Which answer is closest to the Estate tax exemption and top tax rate as of December 31, 2020?
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Question 13
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Which answer is closest to the Estate tax exemption and top tax rate as of December 31, 2020? |
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Solved in 2 steps
- Use the Federal Income Tax levels to calculate the amount of tax owed and the tax rates: Federal Income Tax Table for 2020: Single Filers Tax Rate Taxable Income Bracket 10% $0 to $9,875 12% $9,876 to $40,125 22% $40,126 to $85,525 24% $85,526 to $163,300 32% $163,301 to $207,350 35% $207,351 to $518,400 37% $518,401 or more OASDI (Social Security) is 6.2% for incomes up to $137,700. Medicare is 1.45% with no income limit. An individual earns $62,900 per year. What is their marginal tax rate? (Enter your answer as a whole number and do not include the percent sign. Example: 10% is entered as 10)2023 TAXABLE INCOME FIRST $53,359 OVER $53,359 TO $106,717 OVER $106,717 TO $165,430 OVER $ $165,430 TO $237,675 OVER $235,675 FILL IN THE BLANK TAX RATE 15.00% 20.50% 26.00% 29.32% 33.00% C) The total income tax burden if your salary is $85,000. type your text here Based on the Canadian Federal Income Tax Brackets for 2023 shown above, calculate and input the numeric answers to the questions below. Round off your answers to the nearest dollar. Do not use $, decimals or comma. For example, instead of $23,486.52, write 23487. For answers requiring a tax rate, enter only the numeric value with two decimal places, with "%" symbol. For example, 20.50%).人 Use the 2020 Federal Tax Rates for Individuals to calculate the estimated taxes for a taxable income of $22,700. Tax rate 10% 2020 Federal Tax Rates for Individuals Taxable Income Bracket $0 to $9875 12% $9876 to $40,125 22% $40,126 to $85,525 24% $85,526 to $163,300 32% $163,301 to $207,350 35% $207,351 to $518,400 37 % $518,401 or more
- What is Music, Inc.’s 2021 Pre-Tax Income? Question 12 options: $9,925 $9,515 $9,455 $9,675What is the income before tax for the third quarter ended September 30, 2020? a. P406,250 b. P375,000 c. P675,000 d. P275,0002023 TAXABLE INCOME FIRST $53,359 OVER $53,359 TO $106,717 OVER $106,717 TO $165,430 OVER $ $165,430 TO $237,675 OVER $235,675 FILL IN THE BLANK TAX RATE 15.00% 20.50% 26.00% 29.32% 33.00% B) The new marginal rate of tax for someone making a salary of $100,000 and gets an $8,000 salary increase. type your text here Based on the Canadian Federal Income Tax Brackets for 2023 shown above, calculate and input the numeric answers to the questions below. Round off your answers to the nearest dollar. Do not use $, decimals or comma. For example, instead of $23,486.52, write 23487. For answers requiring a tax rate, enter only the numeric value with two decimal places, with "%" symbol. For example, 20.50%).
- 2023 TAXABLE INCOME FIRST $53,359 OVER $53,359 TO $106,717 OVER $106,717 TO $165,430 OVER $ $165,430 TO $237,675 OVER $235,675 Budget & Fiscal Policy FILL IN THE BLANK TAX RATE 15.00% 20.50% 26.00% 29.32% 33.00% A) The marginal rate of tax for someone making a salary of $52,000. type your text here Based on the Canadian Federal Income Tax Brackets for 2023 shown above, calculate and input the numeric answers to the questions below. Round off your answers to the nearest dollar. Do not use $, decimals or comma. For example, instead of $23,486.52, write 23487. For answers requiring a tax rate, enter only the numeric value with two decimal places, with "%" symbol. For example, 20.50%).Compute the income tax due in 2021. A. 50,000B. 800,000C. 290,000D. 400,000How much is the total income tax expense for the year 2022? A. 1,381,200 B. 1,350,000 C. 1,051,200 D.1,216,200
- es Vinitpaul has the following information: AGI for 2022 Withholding for 2022 Total tax for 2021 Total tax for 2022 $ 155,000 $ 27,300 $ 31,200 $ 31,197 Required: a. How much must Vinitpaul pay in estimated taxes to avoid a penalty? Note: Round the final answer to nearest whole dollar amount. Minimum estimated tax payment b. If Vinitpaul had paid $900 per quarter, would he have avoided the estimated tax penalty?41 Using the 2019 marginal tax rates provided in the table below, find the marginal and average tax rates for the incomes shown. Give all answers to two decimals. Part 1 What would be your federal income tax if your taxable income was $108,000.00? $ What is the average tax rate for $108,000.00 in taxable income? % Part 2 How much tax would you owe if your income increased by $25,000 to $133,000.00? $ What would be your average tax rate with $133,000.00 of taxable income? % Skip Start Solving Exit Exit Training M14. 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.
