The following table shows tax due for the given taxable income level for a single taxpayer.| Taxable Income | Tax Due ||----------------|---------|| $97,000 | $21,913 || $97,050 | $21,927 || $97,100 | $21,941 || $97,150 | $21,955 || $97,200 | $21,969 |(a) Show that the data in the table are linear.For every change of $50 in the taxable income, there is a **constant** change of $___ 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 $97,000?$ ___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 = ___

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 X in the tax due. These data exhibit a constant rate of change and are vv 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? $4 What would you expect for your tax due 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 =

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 X in the tax due. These data exhibit a constant rate of change and are vv 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? $4 What would you expect for your tax due 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 =

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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Given the tax rate table below. For a person who has a taxable income of $70,000, what is the average tax rate this person will be charged? Taxable Income 16% 32% 14% 22% Tax Rate 0- 9,525 10% 9,525 38,700 12 38,700- 82,500 22 82,500- 157,500 24 157,500 200,000 32 200,000- 500,000 35 500,000+ 333
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The tax basis entries above add up to $625,000, not $645,000
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answer in text form please (without image)
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ront Peragraph Styies Edting Senitty Now let's do a problem where we know the person's taxes and want to find their taxable income, and their AGI You may find the functions you determined in the question above helpha 6. Suppose someone paid $17,500 in taxes What could this person's adjusted gross income be? 1040 Linels) Description Amount 1 and Sb Wagen, salanes, and Sps Adjusted gross income (AGI) Standard deduction and exemption (singie. nondependent) Subtract line 5 trom line 4 Taxable income Total Tax (hom schedule) Elfective tax rate (tax asacentage of all income) 11a $12 200 11b $17.500 2019 Tax Schedule (NOT ued for HW- separate Tax Schedules previded wm Single Taxable Income Tax Brackets and Rates, 2019 If taxxable income is over- but not oer the tax i $0,700 $0,700 $39,475 584 200 $160,725 $204, 100 $30 475 $94.200 $160,725 $204.100 $610,300 10% of the amount over $0 $970 plus 12% of the amount over $0,700 $4,543 plus 22s of the amount over $39475 $14,382 plus 24 of the amount…
In the process of using the net worth method, ou find that the reported taxable income of a person is $92,000 and overall personal expenes are $61,000. The net worth you calculate through various records at year end is $611,000 while the net worth amount at the beginning of the year is $430,000. Any unexplained net worth increase or decrease would be?