Tax Brackets for Salary and InterestIncome0 to $15,000$15,001 to $30,000$30,001 to $70,000$70,001 to $110,000$110,001 to 200,000$200,000 plusCharity Tax CreditFirst $200 donationAbove $200 donationDividend Tax Treatment0%Dividend Gross Up Rate25%15%Federal Dividend Tax Credit15%25%Provincial Dividend Tax Credit9%35%45%55%Capital Gains Exclusion Rate50%12%20%It is the month of February, and Morgan is working on their income taxes. Morgan recorded the followinginformation from the past year.• Salary Income $105,000Interest Income from Bond Mutual Fund $2,500•Capital Gains $2,500. Dividend Income $1,300.RRSP Contribution $5,500Charity Contributions to Algonquin College Alumni Fund $800Question 1 (1 point)What was Morgan's total income? (1 mark)$115,200$118,200$101,400$108,000$111,300

Answered: Image /qna-images/answer/49ebecec-ff68-49c0-b676-fd07a6025ac3.jpg

Answered: Tax Brackets for Salary and Interest…

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

See similar textbooks

Similar questions

Exemption Rate $20M 50% $18M 45% $16M 35% $5M 30% Given the information in the Table regarding Estate Tax Exemptions and Rates, what combination of exemptions and rates would a taxpayer with an Estate Valuation = $20, 000, 000 prefer if their only goal was to minimize their estate tax $5M, 30% $16M, 35% $18M, 45% $20M, 50%
Individual Taxpayers Income Tax Bracket ($) 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
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%
Calculate the property tax rate required to meet the budgetary demands of the community. Note: When calculating budgetary demands, always round up. (Round your a two decimal places.) Community Total Assessed Property Valuation Total Taxes Required Ellingham Submit Answer $55,000,000 $2,400,000 43 Property Tax Rate Percent Per $100 (in 5) Per $1,000 (in $) Mills X% $43 x $ 43.64 ✓ 0.000044 x
Assume the following information to complete this question. Total Gross Sales $100,000 Total Full Deduction $60,000 Total Sales Tax rate of 9% Calculate the amount of District Tax that would be reported. Knowledge of the statewide base rate is needed to figure out ONLY the district tax amount. It may be helpful to use the sales tax return as your guide.
Answer is B
Sales 10,000,000 6,000,000 1,000,000 100,000 180,000 100,000 Cost of Sales General Business Expenses Interest income on time deposit(gross) Depreciation Expense Charitable Contributions to the Government for Public Purpose (Priority project) If JMC is an individual, and she would use itemized deduction in her annual income tax return, how much is the total allowable deduction?
ver But not over Tax is: Of amount over: $0 $50,000 15% $0 $50,000 $75,000 $7,500 + 25% $50,000 $75,000 $ 100,000 $13,750 + 34% $75,000 $100,000 $335,000 $22,250 + 39% $100,000 $335,000 $10,000,000 $ 113,900+ 34% $335,000 $10,000,000 $15,000,000 $3,400,000 + 35% $10,000,000 $15,000,000 $18, 333, 333 $ 5,150,000 + 38% $15,000,000 $18,333,333 35% $0 Refer to the table above: A firm has $12, 000, 000 in taxable income. What is the firm's average tax rate?
Years Revenue Cash Expense Book Depreciation Book Income Pre-Tax Book Tax at 32% After Tax Book Income Financial Measures Profit Margin % Net Assets ROA % Cashflow Revenue Cash Expense Tax Depreciation Pretax Income Tax at 32% After Tax Income After Tax Cashflow Cumulative Cashflow Payback Period Present Worth 10 PW12 PW15 IRR PV Index(15) Facility Cost Income Tax Rate 0 C. -9.5 d. -12.4 $ 100,000.00 2.2 Years 91740.92679 0.395702526 1 0.684350818 $ 100,000.00 32% $30,000.00 $100,000.00 $120,000.00 $140,000.00 $150,000.00 $150,000.00 $50,000.00 $60,000.00 $70,000.00 $75,000.00 $75,000.00 2 $20,000.00 $20,000.00 $20,000.00 $20,000.00 $20,000.00 $0.20 $20,400.00 $27,200.00 $0.26 $9,600.00 $12,800.00 $16,000.00 $17,600.00 $17,600.00 $20,400.00 ($100,000.00) $40,400.00 $51,040.00 ($100,000.00) -$59,600.00 -$8,560.00 $40,000.00 $50,000.00 $55,000.00 $55,000.00 $0.23 3 $0.45 $36,727.27 $80,000.00 $60,000.00 $40,000.00 $20,000.00 $0.85 $1.87 4 $19,040.00 5 $34,000.00 $37,400.00 $0.24…
Calculate the property tax rate required to meet the budgetary demands of the community. Note: When calculating budgetary demands, always round up. (Round your answers to two decimal places.) Community Ellingham Total Assessed Property Valuation $53,000,000 Total Taxes Required $2,900,000 5.47 Percent X % $ Property Tax Rate Per $100 (in $) $ Per $1,000 (in $) Mills
Macmillan Learning Tax Bracket Tax Rate $0.00+ 10% $11,600.00+ 12% $47,150.00+ 22% $100,525.00+ 24% $191,950.00+ 32% $243,725.00+ 35% $609,350.00+ 37% Given this Federal Income Tax schedule, what would your income tax be if you had a taxable income of $20,000? $2,400 $3,233 $2,000 $2,168 es fro (32 rating.
Use the following information to calculate cash paid for income taxes: Income tax expense $65,000 Income tax payable, January 1 9,700 Income tax payable, December 31 11,000

SEE MORE QUESTIONS

Recommended textbooks for you

Essentials Of Investments

Finance

ISBN:

9781260013924

Author:

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

Publisher:

Mcgraw-hill Education,

FUNDAMENTALS OF CORPORATE FINANCE

Finance

ISBN:

9781260013962

Author:

BREALEY

Publisher:

RENT MCG

Financial Management: Theory & Practice

Finance

ISBN:

9781337909730

Author:

Brigham

Publisher:

Cengage

Essentials Of Investments

Finance

ISBN:

9781260013924

Author:

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

Publisher:

Mcgraw-hill Education,

FUNDAMENTALS OF CORPORATE FINANCE

Finance

ISBN:

9781260013962

Author:

BREALEY

Publisher:

RENT MCG

Financial Management: Theory & Practice

Finance

ISBN:

9781337909730

Author:

Brigham

Publisher:

Cengage

Foundations Of Finance

Finance

ISBN:

9780134897264

Author:

KEOWN, Arthur J., Martin, John D., PETTY, J. William

Publisher:

Pearson,

Fundamentals of Financial Management (MindTap Cou…

Finance

ISBN:

9781337395250

Author:

Eugene F. Brigham, Joel F. Houston

Publisher:

Cengage Learning

Corporate Finance (The Mcgraw-hill/Irwin Series i…

Finance

ISBN:

9780077861759

Author:

Stephen A. Ross Franco Modigliani Professor of Financial Economics Professor, Randolph W Westerfield Robert R. Dockson Deans Chair in Bus. Admin., Jeffrey Jaffe, Bradford D Jordan Professor

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS