Use the tax brackets and rates to compute the federal tax for Jim, who is declaring taxable income of$90,000 $44,701 or less 15% Over $44,701 - $89,401 22% Over $89,401 - $138,581 26%

Q: Use the 2021 marginal tax rates

A: As per IRS 2021  standard deduction for single filer is $ 12,550.  As per…

Q: Cameron is single and has taxable income of $92,616. Determine his tax liability using the tax…

A: Tax liability of Cameron: Taxable income bracket Taxable Amount Tax rate Tax liability $ 0 to $…

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Q: What would be the marginal tax rate for a single person who has the following taxable income? 1.…

A: The income tax is levied based on the following slab: -

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Q: Based on the following data, would Beth and Roger Simmons receive a refund or owe additional taxes?…

A: Lets understand the basics.As per IRS, taxable income is calculated by deducting standard deduction…

Q: John has an income of 160000 , What would be his total tax liability based on the tax structure ?…

A: Given income of John is 160000 In case of slab rate of tax, tax liability has to be calculated based…

Q: What are the tax rates for minors' unearned income? Select one: A. Nil for every $1 earned up to…

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Q: Mary Singn, has the following intormation her İncome Tax Return this year: Net Taxable Capital Gains…

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Q: Based on the following data, would Beth and Roger Simmons receive a refund or owe additional taxes?…

A: The tax credit is the amount of reduction from the tax payable while tax deduction is the reduction…

Q: Matteo, a single taxpayer has taxable income of $90,000.  Using the US 2020 tax rate schedule.  How…

A: Federal income tax is the tax levied by IRS (Internal Revenue service) on the annual taxable income…

Q: Calculate the following taxpayers’ tax liabilities using 2021 tax rate  A single taxpayer had…

A: For the year 2021, Tax rates differes based on filing status of person. For single payers, tax rate…

Q: cludes $2,700 of dividends?

A: Dividends are paid by corporations to their stockholders. They are the distribution of the earnings…

Q: Given the following information, would it be better for Illinois $52,400 Federal taxable income…

A: Itemized deductions are expenditures on eligible products, services or adjusted gross income to…

Q: eductions to determine net income $ 11,840     Federal income tax withheld $ 6,964     Total…

A: Calculate Ann's net income:income = Total income (line 23600) - Deductions  $50,650 - $11,840 =…

Q: Kamryn Brown is single and earns $50,000 in taxable income and will use the following tax rate…

A: The question is related to the taxation of single individual as per the tax slab given.

Q: Assume an individual is in the 15% tax bracket. For this individual, an additional $180 deduction…

A: When an individual is in the 15% tax bracket, a deduction reduces taxable income, while a tax credit…

Q: putation, The Standard Deduction (LO 1.3, 1.5, 1.8) Diego, age 28, married Dolores, age 27, in 2021.…

A: Disclaimer: “Since you have posted a question with multiple sub-parts, we will solve the first three…

Q: 12. Manny's adjusted gross income on his federal tax return was $45,231. He claimed a standard…

A: In the given question, Manny's gross income on his federal tax return = $45,231 Standard Deduction…

Q: Determine the tax liability, marginal tax rate, and average tax rate (rounded to two decimal places)…

A: Case 1: Married taxpayers, taxable income of $36,162: Taxable income bracket Taxable Amount Tax…

Q: K Use the 2021 marginal tax rates to compute the income tax owed by the following couple. Filing…

A: IIncome tax is a tax that central governments imposes on income generated by businesses and…

Q: Ben Jefferson arrived at the following tax information: Gross salary, $41,780 Interest earnings,…

A: Taxable income is the part of the income of a firm which is subject to income tax. Taxes are levied…

Q: Ross Martin arrived at the following tax information: Gross salary, $56,145 Interest earnings,…

A: 1) Ross report as taxable income = Gross salary + Interest earnings + Dividend income - Adjustments…

Q: Refer to the individual rate schedules in Appendix C Required: A. What are the tax liability, the…

A: INTRODUCTION: The amount of money you owe to taxing authorities, such as your local, state, and…

Q: Based on the following data, would Ann and Carl Wilton receive a refund or owe additional taxes? N

A: Federal income tax withheld is the portion of an individual's income that an employer withholds and…

Q: Chuck, a single taxpayer, earns $75,400 in taxable income and 10,400 in interest from city of Heflin…

A: The tax liability is computed on the taxable income, the additional income increases the taxable…

Q: Explain and calculate the differences resulting from a $1,000 tax credit versus a $1,000 tax…

A: Answer:- Taxable income:- The amount of the gross income that is used to determine how much tax you…

Q: The amount of federal income taxes that you are required to pay is based on your filing status, your…

A: Taxable income refers to the income on which the taxpayer is liable to pay the desired tax as stated…

Q: adjusted gross income is $18,000* Determine your tax liability if you are filing single using the…

A: Note : You Didn't mentioned about the year. So i m calculating the tax liability according to 2021…

Q: Use the table to the right to calculate the federal income tax due for a taxable income of $87,000…

A: Income tax is the amount of tax which is to be paid on the income earned by the taxpayer during the…

Q: Use the 2016 marginal tax rates to compute the tax owed by the following person. unmarried head of…

A: Given: - Gross income= $57,000 State taxes= $4,790 Theft loss= $1,000 Tax credit= $1,000

Q: The table below shows an income tax schedule for the imaginary country of Republica. Kermit is a…

A: Tax compliance is a mandatory financial charge or other type of levy imposed on a taxpayer by a…

Q: Determine the amount of the child tax credit in each of the following cases: 1. A single parent with…

A: The child tax credit is $2,000 for each dependent child under the age of 17 claimed on your tax…

Q: iven your avatar's annual salary $48,050 how much will your avatar pay in federal income tax for…

A: Tax rate is the percentage at which an individual or entity is taxed on its income, purchases,…

Q: minimum tax would need to be assessed on Shameika to make the tax progressive with respect to…

A: Progressive tax system is under which person with higher income pays higher and person with lower…

Q: According to Progressive tax system in a country an individual are exempted for the first OMR 30,000…

A: Given that: Tax on first OMR 30,000 = $0 Tax on next OMR 45,000 (75,000 - 30,000) = 15% Tax on above…

Q: Based on the 2021 tax brackets, If Brian and his wife have a taxable income of $70,000 and they…

A: We have, Taxable Income = $70,000 Filing status = Married filing jointly Child credit = $7,200(for 2…

Q: Which of the following Excel functions can you apply to determine a deduction amount using the…

A: Tax is the amount taken by the government on the income of individuals. Tax is charged from…

Q: Determine the tax liability for tax year 2021 In each of the following Instances. In each case,…

A: "Since you have asked a question with sub-parts more than three, as per guidelines, the first three…

Q: Given the tax rate table below. For a person who has a taxable income of $70,000, what is the…

A: Taxable income = $70,000Tax Liability = [$9525 x 10%] + [($38700 - $9525) x 12%] + [ ($70000 -…

Q: An unmarried individual in California with a taxable income of about $75,000 has a federal…

A: Combined incremental tax rate means the sum of federal incremental tax rate and state incremental…

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A: In a progressive tax, the tax rate raises as taxable income increases. People with greater salaries…

Q: The 2009 U.S. tax rates for a single person are shown below f taxable icome is over- But not over-…

A: Exemptions and deductions both reduces the taxable income, but are not considered the same thing. A…

Q: Calculate the base amount of her Basic Personal Tax Credit

A: Basic personal tax credit is the credit which is given to the taxpayer by the government through…