7.8.26 c),d)Use the spreadsheet federalindividualratehistory.xlsx to answer the questions. It contains a complete history of income tax brackets and rates from the inception of the income tax in 1913 through 2013, in both dollars current in each year and adjusted for inflation (2012 dollars)c) use the 2013 tax tables to compute her tax in 2013. what is her effective tax rate?d) compare her 2003 tax and effective tax rate with her 2013 tax and effective tax rate, taking inflation into account. has her tax gone up, or down, or stayed the same? Federalindividualratehistory.xlsx1913-2013CPI Data$35,30815.0%$8,690$35,30815.0%$12,397$47,28020$71,25425.0%$35,308$85,50525.0%$47,280$122,150108,56828.0%$85,505$178,36428.0%$122,150$197,750193,92133.0%$178,364$387,84233.0%$197,750$387,84235.0%$387,84235.0%$388,3292003CPI: 184SingleHead of HouseholdMarginalTax BracketsMarginalTax Bracketsot OverTax RateOverBut Not OverTax RateOverBut Not Over$8,735 0 10.0%$0$8,735 0 10.0%$0$12,478$29,60415.0%$8,735$35,43715.0%$12,478$47,47920$71,53025.0%$35,437$85,84825.0%$47,479$122,596108,99528.0%$85,848$179,05828.0%$122,596$198,524194,62533.0%$179,058$389,24933.0%$198,524$389,24935.0%$389,24935.0%$389,249 2013CPI: 234.345 (Projected)SingleHead of HouseholdtsMarginalTax BracketsMarginalTax BracketsNot OverTax RateOverBut Not OverTax RateOverBut Not Over$0$8,744$8,744 010.0%$8,744 010.0%$0$12,491$35,51515.0%$35,51515.0%$12,491$47,615$71,71625.0%$35,515$86,06925.0%$47,615$122,907$109,26428.0%$86,069$179,53528.0%$122,907$199,031$195,13733.0%$179,535$390,27333.0%$199,031$390,27335.0%$390,273- 035.0%$390,273- 039.6%$391,89039.6%$416,383

Federal Taxation Federal taxation which was followed by the progressive taxation system which…

Use the spreadsheet federalindividualratehistory.xlsx to answer the questions. It contains a complete history of income tax brackets and rates from the inception of the income tax in 1913 through 2013, in both dollars current in each year and adjusted for inflation (2012 dollars) c) use the 2013 tax tables to compute her tax in 2013. what is her effective tax rate? d) compare her 2003 tax and effective tax rate with her 2013 tax and effective tax rate, taking inflation into account. has her tax gone up, or down, or stayed the same?

Use the spreadsheet federalindividualratehistory.xlsx to answer the questions. It contains a complete history of income tax brackets and rates from the inception of the income tax in 1913 through 2013, in both dollars current in each year and adjusted for inflation (2012 dollars) c) use the 2013 tax tables to compute her tax in 2013. what is her effective tax rate? d) compare her 2003 tax and effective tax rate with her 2013 tax and effective tax rate, taking inflation into account. has her tax gone up, or down, or stayed the same?

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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In 2018, Brenda has calculated her regular tax liability to be $32,500 and her tentative minimum tax (TMT) to be $36,300. Additionally, Brenda holds an alternative minimum tax credit of $6,200 from 2014. What is Brenda's total 2018 Federal income tax liability? Oa. $36,300. Ob. $30,100. Oc. $32,500. Od. $26,300.
Compute the 2019 tax liability and the marginal and average tax rates for the following taxpayers (use the 2019 Tax Rate Schedules in Appendix A for this purpose):a. Chandler, who files as a single taxpayer, has taxable income of $94,800.b. Lazare, who files as a head of household, has taxable income of $57,050.
3. Mr. So filed his 2022 income tax return on June 30, 2023. The BIR discovered a deficiency income tax on August 15, 2024. When should the deficiency tax assessment be served? a. On or before August 15, 2027 b. On April 15, 202 c. On or before June 30, 2026 d. On or before April 15, 2026
Regarding the Tax Tables related to the Federal income tax, which of the following statements is correct? a. For any one year, the Tax Tables are issued by the IRS after the Tax Rate Schedules. b. The Tax Tables will always yield the same amount of tax as the Tax Rate Schedules. c. The Tax Tables can be used by an estate but not by a trust. d. Taxpayers can elect as to whether they use the Tax Tables or the Tax Rate Schedules.
Compute for the tax due in each of the following cases. Show your computation and highlight your final answer. Please answer items 1 to 5. Thank you!
Use the 2016 marginal tax rates to compute the tax owed by the following person. A head of household with a taxable income of $89,000 and a $7000 tax credit Click the icon to view the 2016 marginal tax rates. The tax owed is $ (Type an integer or a decimal. Round to the nearest cent as needed.) 2016 Marginal Tax Rates Tax Rate 10% 15% 25% 28% 33% 35% 39.6% 2016 Marginal Tax Rates, Standard Deductions, and Exemptions Married and each partner files a separate tax return Unmarried, divorced, or legally separated Single up to $9275 $9276 to $37,650 $37,651 to $91,150 $91,151 to $190,150 $190,151 to $413,350 $413,351 to $415,050 more than $415,050 $6300 Standard Deduction Exemptions (per $4050 person) Married Filing Separately Married Filing Jointly up to $9275 up to $18,550 $9276 to $37,650 $18,551 to $75,300 $37,651 to $75,950 $75,301 to $151,900 $75,951 to $115,725 $151,901 to $231,450 $115,726 to $206,675 $231,451 to $413,350 $206,676 to $233,475 $413,351 to $466,950 more than $233,475…
Required information [The following information applies to the questions displayed below.] Henrich is a single taxpayer. In 2023, his taxable income is $533,500. What are his income tax and net investment income tax liability in each of the following alternative scenarios? Use Tax Rate Schedule, Dividends and Capital Gains Tax Rates for reference. Note: Do not round intermediate calculations. Leave no answer blank. Enter zero if applicable. Round your final answers to 2 decimal places. d. Henrich has $196,750 of taxable income, which includes $50,700 of long-term capital gain that is taxed at preferential rates. Assume his modified AGI is $213,500. Income tax Net investment income tax Total tax liability Amount $ 0.00
I need help with b, c, and d.
hi! for the tax on taxable income, I used the attached tax table, and found 6415+22%(61422-55900)=7630. Isn't that the way we should calculate the tax?
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Question 1 (Marks - 10) Calculate Total Assessable Income, Taxable Income, Tax Liability, Student loan (HECS), Medicare Levy, and Medicare Levy Surcharge if applicable, for the taxpayer (Susanne) with the information below: • Susanne is a single and an Australian resident plans to lodge a tax return for the tax year 2020 - 2021. • Her total taxable income is $90,000 (Including tax withheld). • She does not have private health insurance. • Susanne has a student loan HECS outstanding for her previous study at Sydney University of $53,000. • Her employer pays superannuation guarantee charge of 9.5% on top of her salary to her nominated fund. • Susanne earned a passive income of $10,000 from the investments in shares in the same tax year.
K Marco calculated his 2015 taxable income to be $73,450. Using the 2015 federal income tax brackets and rates, how much federal income tax should he report? Taxable Income (Income tax brackets) $44,701 or less Over $44,701 up to $89,401 Over $89,401 up to $138,586 Over $138,586 Marco should report a federal income tax of S (Round to the nearest cont as needed.) Tax Rates 15% of taxable income less than or equal to $44,701; plus 22% of taxable income greater than $44,701 and less than or equal to $89,401; plus 26% of taxable income greater than $89,401 and less than or equal to $138,586 plus 29% of taxable income greater than $138,586 C