Vinitpaul has the following information: AGI for 2022 Withholding for 2022 Total tax for 2021 Total tax for 2022 Minimum estimated tax payment Required: a. How much must Vinitpaul pay in estimated taxes to avoid a penalty? Note: Round the final answer to nearest whole dollar amount. CASTE Han POLERAS BES SENC 51155 PETRO CARACTE $ 155,000 $ 26,700 43544 $ 30,800 $ 30,697 ** www
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- Please help me to solve this problemGiven that your gross income for 2020 was $180,000 and your taxable income was $140,000. Calculate: a. the marginal tax rate b. the average tax rate c. the effective tax rate. SHOW WORKArndt, Incorporated reported the following for 2024 and 2025 ($ in millions): Revenues. Expenses Pretax accounting income (income statement) Taxable income (tax return) Tax rate: 25% 2024 $888 760 $128 $116 a. Expenses each year include $30 million from a two-year casualty insurance policy purchased in 2024 for $60 million. The cost is tax deductible in 2024. Answer is complete but not entirely correct. Deferred tax amounts ($ in millions) Classification Net noncurrent deferred tax asset ✔ $ Net noncurrent deferred tax liability X $ 2025 $980 800 b. Expenses include $2 million insurance premiums each year for life insurance on key executives. c. Arndt sells one-year subscriptions to a weekly journal. Subscription sales collected and taxable in 2024 and 2025 were $33 million and $35 million, respectively. Subscriptions included in 2024 and 2025 financial reporting revenues were $25 million ($10 million collected in 2023 but not recognized as revenue until 2024) and $33 million,…
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