The tax rate paid on your last dollar of income is called the average tax rate. a. true b. false

Q: 6. Minimum corporate income tax. Mocha Corporation, a domestr corporation, had the foliowing data on…

A: Tax refers to the amount paid by the individual or entity to the government or tax authorities on…

Q: Which statement is NOT true about the structure of the Earned Income Tax Credit (EITC)? A. EITC…

A: Answer:-  Earned Income Tax Credit (EITC) meaning:- The Earned Tax Credit (EITC), is a kind of tax…

Q: Sales Sales Revenue Less Sales Discounts Net Sales Cost of Goods Sold Gross Profit Operating…

A: Income Statement - Income Statement includes Revenue earned and Expenses incurred during the…

Q: How much is the income tax expense/(benefit) for the fourth quarter?

A: Income tax expense/(benefit) for the fourth quarter = (34,000)

Q: Answer in points: Question. Difference between average and marginal tax rates

A: Average rate of tax is the amount of taxes paid on total income on average. For example, a business…

Q: How is before tax profit calculated? Question 25 options: Sales plus expenses Sales plus liabilities…

A: INCOME STATEMENT Income Statement is one of the Important Financial Statement of the Company. Income…

Q: Personal income taxes are paid on all of your income. a. true b. false

A: Personal income tax is paid on taxable income of an individual. Taxable income is calculated as…

Q: The marginal tax rate is equal to Question 11 options:the change in the tax payment divided by the…

A: Marginal tax is the tax which you pay on an additional amount of incomes. This marginal tax is very…

Q: K Explain how a deduction, such as the mortgage interest tax deduction, can save you money. Why do…

A: The mortgage interest rate tax deduction is a provision in the tax code that allows homeowners to…

Q: How much is the total gross income? * How much is regular itemized deductions from gross income? *…

A: Net taxable income is the amount of money left over after all operational costs and itemized…

Q: taxation policy? The average tax rate and the marginal tax rate are the same under the Select one: O…

A: Regressive Tax Policy: This form of taxation is progressive, meaning that the tax rate decreases as…

Q: A tax structured so that people with the different incomes pay the same percentage of their income…

A: A tax structured so that people with the different incomes pay the same percentage of their income…

Q: HOW MUCH IS THE COST OF GOODS SOLD? 2. HOW MUCH IS THE COST OF GOODS AVAILABLE FOR SALE? 3. HOW MUCH…

A: Net purchases = Purchases - Purchase return               = 200,000 - 10,000               = 190,000

Q: If you earn enough extra income to be placed in a higher tax bracket and have a higher marginal tax…

A: Marginal tax rate is the tax rate for next dollar of taxable income, which is above a threshold…

Q: How much is the income tax expense/(benefit) for the third quarter? (NOTE: If your answer is an…

A: Formula: Income tax expense amount = Net income x Tax rate

Q: EBITD is equivalent to profits after taxes. true or false?

A: EBITDA is the earnings before interest tax depreciation and amortization.

Q: How did you come up the number for Income before income tax, why did you subtract the quipment cost.

A: Income before tax=Tax expenseTax rate-Depreciation expense

Q: Your average tax rate a. equals your marginal tax rate. b. is none of these. c. is less than your…

A: Average tax rate is the total taxes paid divided by the taxable income, whereas marginal tax rate is…

Q: Diamond trading has the following data: Sales 500,000 Electricity expense 50,000 Water expense…

A: NET profit after tax is calculation of company's profit after all the expenses and Tax that is paid.…

Q: You pay personal taxes on your calculated _________________ income. Group of answer choices…

A: According to the provision of income tax act, the assesse is liable to pay tax based on the taxable…

Q: 1. Name three types of tax rate structure and give examples.

A: Hi student Since there are multiple questions, we will answer only first question.

Q: The money you receive back because you have overpaid your taxes is called a tax return. a. true b.…

A: Tax refund is the money which an individual gets back, if he has overpaid his taxes, that is, it is…

Q: What is the maximum LITO amount payable to eligible taxpayers?

A: LITO stands for low income tax offset applicable for working Australians. Offset is different form…

Q: A tax that requires a higher-income person to pay a higher percentage of his or her income in taxes…

A: Explanation Proportional tax rate is a system in which same tax rate is implied to all the tax…

Q: In step 2 how did you get the excess income tax of 19,520.00?

A: Excess income tax is the amount of income tax which has been previously paid in excess if the…

Q: Why is the income tax payable not the same as income tax expense

A:

Q: You pay personal taxes on your calculated ____ income. a. adjusted gross b. marginal  c. taxable d.…

A: Explanation: Gross income is the sum of all the income an individual earns in a given financial year…

Q: Gross income minus tax-exempt income equals adjusted gross income. True False

A: Gross Income: Gross income comprises all income or the total income from all sources, including…

Q: Target profit before taxes is calculated as target profit after tax divided by one minus the tax…

A: Target profit:Target profit represents the specific profit level a business aims to attain within a…

Q: Capital gains tax is paid on a) The sales price b) The tax basis c) The sales price less the…

A: Capital gains tax is the tax paid when the asset is sold. When there is profit, that is the selling…