%…