Table 12-7The following table shows the marginal tax rates for unmarried individuals for two years.20092010On Taxable Income..The Tax Rate is...On Taxable Income...The Tax Rate is...$0 to $15,00010%Over $020%$15,000 to $40,00015%$40,000 to $75,00020%$75,000 to $120,000 25%Over $120,00030%Refer to Table 12-7. For an individual who earned $35,000 in taxable income in both years, which of the following describes the change in the individual's averagetax rate between the two years?O a. The average tax rate increased from 2009 to 2010.O b. The average tax rate decreased from 2009 to 2010,O c. The average tax rate remained constant from 2009 to 2010.O d. The change in the average tax rate cannot be determined for the two tax schedules shown.

Given, Taxable income for both the years = $35,000

Answered: Table 12-7 The following table shows…

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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Paul makes $75,000. 0% on income from $0 - $12,000 10% on income from $12,000 - $24,000 25% on income from $24,000 - $65,000 35% on income from $65,000 + What is Paul's effective tax rate? $14,950 19.9% 35% 25%
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28. Using the tax table provided, compute the income tax due for Susie and Josh Adams whose taxable income for the past year is $181,050. Income Tax Not Of the Amount Over The Tax is: Over Over $- $19,750 $0 10% $- + 19,750 80,250 1,975 12% 19,750 80,250 171,050 9,235 22% 80,250 + 171,050 326,600 29,211 + 24% 171,050 326,600 414,700 66,543 + 32% 326,600 414,700 622,050 94,735 + 35% 414,700 622,050 167,308 + 37.0% 622,050
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Jurisdiction X levies a flat 10 percent tax on individual income in excess of $35,000 per year. Individuals who earn $35,000 or less pay no income tax. Required: a. Mr. Hill earned $92,600 income this year. Compute Mr. Hill's income tax and determine average and marginal tax rate. b. Ms. Lui earned $43,700 income this year. Compute Ms. Lui's income tax and determine average and marginal tax rate. c. Ms. Archer earned $31,800 income this year and paid no income tax. Describe Ms. Archer's average and marginal tax rate. d. What type of rate structure does Jurisdiction X use for its individual income tax? Complete this question by entering your answers in the tabs below. Req A to C Req D a. Mr. Hill earned $92,600 income this year. Compute Mr. Hill's income tax and determine average and marginal tax rate. b. Ms. Lui earned $43,700 income this year. Compute Ms. Lui's income tax and determine average and marginal tax rate. c. Ms. Archer earned $31,800 income this year and paid no income tax.…
Use the 2010 marginal tax rates to compute the income tax owed by the following person Sngle male, no dependenta Gross income $79,000 Adjustmenta 12000 Deductiona. $20,000 mortgage interest 2010 Marginal Tax Rates 54605 property taxes sz000 chantable contributions Tax credt none 2016 Marginal Tax Rates, Standard Deductions, and Exemptions Unmarried, divorced, Married and each partner Married and both Click the icon to view the 2010 marginal tax rates Unmarried and paying or legally separated files a separate tax return partners file a single more than half the cost of supporting a child or parent The income tax owed is tax return (Type an ineger or a decimal. Round to the nearest cent as needed.) Tax Rate Single up to $9275 Married Filing Separately Married Filing Jointly Head of Household 10% up to S0275 $8276 to $37 650 up to $18,550 up lo $13,250 $13.251 to $50,400 15% S0276 to $37.650 $37 661 to $91,150 $18,551 to $75,300 25% $37,651 to $75.950 $75,301 to $151.900 $151.901 to…
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G15. Adela and James are married and file tax returns jointly. Last year Adela earned $45,500 and James earned $44,700 in wages.A dditional tax information for the year is as follows: Interest earned: $1,200, State and local income taxes paid: $4,230, mortgage interest: $6,200, contributions to charity: $1,400, contributions to retirement plans: $3,350.F rom this information, calculate their taxable income (in $).
2. The 2010 U.S. Federal tax rate for single individuals was as follows: 10% on an adjusted gross income (AGI) between $0 and $20,000; 20% on the excess over $20,000 on an AGI between $20,000 and $60,000; and 30% on the excess over $60,000 on an AGI between $60,000 and $100,000. (a) Determine the tax function. (b) What was the couple's AGI if taxes are $13000?
A9
Round the answer to the nearest dollar
#14 Objective G-1-2 continued. 14. In prior years, the taxpayer's adjusted AMT and minimum tax credit were as follows: Minimum Tax Credit Year 2014. 2015. 2016. 2017. Adjusted AMT $25,000 $15,000 $10,000 $12,000 The taxpayer's minimum tax credit for 2018 (before any limitation) is: 14. o a $52,000 Ob $42,000 OC. $27,000 od. $17,000

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