The tax rates are as shown below: Taxable Income $0-50,000 50,00175,000 75,001 100,000 100,001 335,000 Tax Rate 158 25% 34% 398 Your firm currently has taxable income of $81,500. How much additional tax will you owe if you increase your taxable income by $22,700?

The tax rates are as shown below: Taxable Income $0-50,000 50,00175,000 75,001 100,000 100,001 335,000 Tax Rate 158 25% 34% 398 Your firm currently has taxable income of $81,500. How much additional tax will you owe if you increase your taxable income by $22,700?

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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The tax rates are as shown below: Taxable Income Tax Rate $ 0 - 50,000 15 % 50,001 - 75,000 25 % 75,001 - 100,000 34 % 100,001 - 335, 000 39 % Your firm currently has taxable income of $81,600. How much additional tax will you owe if you increase your taxable income by $22, 800 ?
The tax rates are as shown below: Taxable Income $0 - 50,000 50,001 - 75,000 75,001 100,000 100,001 - 335,000 Tax Rate 15% 25% 34% 39% Your firm currently has taxable income of $80,700. How much additional tax will you owe if you increase your taxable income by $21,900?
(Corporate income tax) Meyer Inc. has taxable income (earnings before taxes) of $300,000. Calculate Meyer's federal income tax liability using the tax table shown in the popup window: What are the firm's average and marginal tax rates? The firm's tax liability for the year is $. (Round to the nearest dollar.) Etext pages 2 W S mmand X Get more help # 3 80 F3 E D C $ 4 ODD 988 R F % 5 V FS T G 6 B MacBook Air F6 Y H & 7 F7 U N * 8 J PIL 1 M ( 9 K MOSISO DD F9 O ; FW1 { + [ option ? "1 1 Question Viewer 41 FYZ } delete return
Suppose you are a manager for a certain company. You earn $50,000 per year and are in the 28% federal income tax bracket. Each year you contribute $5,500 tax free to your individual retirement account, IRA. The account earns 7% annual interest. In addition, the amount of tax that you save each year by making these "pre-tax" contributions is invested in a taxable aggressive growth mutual fund averaging 16%. a)How much tax do you save (in $) each year by making the retirement fund contributions? b)Using Table 12-1, much will the retirement fund be worth (in $) in 30 years? (Round your answer to the nearest cent.) c) Although the income from this investment is taxable each year, using Table 12-1, how much will the "tax savings" fund be worth (in $) in 30 years? (Round your answer to the nearest cent.)
2abc. Help me answer the given question. Do not round off answers while solving, instead just the final answer will be rounded off to one decimal places.
es ! Required information [The following information applies to the questions displayed below.]. a) Tax BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. Compute BMX's amounts for each of these four taxes as applied to the employee's gross earnings for September under each of three separate situations (a), (b), and (c). Note: Round your answers to 2 decimal places. FUTA SUTA b) Tax a. b. C. FICA-Social Security FICA-Medicare FUTA SUTA c) Tax Gross Pay through August 31 $ 5,300 2,800 132,200 FICA-Social Security FICA-Medicare FICA-Social Security FICA-Medicare FUTA SUTA Gross Pay for September $ 2,600 2,900 8,800 September Earnings Subject to Tax 2,600.00 2,600.00 $ September Earnings Subject to Tax 2,900.00 2,900.00 September Earnings Subject to Tax 8,800.00 Tax Rate 6.20% 1.45%…
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
If we add to our problem that Builtrite also had $20,000 in interest expense and that they were in the 39% income tax bracket, how much would this interest expense cost Builtrite after taxes? $12,200 $7,800 $3,900 $20,000
(Corporate income tax) Meyer Inc. has taxable income (earnings before taxes) of $284,000. Calculate Meyer's federal income tax liability using the tax table shown in the popup window: Taxable Income Marginal Tax Rate $0−$50,000 15% $50,001−$75,000 25% $75,001−$100,000 34% $100,001−$335,000 39% $335,001−$10,000,000 34% $10,000,001−$15,000,000 35% $15,000,001−$18,333,333 38% Over $18,333,333 35% . What are the firm's average and marginal tax rates? The firm's tax liability for the year is
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%
Assume that The Bell Company operates in an industry for which NOL carryback is allowed. The Bell Company had the following operating results: Year Income (loss) Tax rate Income tax 2018 40,000 25 % 10,000 2019 40,000 25 % 10,000 2020 50,000 30 % 15,000 2021 (130,000 ) 30 % 0 What is the Deferred tax Asset in 2021?
Suppose you are a manager for a certain company. You earn $50,000 per year and are in the 28% federal income tax bracket. Each year you contribute $4,500 tax free to your individual retirement account, IRA. The account earns 6% annual interest. In addition, the amount of tax that you save each year by making these "pre-tax" contributions is invested in a taxable aggressive growth mutual fund averaging 16%. (a)How much tax do you save (in $) each year by making the retirement fund contributions? $ 1260 (b)Using Table 12-1, much will the retirement fund be worth (in $) in 30 years? (Round your answer to the nearest cent.) $ ?