Use the table to calculate how much money Lizzie will owe in taxes under a progressive tax program. Give your answer to two decimals.Calculate how much money Lizzie will owe in taxes under a proportional, or flat, tax rate of 30%30%. Give your answer to two decimals. Use the table to answer the questions. In relation to taxes, Lizzie will be filing as a qualified widow. Lizzie is making$15,684.00 this year as an employee of Rust-Eze; she has no other income. Do not consider any deductions or expenses inthis question.Tax rateSingle10%$0-$8,35015%$8,351-$33,95025%$33,951-$82,25028% $82,251-$171,55033% $171,551-$372,95035%$372,951+Married filing jointly orqualified widow(er)$0-$16,700$16,701-$67,900$67,901-$137,050$137,051-$208,850$208,851-$372,950$372,951+Married filing separately$0-$8.350$8,351-$33,950$33,951-$68,525$68,526-$104,425$104,426-$186,475$186,476+Head of household$0-$11,950$11,951-$45,500$45,501-$117,450$117,451-$190,200$190,201-$372,950$372,951+

The imposement of income tax by the tax authority of any country includes framing of the tax…

Use the table to calculate how much money Lizzie will owe in taxes under a progressive tax program. Give your answer to two decimals. Calculate how much money Lizzie will owe in taxes under a proportional, or flat, tax rate of 30%30%. Give your answer to two decimals.

Use the table to calculate how much money Lizzie will owe in taxes under a progressive tax program. Give your answer to two decimals. Calculate how much money Lizzie will owe in taxes under a proportional, or flat, tax rate of 30%30%. Give your answer to two decimals.

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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Concept explainers

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.

Question

Use the table to calculate how much money Lizzie will owe in taxes under a progressive tax program. Give your answer to two decimals.

Calculate how much money Lizzie will owe in taxes under a proportional, or flat, tax rate of 30%30%. Give your answer to two decimals.

Use the table to answer the questions. In relation to taxes, Lizzie will be filing as a qualified widow. Lizzie is making
$15,684.00 this year as an employee of Rust-Eze; she has no other income. Do not consider any deductions or expenses in
this question.
Tax rate
Single
10%
$0-$8,350
15%
$8,351-$33,950
25%
$33,951-$82,250
28% $82,251-$171,550
33% $171,551-$372,950
35%
$372,951+
Married filing jointly or
qualified widow(er)
$0-$16,700
$16,701-$67,900
$67,901-$137,050
$137,051-$208,850
$208,851-$372,950
$372,951+
Married filing separately
$0-$8.350
$8,351-$33,950
$33,951-$68,525
$68,526-$104,425
$104,426-$186,475
$186,476+
Head of household
$0-$11,950
$11,951-$45,500
$45,501-$117,450
$117,451-$190,200
$190,201-$372,950
$372,951+

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