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.
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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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