senior citizen or PWDs? a. 20,000 b. 25,000 c. 30,000 d. 40,000
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A:
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A: The answer is stated below:
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- How much is the OSD (assuming taxpayer opted to use OSD)? a. 1,240,000 b. 1,280,000 c. 1,288,000 d. 1,320,0001. How much is the net taxable income using itemized deductions? 2. How much is the OSD (assuming taxpayer opted to use OSD)? 3. How much is the net taxable income using OSD?*. How much is the total gross income? * How much is regular itemized deductions from gross income? * How much is the special itemized deductions from gross income?
- A taxpayer employs a qualified PWD for a total salary of P50,000. Assuming taxpayer meets all requirements, how much may he claim as special deduction from gross income? a. 50,000 b. 12,500 c. 10,000 d. 7,500suppose a certain a government employee earns a cna of 18,000 290 1.0.9 at 13th month pay of 27891 has other group from benefits amounting to 10,000, how much of his benefit s is taxable? How much is non taxable? If his tax is 0.08. How much is his tax and what is his net amount for his benefit?Question 2: If an individual whose filing status is single earns $256,000 during the year, what portion of the earnings are subject to Additional Medicare Tax, and what is the total (standard and Additional) Medicare Tax rate that will be applied to these earnings? Answer: A. O $6.000 and0.9% В. O $6.000 and 2.35% C. O 556,000 and 0.9% D. O 556.000 and 2.35%
- Personal Exemption: $-0- Standard Deduction: $12,400 ASSUME Gross Income = Adjusted Gross Income = $140,000. %3! ASSUME: Single filer, no adjustments, no dependents, will take the standard deduction ASSUME: Only deduction for state income taxes is rental deduction; assume individual deducts the maximum allowable amount of $3,000. State Income Tax: 5 % State Personal Exemption (single filer) = $4,400 %3D Calculate the following - SHOW YOUR WORK: Total Taxable Income: Total Federal Income Tax: Total State Income Tax: Total Social Security Tax: Total Medicare Tax: Total Federal and State Income Taxes: Total Social Security and Medicare: Total Income Tax and Payroll Taxes: Take Home Pay or After Tax Income:12. Taxpayer, age 63 and single, received current year income as set out below Wages $ 25,000 Taxable interest income 3,000 Tax-exempt interest income 5,000 Social Security benefits 36,000 How much, if any, of Taxpayer's Social Security benefits will be taxable for the year? A $ 36,000 B 18,000 с 30,600 D 18,950 E None of the aboveHow much is the gross income under accrual basis? * A. 2019:P1,400,000; 2020: P1,200,000 B. 2019: P1,400,000; 2020: P1,720,000 C. 2019: P500,000; 2020: P720,000 D. 2019: P800,000; 2020: P920,000
- US Tax Law Taxpayer is single and has the following items: state taxes withheld, $7,500; property taxes $6,000; DMV, $500. His state tax deduction on schedule A would be A. $14,000 B. $13,500 C. $6500 D. $10,000 E. Some other amountTaxpayer in 2022 has following amounts: W-2 wages: $125,000 @ 7.65% Sch. C Net income: $125,000 @ 15.30% How much of the correct amount of combined self-employment tax and FICA tax is attributable to the Sch. C Net Income?Government G levies an income tax with the following rate structure: Percentage Rate Bracket Income from -0- to $30,000 Income from $30,001 to $70,000 Required: 6% 10 20 28 Income from $70,001 to $200,000 Income in excess of $200,000 a. Taxpayer A's taxable income is $156,600. Compute A's income tax liability and average tax rate. What is A's marginal tax rate? b. Taxpayer B's taxable income is $486,100. Compute B's income tax liability and average tax rate. What is B's marginal tax rate? Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required A Required B Taxpayer A's taxable income is $156,600. Compute A's income tax liability and average tax rate. What is A's marginal tax rate? Note: Round your percentage answers to 2 decimal places and other answers to the nearest whole dollar amount. Taxpayer A Income tax $ 23,519 x Average tax rate Marginal tax rate 15.02 x % 20.00 %