Using the tax table, determine the amount of taxes for the following situations: (Do not roundintermediate calculations. Round your answers to 2 decimal places.) a. A head of householdwith taxable income of $59,500. b. A single person with taxable income of $36,800. c.Married taxpayers filing jointly with taxable income of $72,900. Rate on TaxableIncome10%12%22%24%32%35%37%Single TaxpayersUp to $9,875$9,876-$40, 125$40,126-$85,525$85,526-$163,300$163,301-$207,350$207,351-$518,400Over $518,401Married Taxpayers FilingJointlyUp to $19,750$19,751-$80, 250$80, 251-$171,050$171,051-$326,600$326,601-$414,700$414,701-$622,050Over $622,051Heads of HouseholdUp to $14,100$14, 101-$53,700$53,701-$85,500$85,501-$163,300$163,301-$207,350$207,351-$518,400Over $518,401

Taxes amount refers to a compulsory expense charged by the government on the income earned during…

Using the tax table, determine the amount of taxes for the following situations: (Do not round intermediate calculations. Round your answers to 2 decimal places.) a. A head of household with taxable income of $59,500. b. A single person with taxable income of $36,800. c. Married taxpayers filing jointly with taxable income of $72,900.

Using the tax table, determine the amount of taxes for the following situations: (Do not round intermediate calculations. Round your answers to 2 decimal places.) a. A head of household with taxable income of $59,500. b. A single person with taxable income of $36,800. c. Married taxpayers filing jointly with taxable income of $72,900.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Determine the amount of the child tax credit in each of the following cases: Answer is complete but not entirely correct. a. A single parent with modified AGI of $214,200 and one child age 4. b. A single parent with modified AGI of $78,800 and three children ages 7, 9, and 12. c. A married couple, filing jointly, with modified AGI of $408.733 and two children age 14 and 16. d. A married couple, filing jointly, with modified AGI of $132,855 and one child, age 13. Child Tax Credit Allowed $ $ $ 19 $ 1,900 x 9,000 x 6,000 x 3,000
Suppose you made $59,065 of income from wages and $639 of taxable interest. You also made contributions of $2700 to a tax deferred retirement account. You have 1 dependents and file as single. The standard deduction is 12800 and the exemption amount is 4400 per exemption. What is your Gross Income? Answer to the nearest dollar. hp
Vishnu
Kamryn Brown is single and earns $65,000 in taxable income and will use the following tax rate schedule to calculate the taxes he owes. 0 - 10,275 10% 10,276-41,775 12% 41,776-89,075 22% 89,076-170,050 24% Calculate the dollar amount of taxes that Kamryn owes. Select one: O a. $2,737.66 O b. $9,916.66 O c. $10,000.00 O d. $17,587.66 Oe. $14,300
For the following taxpayers, determine if they are required to file a tax return in 2022. Required: a. Ricko, single taxpayer, with gross income of $17,300. b. Fantasia, head of household, with gross income of $17,200. c. Ken and Barbie, married taxpayers with no dependents, with gross income of $22,300. d. Dorothy and Rudolf, married taxpayers, both age 68, with gross income of $24,200. e. Janyce, single taxpayer, age 73, with gross income of $13,200.
11.A taxpayer is claiming tax preparation expense as a legal and professional fee. They paid $430 at your office last year. The forms breakdown by cost is as follows: Form 1040- $100 Form Sch. C- $125 Form SE- $55 Form 8867- $75 Form 8863- $75 What is the correct amount that can be deducted on their Schedule C for the current year? Choose one answer. a. $280 b. $180 c. $355 d. $430
Example 4-2 To compute the tax using the percentage method, follow the steps illustrated below. Step 1 Determine the amount of gross wages earned, marital status, number of allowances, and frequency of pay. Note: If the wage ends in a fractional dollar amount, the wage may be rounded to the nearest dollar. However, in this text, exact wages are used. ➡ Wilson Goodman, single, claims two allowances and earns $915.60 semimonthly. Step 2 Multiply the number of allowances claimed by the amount of one allowance for the appropriate payroll period, as shown in the Table of Allowance Values in Figure 4.6. ➡ Table of Allowance Values for semimonthly payroll period shows $175.00. Multiply $175.00 × 2 = $350.00 Step 3 Subtract the amount for the number of allowances claimed from the employee’s gross pay to find the excess of wages over allowances claimed. ➡ Gross pay $915.60 Less: Allowances 350.00 Excess wages $565.60 Step 4…
Compute the gross income, adjusted gross income, and taxable income in the following situation. Use the exemptions and deductions in the table to the right. Explain how it was decided whether to itemize deductions or use the standard deduction. A man is single and earned wages of $63,600. He received $390 in interest from a savings account. He contributed $510 to a tax-deferred retirement plan. He had $1650 in itemized deductions from charitable contributions. Solve His gross income is $ Tax Rate Single 10% up to $9325 15% up to $37,950 25% up to $91,900 28% up to $191,650 33% up to $416,700 35% up to $418,400 39.6% above $418,400 Standard deduction $6350 Exemption (per person) $4050
H1.
Using the appropriate tax tables or tax rate schedules, determine the amount of tax liability in each of the following instances. Please use the 2020 Tax year 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.
compute the tax owed by a married couple filing jointly with a taxable income of $82,000 and a $7500 tax credit.
Explain and calculate the differences resulting from a $2,000 tax credit versus a $2,000 tax deduction for a single taxpayer with $40,000 of pre-tax income. The standard deduction in 2018 was $12,000 for single. Note that personal exemptions were suspended for 2018. Use Exhibit 3.3 to determine the corresponding tax rate. Round the answers to the nearest cent. After-tax Income (Tax Deduction) $ After-tax Income (Tax Credit)