Table 1.4Use the following tax rates and income brackets to answer the following question(s).Tax Rate Individual Returns10%$0 to $8,35015%$8,351 to $33,950$33,951 to $82,250$82,251 to $171,550$171,551 to $372,950Over $372,95125%28%33%35%Joint Returns$0 to $16,700$16,701 to $67,900$67,901 to $137,050$137,051 to $208,850$208,851 to $372,950$16,750$18,836$22,425$25,116Over $372,951Josh earned $89,700 in taxable income and files an individual tax return. What is the amount of Josh'staxes for the year?

In this question, we are required to determine the total tax amount.

Answered: Table 1.4 Use the following tax rates…

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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Exercise 3-23 (Algorithmic) (LO. 6) Compute the 2023 tax liability and the marginal and average tax rates for the following taxpayers. Click here to access the 2023 tax rate schedule. If required, round the tax liability to the nearest dollar. When required, round the average rates to four decimal places before converting to a percentage (l.e., .67073 would be rounded to .6707 and entered as 67.07%). a. Chandler, who files as a single taxpayer, has taxable income of $157,600. Tax liability: Marginal rate: Average rate: 14,934 X 19.78 X % % b. Lazare, who files as a head of household, has taxable income of $72,000. Tax liability: Marginal rate: Average rate: % %
2020 Tax Rate Schedules Single-Schedule X Head of household-Schedule Z If taxable of the If taxable of the income is: But not атоunt income is: But not атоunt Over- over- The tax is: over- Over- over- The tax is: over- $ 9,875 .........10% 2$ $ $ 14,100 .........10% 2$ 9,875 40,125 $ 987.50 + 12% 9,875 14,100 53,700 $ 1,410.00 + 12% 14,100 40,125 85,525 4,617.50 + 22% 40,125 53,700 85,500 6,162.00 + 22% 53,700 85,525 163,300 14,605.50 + 24% 85,525 85,500 163,300 13,158.00 + 24% 85,500 163,300 207,350 33,271.50 + 32% 163,300 163,300 207,350 31,830.00 + 32% 163,300 207,350 518,400 47,367.50 + 35% 207,350 207,350 518,400 45,926.00 + 35% 207,350 518,400 156,235.00 + 37% 518,400 518,400 154,793.50 + 37% 518,400 Married filing jointly or Qualifying widow(er)- Schedule Y-1 Married filing separately-Schedule Y-2 If taxable of the If taxable of the income is: But not атоunt income is: But not атоunt Over- over- The tax is: over- Over- over- The tax is: over- 2$ $ 19,750 .........10% $ $ $ 9,875…
Duela Dent is single and had $182,400 in taxable income. Using the rates from Table 2.3, calculate her income taxes. What is the average tax rate? What is the marginal tax rate? Note: Do not round intermediate calculations and round your income tax answer to 2 decimal places, e.g., 32.16. Enter the average and marginal tax rate answers as a percent, rounded 2 decimal places, e.g., 32.16. Income taxes Average tax rate Marginal tax rate % %
Pleas calculate the AVERAGE and MARGINAL TAX based on the tax bracket provided below. (Hint: every box in the table may NOT be used.) $0 $1,001 $3,001 Tax Bracket $10,001 $20,001 $40,001 $1,000 $3,000 $10,000 $20,000 $40,000 & Above Average Tax:__`17.729% Marginal Tax:__`25¹% Tax 5% 10% 15% 25% 30% 45% $ $ Taxable Income Amount Taxed type your ansv type your ansv type your ansv = type your ansv $16,500 $ $ $ $ Actual Tax Paid type your answe type your answe type your answe type your answe type your answe Amount Remaining $ $ $ $ type your answe type your answe type your answe type your answe
Use the 2016 marginal tax rates to compute the tax owed by the following person. A married woman filing separately with a taxable income of $198,000. i Click the icon to view the 2016 marginal tax rates. THE The tax owed is $ (Type an integer or a decimal. Round to the nearest cent as needed.)
Individual Taxpayers Income Tax Bracket ($) 0 - 9,700 9,701 - 39,475 39,476- 84,200 84,201 - 160,725 160,726 - 204,100 204,101 - 510,300 510,301 - 10% within bracket $970+ 12% within bracket $4,543 + 22% within bracket |$14,382.50 +24% within bracket $32,738.50 +32% within bracket $46,628.50 +35% within bracket Taxes Owed $153,798.50 +37% within bracket TABLE 2: 2019 tax brackets Exercise 3: Your income is $2,500,000 (2.5 million dollars) a) Compute your federal income tax b) Compute your effective tax rate
Subject: accounting
Simplified Marginal Tax Rates Tax up to Beginning of range End of Marginal start of range rate range 12,000 20,000 48,000 95,000 to 0% 12,000 20,000 48,000 to 15% 1,200 7,360 21,460 42,660 to 22% to 30% 40% 148,000 210,000 95,000 to 148,000 210,000 to 45% and above 70,560 50% Sasha has annual gross income of $76,000 and works as a lawyer. What is the maximum disability insurance coverage she can get, if she can qualify for 90% of her after tax income? (Use the tax table above and input the number only, to the nearest dollar.) Answer: Next page
Status Single DATA TABLE Total Tax Payments $ 8,342 Taxable Income $ 55,060.00 20,000 30,000 Total Tax $ 7,972 40,000 Refund Amount Amount Owed Use Goal Seek to find the Taxable Income (C5) that results in the Total Tax (C7) shown. Answer to the nearest 0.01. Do not include any punctuation ($ or ,) in your answer! Example of accepted answer: 12345.67Examples of incorrect answers: $12,345.67, 12,345.67, $12345.67 Taxable Income Total Tax Answer $2,600 Answer $4,200 Answer $8,500 Answer $10,500 Answer $22,000 Be sure to answer to the neared 0.01.
None
Chapter 3 Activity – Taxes Individual Income Tax Brackets (2021) Marginal Tax Rate Single, taxable income over: Joint, taxable income over: Head of Household, taxable income over: 10% $0 $0 $0 12% $9,950 $19,900 $14,200 22% $40,525 $81,050 $54,200 24% $86,375 $172,750 $86,350 32% $164,925 $329,850 $164,900 35% $209,425 $418,850 $209,400 37% $523,600 $628,300 $523,600 Standard Deduction Amounts (2021) Filing Status Deduction Amount Single $12,550 Married Filing Jointly $25,100 Head of Household $18,800 Long-term Capital Gains & Qualified Dividends (2021) Tax Rate Single Joint Head of Household 0% Under $40,000 Under $80,800 Under $54,100 15% $40,400 $80,800 $54,100 20% $445,850 $501,600 $473,750 Additional 3.8% Net Investment Income Tax for MAGI over $200,000 / $250,000 / $200,000 Calculate the federal income…

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