Use the marginal tax rate chart to answer the question. Tax Bracket Marginal Tax Rate $0–$10,275 10% $10,276–$41,175 12% $41,176–$89,075 22% $89,076–$170,050 24% $170,051–$215,950 32% $215,951–$539,900 35% > $539,901 37% Determine the effective tax rate for a taxable income of $95,600. Round the final answer to the nearest hundredth

Use the marginal tax rate chart to answer the question. Tax Bracket Marginal Tax Rate $0–$10,275 10% $10,276–$41,175 12% $41,176–$89,075 22% $89,076–$170,050 24% $170,051–$215,950 32% $215,951–$539,900 35% > $539,901 37% Determine the effective tax rate for a taxable income of $95,600. Round the final answer to the nearest hundredth

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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41 Using the 2019 marginal tax rates provided in the table below, find the marginal and average tax rates for the incomes shown. Give all answers to two decimals. Part 1 What would be your federal income tax if your taxable income was $108,000.00? $ What is the average tax rate for $108,000.00 in taxable income? % Part 2 How much tax would you owe if your income increased by $25,000 to $133,000.00? $ What would be your average tax rate with $133,000.00 of taxable income? % Skip Start Solving Exit Exit Training M
Consider a tax system where the first $40,000 of income is tax free, the next $40,000 is taxed at 10%, and all income above $80,000 is taxed at 20%. 1. Graph the total tax as a function of income. Be sure to label carefully. Тах Income 2. Graph the ATR(average) and MTR(marginal) rate. Label carefully. MTR, ATR 0.40 0.20 0.00 Income 3. Calculate the tax for individuals that earn: $20,000 Tax = ATR = %, MTR = $40,000 Tax = ATR = MTR = $60,000 Tax = ATR = MTR = $80,000 Tax = ATR = MTR = $100,000 Tax = ATR = MTR =
First, explain the difference between marginal and average tax rates. Looking at a recent statement for Nvidia what is their marginal tax bracket? Provide a link to a recent income statement and current tax rates that you used.
help please answer in text form with proper workings and explanation for each and every part and steps with concept and introduction no AI no copy paste remember answer must be in proper format with all working
Marginal tax rates Using the tax rate schedule given here, perform the following: a. Find the marginal tax rate for the following levels of sole proprietorship earnings before taxes: $14,700; $59,500; $89,600; $156,000; $247,000; $456,600; and $1 million. b. Plot the marginal tax rates (measured on the y-axis) against the pretax income levels (measured on the x-axis).
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
In step 2 how did you get the excess income tax of 19,520.00?
What is the minimum corporate income tax rate? Group of answer choices 2% 5% 2 1/2 % 1 1/2%
5
Given the following tax structure: Total tax Salary $ 10,000 $ 20,000 Тахрayer Mae $ 600 Pedro ??? a. What is the minimum tax that Pedro should pay to make the tax structure vertically equitable based on the tax rate paid? (Round your final answer to nearest whole dollar amount.) Minimum tax b. This would result in what type of tax rate structure? Tax rate structure Progressive
For income tax purposes, what is the amount of gross income given the following amounts? Gross sales 4,000,000.00 Sales discounts, returns and allowances 100,000.00 Cost of sales 1,500,000.00 Itemized deductions 800,000.00 Given the amount, how much is the minimum corporate income tax? Group of answer choices P78,000.00 P34,000.00 P32,000.00 P48,000.00
5

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Tax Bracket	Marginal Tax Rate
$0–$10,275	10%
$10,276–$41,175	12%
$41,176–$89,075	22%
$89,076–$170,050	24%
$170,051–$215,950	32%
$215,951–$539,900	35%
> $539,901	37%