Simplified Marginal Tax RatesTax up toBeginningof rangeEnd ofMarginalstart ofrangeraterange12,00020,00048,00095,000to0%12,00020,00048,000to15%1,2007,36021,46042,660to22%to30%40%148,000210,00095,000to148,000210,000to45%andabove70,56050%Sasha has annual gross income of $76,000 and works as a lawyer. What is the maximum disabilityinsurance coverage she can get, if she can qualify for 90% of her after tax income? (Use the tax tableabove and input the number only, to the nearest dollar.)Answer:Next page

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What is the maximum disability

Financial Reporting, Financial Statement Analysis and Valuation

8th Edition

ISBN:9781285190907

Author:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw

Publisher:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw

Chapter4: Profitability Analysis

Section: Chapter Questions

Problem 23PC

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Concept explainers

Health, Disability and Long-Term Care Insurance

Leading a healthy life is very important for every human being, be it a child, an adult, or an elderly person. Our lifestyle and health go hand in hand and any discrepancy in one of these will adversely affect the other. As we grow older, our body functions start getting impaired, and slowly disabilities start appearing.

Question

100%

Simplified Marginal Tax Rates
Tax up to
Beginning
of range
End of
Marginal
start of
range
rate
range
12,000
20,000
48,000
95,000
to
0%
12,000
20,000
48,000
to
15%
1,200
7,360
21,460
42,660
to
22%
to
30%
40%
148,000
210,000
95,000
to
148,000
210,000
to
45%
and
above
70,560
50%
Sasha has annual gross income of $76,000 and works as a lawyer. What is the maximum disability
insurance coverage she can get, if she can qualify for 90% of her after tax income? (Use the tax table
above and input the number only, to the nearest dollar.)
Answer:
Next page

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Pleas calculate the AVERAGE and MARGINAL TAX based on the tax bracket provided below. (Hint: every box in the table may NOT be used.) $0 $1,001 $3,001 Tax Bracket $10,001 $20,001 $40,001 $1,000 $3,000 $10,000 $20,000 $40,000 & Above Average Tax:__`17.729% Marginal Tax:__`25¹% Tax 5% 10% 15% 25% 30% 45% $ $ Taxable Income Amount Taxed type your ansv type your ansv type your ansv = type your ansv $16,500 $ $ $ $ Actual Tax Paid type your answe type your answe type your answe type your answe type your answe Amount Remaining $ $ $ $ type your answe type your answe type your answe type your answe
Marginal tax rates Using the tax rate schedule attached Perform the following: a. Find the marginal tax rate for the following levels of sole proprietorship earnings before taxes: $16,800; $59,500; $89,600; $151,000; $245,000; $451,200; $1,000,000 b. Plot the marginal tax rates (measured on the y-axis) against the pretax income levels (measured on the x-axis).
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prn.2
14. Leslie Inc. has correctly determined the following information related to operations for 2018: Revenue from sales Expenses Income before income taxes P7,000,000 4,000,000 P3,000,000 In reviewing the records, you discovered the following items: During 2018, the company discovered an error in depreciation in 2017. The correction of this error, which has not been recorded, will result in an increase in depreciation for 2017 of P200,000. During 2018, the company sustained a loss of P400,000 because of flood, which destroyed its inventory. The company charged retained earnings and credited inventory for P400,000.
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