When an individual who is single has taxable income of $60,000, and has capital gain for $10,000, the tax rate for taxable this gain is A.Cero B. 5% C. 15% D. 20% E.25% F. No answer
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When an individual who is single has taxable income of $60,000, and has
A.Cero
B. 5%
C. 15%
D. 20%
E.25%
F. No answer
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- Problem 1-39 (LO 1-3) (Algo) Jorge and Anita, married taxpayers, earn $159,000 in taxable income and $49,000 in interest from an investment in City of Heflin bonds. (Use the U.S. tax rate schedule for married filing jointly.) Required: a. If Jorge and Anita earn an additional $109,000 of taxable income, what is their marginal tax rate on this income? b. What is their marginal rate if, instead, they report an additional $109,000 in deductions? Note: For all requirements, do not round intermediate calculations. Round your answers to 2 decimal places. a. Marginal tax rate b. Marginal tax rate % %2. The 2000 U.S.A. tax rate for married couples was as follows: 10% on an adjusted gross income (AGI) between $0 and $30,000; 20% on the excess over $30,000 on an AGI between $30,000 and $70,000; and 30% on the excess over $70,000 on an AGI between $70,000 and $150,000. (a) Determine the tax function and draw its graph. (b) How much taxes would a married couple pay on an AGI of $95,000? (e) What was the couple's AGI if taxes are $11,000?LeRoy has the following capital gains and losses for the current year: Short-term capital gain $10,000 Collectible loss (3,000) Long term capital gain 5,000 If LeRoy is single and has a taxable income from other sources of $52,000, what is the tax on his capital gains? Oa. $2,500 Ob. $3,000 Oc. $2,640 Od. $1.800
- es c. His $535,500 of taxable income includes $50,000 of long-term capital gain that is taxed at preferential rates. Assume his modified AGI is $570,000. Income tax Net investment income tax Total tax liability $ Amount 0.0012. Taxpayer, age 63 and single, received current year income as set out below Wages $ 25,000 Taxable interest income 3,000 Tax-exempt interest income 5,000 Social Security benefits 36,000 How much, if any, of Taxpayer's Social Security benefits will be taxable for the year? A $ 36,000 B 18,000 с 30,600 D 18,950 E None of the aboveUS Tax Law Taxpayer is single and has the following items: state taxes withheld, $7,500; property taxes $6,000; DMV, $500. His state tax deduction on schedule A would be A. $14,000 B. $13,500 C. $6500 D. $10,000 E. Some other amount
- Tax Drill - Social Security Benefits Determine the taxable amount of social security benefits for the following situations. If an amount is zero, enter "0". a. Erwin and Eleanor are married and file a joint tax return. They have adjusted gross income of $36,000, no tax-exempt interest, and $12,400 of Social Security benefits. As a result, s 0X of the Social Security benefits are taxable. b. Assume Erwin and Eleanor have adjusted gross income of $12,000, no tax-exempt interest, and $16,000 of Social Security benefits. As a result, s O✓ of the Social Security benefits are taxable. c. Assume Erwin and Eleanor have adjusted gross income of $85,000, no tax-exempt interest, and $15,000 of Social Security benefits. As a result, s 0X of the Social Security benefits are taxable.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?10. Anna is single, and she files taxes based on a taxable income of $90,000. Given the tax bracket shown below, her tax bill is closest to Single Taxable Income $0-$9.525 $9 526- $38.700 $38.701 - $82,500 $82,501-$157.500 $157.501-$200.000 $200 001 - $500 000 $500 001 or more a) $9,000 b) $10,610 c) $15,739 d) $21,600 e) $14,090 $15,890 g) $32,090 Tax Rate 10% of taxable income $952.50 plus 12% of the amount over $9.525 $4.453.50 plus 22% of the amount over $38.700 $14.089.50 plus 24% of the amount over $82,500 $32.089.50 plus 32% of the amount over $157.500 $45,689.50 plus 35% of the amount over $200.000 $150.689.50 plus 37% of the amount over $500,000
- Problem 10-37 (Algorithmic) (LO. 6, 7, 8, 9, 10, 11) Amy and Mitchell share equally (50%) in the profits, losses, and capital of the accrual basis AM Products LLC. Amy is a managing member of the LLC (treated as a general partner) and is a U.S. person. At the beginning of the current tax year, Amy's tax basis capital account has a balance of $736,000, and the LLC has debts of $478,400 payable to unrelated parties. All debts are recourse to the LLC, but neither of the LLC members has personally guaranteed them. The following information about AM's operations for the current year is obtained from the LLC's records. Operating income W-2 wages Depreciation expense Interest income Long-term capital loss Long-term capital gain Charitable contribution (cash) Cash distribution to Amy Unadjusted basis of partnership property immediately after acquisition $1,104,000 200,000 300,000 11,040 7,360 22,080 11,090 55,200 1,600,000 Operating income equals revenue less operating expenses (other than…aa.6 Scot and Vidia, married taxpayers, earn $184,000 in taxable income and $5,000 in interest from an investment in City of Tampa bonds. (Use the U.S. tax rate schedule). a If Scot and Vidia earn an additional $81,250 of taxable income, what is their marginal tax rate on this income? b. How would your answer differ if they, instead, had $81,250 of additional deductions?Given the following tax structure, Taxpayer Salary Total tax $21,500 $1,032 $46,000 ??? Mae Pedro a. What is the minimum tax that Pedro should pay to make the tax structure vertically equitable based on the tax rate paid? (Round your final answer to nearest whole dollar amount.) Minimum tax b. This would result in what type of tax rate structure? Tax rate structure
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