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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Given the following tax structure, what minimum tax would need to be assessed on Shameika to make the tax progressive with respect to effective tax rates? Taxpayer Salary Muni-Bond Interest Total Tax Mihwah $ 34,000 $ 34,000 $ 3,672 Shameika $ 74,000 $ 42,000 ???
Subject:accounting Given the following tax structure, what minimum tax would need to be assessed on Shameika to make the tax progressive with respect to average tax rates? Taxpayer Salary Muni-Bond Interest Total Tax Mihwah $ 25,000 $ 7,300 $ 2,125 Shameika $ 75,000 $ 37,500
What would be the tax liability for a single taxpayer who has a gross income of $55,300 (use the chart attached and use a standard deduction of $12,400) (round to the nearest cent) {DO NOT INCLUDE COMMAS OR $}?
Determine the tax llability for tax year 2021 In each of the following Instances. In each case, assume the taxpayer can take only the standard deduction. Use the approprlate Tax Tables and Tax Rate Schedules. a. A single taxpayer, not head of household. with AGI of $24,793 and one dependent. b. A single taxpayer, not head of household, with AGI of $189,309 and no dependents. Note: Round your Intermedlate computations to 2 decCimal places and final answer to the nearest dollar amount CA marrled couple filing Jointly with AGI of $41,245 and two dependents. d. A marrled couple filing Jolntly with AGI of $163,588 and three dependents. Note: Round your Intermedlate computations to 2 decimal places and final answer to the nearest dollar amount e. A marrled couple fillng Jolntly with AGI of $313.894 and one dependent. Note: Round your Intermediate computations to 2 decimal places and final answer to the nearest do EA taxpayer filing marrled filing separately with AGI of $70,296 and one…
Given the tax rate table below. For a person who has a taxable income of $70,000, what is the average tax rate this person will be charged? Taxable Income 16% 32% 14% 22% Tax Rate 0- 9,525 10% 9,525 38,700 12 38,700- 82,500 22 82,500- 157,500 24 157,500 200,000 32 200,000- 500,000 35 500,000+ 333
An unmarried individual in California with a taxable income of about $75,000 has a federal incremental tax rate of 25% and a state incremental tax rate of 9.3%. What is his combined incremental tax rate? (a) Assume standard deduction taken. (b) Assume deductions are itemized.
Given the following tax structure, what minimum tax would need to be assessed on Shameika to make the tax progressive with respect to average tax rates? Taxpayer Mihwah Shameika Minimum tax Salary $ 16,000 $ 68,000 Muni-Bond Interest $ 6,750 $ 24,500 Total Tax $ 736 ???
Timmy Tappan is single and had $189,000 in taxable income. Use the rates from Table 2.3. a. Calculate his income taxes. (Do not round intermediate calculations.) 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.) Answer is complete but not entirely correct. $ a. Income taxes b. Average tax rate c. Marginal tax rate 47,843 X 478.43 X % 32 %
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Jared Goff, of Los Angeles, determined the following tax information: gross salary, $85,000; interest earned, $2,500; IRA contribution, $4,500; and standard deduction, $12,200. Filing single, calculate Jared's taxable income and tax liability.
Given the following tax structure: Taxpayer Mae Salary $ 44,500 Pedro $ 68,500 Total Tax $ 3,738 ??? Required: a. What is the minimum tax that Pedro should pay to make the tax structure vertically equitable with respect to the amount of tax p b. This would result in what type of tax rate structure? Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required A Required B What is the minimum tax that Pedro should pay to make the tax structure vertically equitable with respect to the amount of tax paid? Minimum tax $5,754 X mirod Required P

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