Answered: Suppose you made $63,245 of income from… | bartleby

FINANCIAL ACCOUNTING

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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Suppose you made $63,245 of income from wages and $784 of taxable interest. You also made
contributions of $6000 to a tax deferred retirement account. You have 3 dependents and file as single. The
standard deduction is 3500 and the exemption amount is 5500 per exemption.
What is your Taxable Income?
Answer to the nearest dollar.
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Now consider another hypothetical tax code. Assume the tax rate on the first $15,000 of taxable income is 10% and the tax rate on any additional income is 18%. The standard deduction ($6,350) and personal exemption ($4,050) still apply. In other words: . For taxable income from $0 to $15,000, you pay 10% of your taxable income in taxes, plus . For taxable income above $15,000, you pay 18% of your taxable income. 1. If your total income before exemptions were $10,000 how much would you pay in taxes? 2. If your total income were $20,000 how much would you pay in taxes? 3. If your total income were $50,000 how much would you pay in taxes? 4. Write a function to model the total tax paid, T(x), with a total income of x dollars. 5. Create a graph that shows taxes paid as a function of total income for the total income between $0 and $60,000. 6. How many different slopes are on this graph?
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Alfred Morneau earned gross pay of $820. Each period he makes a 401(k) contribution of 5% of gross pay, and his current year taxable earnings for Social Security tax, to date, are $37,200.Total Social Security tax = $ 2:Rachel Schillo earned gross pay of $1,900. She does not make any retirement plan contributions, and her current year taxable earnings for Social Security tax, to date, are $105,000.Total Social Security tax = $ 3:Rudolph Fabrizio earned gross pay of $3,200. Each period he contributes 3% of gross pay to a flexible spending account, and his current year taxable earnings for Social Security tax, to date, are $136,200.Total Social Security tax = $ 4:Michael Frank earned gross pay of $2,650. Each period he designates 6% of gross pay for a dependent care flexible spending account, and his current year taxable earnings for Social Security tax, to date, are $224,300.Total Social Security tax = $
If a person with a 24 percent tax bracket makes a deposit of $6,500 to a tax-deferred retirement account, what amount would be saved on current taxes? Current tax savings
Tamara works for FunCorp. She makes $65,000 per year in salary. How much does she pay in FICA taxes for the year? $4,030.00 O $4,972.50 O $8,060.00 O $9,945.00
Give typing answer with explanation and conclusion
See picture for details.
Determine the self-employment tax for an individual who has $111,700 in wages, $4,000 in interest income, and $20,000 in self-employment income. The self employment tax is________?
Find the gross income, the adjusted gross income, and the taxable income. A taxpayer earned wages of $61,300, received $880 in interest from a savings account, and contributed $2,200 to a tax-deferred retirement plan. He was entitled to a personal exemption of $4050 and had deductions totaling $6,930. OA. $62,180; $59,980; $55,930 OB. $64,380; $60,330; $53,400 OC. $62,180; $59,980; $49,000 D. $64,380; $60,330; $55,930 H
Erica has the following: Salary = $30,000; RPP contribution = $2,000; mortgage interest = $1,000; Union dues = $800; Basic Personal Amount = $11,635. Her federal income tax rate = 15%. What amount of federal income tax does Erica owe? A) $2,335 B) $4,200 C) $2,259 D) $2,829
A surviving spouse with one dependent child has a gross income of 68,170 per year. If 3,000 is withheld from the taxpayers wages for federal income taxes, what is the amount of the taxpayers refund or tax due?
A man earned wages of $38,100, received $1800 in interest from a savings account, and contributed $3400 to a tax-deferred retirement plan. He was entitled to a personal exemption of $4050 and had deductions totaling $6350. Find his gross income, adjusted gross income, and taxable income. His gross income was $ (Simplify your answer.) C

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