shows the tax brackets for 2016 for single workers.person who has $5,629 of taxable income using the table below whichTaxable Income$0 to $9,375$9,376 to $37,550$37,551 to $90,850$90,851 to $189,500$189,501 to $411,650$411.651 to $414,500$414,501 or moreAnswer to the nearest penny.Tax Rate12% of amount over $0$945 plus 16% of the amount over $9,375$5,278 plus 26% of the amount over $37,550$18,526 plus 29% of the amount over $90,850$46,592 plus 34% of the amount over $189.500$119,622 plus 36% of the amount over $411,650$120,135 plus 40.2% of the amount over $414,500hp

We have to find the tax applicable to a person with pre calculated taxable income.

Answered: shows the tax brackets for 2016 for…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Gg.15.
2019 TAX TABLE Determine the tax liability, marginal tax rate, and average tax rate in each of the following cases.Use the appropriate Tax Tables and Tax Rate Schedules. Married taxpayers, who file a joint return, have taxable income of $38,030. Married taxpayers, who file a joint return, have taxable income of $61,697. (For all requirements, use the tax tables to compute tax liability. Round "Average tax rate" to 2 decimal places.)
The following table shows tax due for the given taxable income level for a single taxpayer. Taxable income Tax due $97,000 $97,050 $97,100 $97,150 $97,200 $21,913 $21,927 $21,941 $21,955 $21,969 (a) Show that the data in the table are linear. For every change of $50 in the taxable income there is constant change of $ 1.00 in the tax due. These data exhibit a constant rate of change and are linear. (b) How much additional tax is due on each dollar over $97,000? (Round your answer to the nearest cent.) per dollar (c) What would you expect for your tax due if you had a taxable income of $97,000? 24 What would you expect for your tax due if you had a taxable income of $98,000? $ (d) Find a linear formula that gives tax due T if your income is A dollars over $97,000. (Round equation parameters to two decimal places.) T =
An individual has year-to-date earnings prior to the current period of $138,500, earns $3,600 during the current period, and has a tax return filing status of single. Her self-employment taxes are $__________
An employer in Nesconset, NY, employs three individuals, whose taxable earnings to date (prior to the current pay period) are $6,900, $1,000, and $24,200. During the current pay period, these employees earn $2,200, $1,950, and $2,800, respectively.FUTA tax = $ What is the FUTA tax? The FUTA rate is for year 2022 The FUTA rate for this problem is 0.9%
Use (a) the percentage method and (b) the wage-bracket method to compute the federal income taxes to withhold from the wages or salaries of each employee. Enter all amounts as positive numbers. Round your calculations and final answers to the nearest cent. Use the 2020 Federal income taxes tables for the percentage method table and the wage bracket method table
Franklin Stewart arrived at the following tax information: Gross salary Interest earnings Eligible dividend income Basic personal amount Union dues Moving expense (50 km for employment) $49,100 870 110 39744.5 3,650 7,880 1,860 What amount will Franklin report as taxable income? (Round your answer to the nearest dollar amount. Omit the "$" sign in your response.) Taxable income
Income Tax Credits (LO. 6) Refer to Exhibit 8-5 and 8A-1 SCHEDULE EIC (EARNED INCOME CREDIT) 2018 EARNED INCOME CREDIT TABLE to answer the following questions. Determine the total allowable 2018 earned income credit in each of the following situations: a. Rina is single and earns $6,800 in salary for the year. In addition, she receives $2,200 in unemployment compensation during the year. b. C. Lachlan is single with one dependent child. During the year, he earns $8,000 as a waiter and receives alimony of $10,000 and child support of $5,000. Zorica is a single parent with two dependent children. She earns $19,000 from her job as a mechanic. She also receives $3,000 in child support from her ex-husband. d. Elliot and Pam are married and have three dependent children. Elliot and Pam earn $12,000 and $9,000 from their jobs, respectively. They receive $800 in interest and $1,000 in dividend income. Assume the taxpayer files a joint return.
Required: Calculate the total self employment (SE) tax on a sole proprietorship earning 2023 profit of $300.000, assuming a single sole proprietor with no other earned Income. Note: Round your intermediate calculations to the nearest whole dollar amount. Total tax $ 22,474
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