Use the tax brackets and rates in the table below tocompute the federal tax for Lee, who is declaring taxable income of:iii. $185,000Round off your answer to 2 decimal points.Taxable Income(income tax brackets)$46,605 or lessOver $46,605 up to$93,208Over $93,208 up to$144,489Over $144,489 up to$205,842Over $205,842Tax Rates15% of taxable income less than or equal to $46,605; plus20.5% of taxable income greater than $46,605 and less thanor equal to $93,208; plus26% of taxable income greater than $93,208 and less than orequal to $144,489; plus29% of taxable income greater than $144,489 and less thanor equal to $205,842; plus33% of taxable income greater than $205,842

The objective of this question is to calculate the federal tax for Lee, who has a taxable income of…

Answered: Use the tax brackets and rates in the…

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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Consider the following information regarding the Smith family, a married couple with 3 children. The Taxable Income on Line 15 is $160,000. Calculate the tax on this amount that would be entered on Line 16 of the couple's 2021 Form 1040. Round your answer to the nearest dollar. Do NOT enter a dollar sign. Use a comma if appropiate.
You are filling out your 1040 form for tax season. You find that you paid $3,296.44 in Federal Taxes. Using your taxable income and the tax table, you find you should have paid $3,016 in Federal Taxes. Do you get a refund or do you owe the government money? Why?
Franklin Stewart arrived at the following tax information: Gross salary Interest earnings Eligible dividend income Basic personal amount Union dues Moving expense (50 km for employment) $49,100 870 110 39744.5 3,650 7,880 1,860 What amount will Franklin report as taxable income? (Round your answer to the nearest dollar amount. Omit the "$" sign in your response.) Taxable income
Calculate Melissa Allen’s tax liability for taxable income of $59,580. She files single and claims 3 exemptions. (Use Table 7.3) (Round your final answer to the nearest cent.)
Timmy Tappan is single and had $187,500 in taxable income. Use the rates from Table 2.3. a. Calculate his income taxes. (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) b. What is the average tax rate? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) c. What is the marginal tax rate? (Do not round intermediate calculations and enter your answer as a percent rounded to the nearest whole number, e.g., 32.) a. Income taxes b. Average tax rate c. Marginal tax rate % %
Use the 2016 marginal tax rates to compute the tax owed by the following person. A head of household with a taxable income of $129,000 and an $8000 tax credit The tax owed is $
Franklin Stewart arrived at the following tax information: Gross salary Interest earnings Eligible dividend income Basic personal amount Union dues Moving expense (50 km for employment) $ 47,780 225 100 12,069 3,890 1,150 What amount will Franklin report as taxable income? (Round your answer your response.) Taxable income $
Use the appropriate Tax Tables and Tax Rate Schedules, determine the amount of tax liability in each of the following instances. (All answers should be rounded to the nearest dollar.) a. A single person with taxable income of $103,500. b. A married couple filing jointly with taxable income of $37,700. c. A head of household with taxable income of $87,925. d. A person filing married filing separately with taxable income of $64,000. e. A married couple filing jointly with taxable income of $144,600.
Use the following federal tax table for biweekly earnings of a single person to help answer the question below. Emeril has gross biweekly earnings of $784.21. By claiming 1 more withholding allowance, Emeril would have $13 more in his take home pay. How many withholding allowances does Emeril currently claim? a. 3 b. 4 c. 5 d. 6
Based on the following data, will Ann Wilton receive a federal tax refund or owe additional taxes in 2019? ( Input the amount as a positive value. Round your intermediate calculations and final answer to 2 decimal places. Omit the "$" sign in your response.) Taxable Income Tax Rate 0-$47,630 15% $47,630-$ 95,259 20.5% $95, 259-$147,667 26% $147, 667-$ 210,371 29% Net income(line 23600) $ 51,790 Deductions to determine net income $ 11,660 Federal income tax withheld $ 7,144 Total non-refundable tax credit amounts, excluding medical expenses $ 12, 189 Medical expenses $ 3,100
Based on the following data, will Ann Wilton receive a federal tax refund or owe additional taxes in 2022? (Input the amount as a positive value. Round your intermediate calculations and final answer to 2 decimal places. Omit the "$" sign in your response.) Taxable Income 0-$50, 197 $50, 197-$100,392 $100,392-$155,625 $155,625-$221,708 Total income (line 15000) Net income (line 23600) Deductions to determine net income Tax Rate 15% 20.5% 26% 29% Federal income tax withheld Total non-refundable tax credit amounts, excluding medical expenses Refund + LA $120, 190 $108,740 $ 11,450 $ 18,462 $ 15,450
Determine the average tax rate and the marginal tax rate for each of the following instances: Use the appropriate Tax Tables and Tax Rate Schedules. a. A married couple filing jointly with taxable income of $32,991. b. A married couple filing jointly with taxable income of $192,257. c. A married couple filing separately, one spouse with taxable income of $43,885 and the other with $56,218. d. A single person with taxable income of $79,436. e. A single person with taxable income of $297,784. f. A head of household with taxable income of $96,592. g. A qualifying widow with taxable income of $14,019. h. A married couple filing jointly with taxable income of $11,216. (For all requirements, when computing average tax rate, use the Tax Tables for taxpayers with taxable income under $100,000 and the Tax Rate Schedules for those with taxable income above $100,000. Round "Average tax rate" to 1 decimal place.) Complete this question by entering your answers in the tabs below. Req a and b Req c…

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