What would be the marginal tax rate for a married couple with income of $90, 800bWhat would be the average tax rate for married couple with income of $90, 800?What would be the marginal tax rate for an unmarried taxpayer with income of $90,800? What would be the average tax rate for an unmarried taxpayer with incomeof $90,800 ?

Marginal tax rate is the income tax rate at which the tax is paid by the assessee for the total…

Answered: What would be the marginal tax rate for…

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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. What is the 'low income tax offset' (LITO)? What is the maximum LITO amount payable toeligible taxpayers? PLEASE PUT 3 REFERENCES
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A tax that requires a higher-income person to pay a higher percentage of his or her income in taxes is called a ____ tax. a. proportional b. progressive c.marginal d. regressive
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Consider Taxpayers A and B who are in the same marginal tax bracket because of equal salaries. They each earn an additional $20,000—Taxpayer A by working overtime and Taxpayer B by selling stock resulting in a $20,000 capital gain. Taxpayer A pays tax at the ordinary income tax rate on his additional wages while Taxpayer B benefits from the lower capital gains tax rate on his extra income by selling an investment asset. Is this equitable? Should equivalent incomes be taxed equally?
6. A married couple are calculating their federal income tax using the tax rate tables: Then Estimated Taxes Are If Taxpayer's Income Is Between So $16,700 $67,900 $137,050 $208,850 $372,950 But Not Over $16,700 $67,900 $137,050 $208,850 $372,950 Base TaxRate $0 10% $1,670.00 15% $9,350.00 25% $26,637.50 28% $46,741.50 33% $100,894.50 35% S0 $16,700 $67,900 $137,050 $208,850 $372,950 How much tax will they have to pay on their taxable income of $202,000? (4
What is the after-tax cost in the following situations if the taxpayer has additional deductions as stated? Assume the taxpayer is in the 24% marginal tax bracket. (a) Deductible expense paid of $33,000. After-tax cost $
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7
Given the following tax structure: Taxpayer Salary Total tax $ 10,000 $ 600 $ 20,000 ??? Mae Pedro Required: a. What is the minimum tax that Pedro should pay to make the tax structure vertically equitable based on the tax rate paid? Note: Round your final answer to nearest whole dollar amount. b. This would result in what type of tax rate structure?
am. 35.

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