You just completed your taxes and had $3,79 withheld for income taxes and a final tax liability of $3,600. Would you be entitled to
Q: calculate the total income tax that someone would owe if their annual income was $83,350
A: The total annual income tax is $83,350 The total tax is required to be computed on the tax table…
Q: Find the gross income, the adjusted gross income, and the taxable income.
A: Answer: Gross income is the total earned income. When any exempt income is adjusted in gross income,…
Q: For the person below, calculate the FICA tax and income tax to obtain the total tax owed. Then find…
A: FICA Tax: FICA stands for Federal insurance contribution act. It is mandatory as per U.S law in…
Q: Use the following information and the flow chart from the module to calculate: Adjusted gross income…
A: Ajusted gross income helps to assess the liability of income tax. It is estimated by subtracting…
Q: Suppose you made $98,296 of income from wages and $567 of taxable interest. You also made…
A: Income from Wages= $98296 Taxable Interest= $567 Contribution to tax-deferred retirement account=$…
Q: How are you determining income before income tax answer of $166,000?
A: Income before income tax means the amount of money earned by the entity before deducting the income…
Q: for yourself: Gross Salary: $160,000 Interest Earned: $2,000 IRA Contribution: $5,000 Standard…
A: Taxable income The income on which tax is levied is referred to as taxable income. It contains some…
Q: 1. A tax payer receives an assessment notice from the BIR informing him that his total deficiency…
A: As per our protocol we provide solutions to one question only but you have asked multiple questions…
Q: what would the average tax rate for a person who paid taxes of $6,435 on taxable income of $40,780?
A: Tax Paid = $6,435Taxable Income = $40,780 Calculation of Average Tax Rate:
Q: Jamison gross tax liabiity is $9550. Jamison had $2800 of available credits and he had $6250 of…
A: Tax liability Tax liability is the amount of money which is owed by an individual, firm , company,…
Q: 3. When a taxpayer's income increases by $2,500 and the taxes owed increase from $13,899 to $14,399,…
A: Income tax refers to compulsory payment made to government with persons having higher income…
Q: Now consider another hypothetical tax code. Assume the tax rate on the first $15,000 of taxable…
A: Income Tax - Taxes at the federal and state levels are imposed on the income of people, businesses,…
Q: The W-2 form is a form that tells you
A: The W-2 form is the form sent by employer to an employee and the Internal Revenue Service (IRS) at…
Q: tax liability
A: Tax is a compulsory obligation that must be paid by all taxpayers. However, deductions and…
Q: 4.An individual made $85,000 for the year. Using the tax given , answer the following questions:…
A: A.) Marginal tax rate is the highest bracket rate an individual's taxable income falls into i.e. the…
Q: Use the following information to calculate the federal average tax rate (ignore tax credits) for a…
A: It is the rate at which the tax is payable on the total income on the average basis. The average tax…
Q: Suppose you made $70,390 of income from wages and $178 of taxable interest. You also made…
A: Taxable Income is income on which tax is calculated o be paid to government for a particular after…
Q: tax deduction of $1,000 or a refundable tax credit
A: Tax deduction is the amount of expenses that can be deductible in computation of the taxable income.…
Q: What would be the average tax rate for a person who paid taxes of $6,435 on a taxable income of…
A: Calculation of Average Tax Rate:
Q: Suppose you made $59,065 of income from wages and $639 of taxable interest. You also made…
A: Select financials of an individual are given. We have to find the gross income.
Q: eason. You find that you paid $3,296.44 in Federal Taxes. Using your taxable income and the tax…
A: Answer You receive a tax refund of $280.44 because you paid more taxes last year than you should…
Q: If you have a taxable income of $372,570.00, what is your total tax bill? $ average tax rate? %
A: Tax is the amount charged by the government to the individual or organizations on the income earned…
Q: 1. A person had $3545 withheld for federal income taxes and had a tax liability of $3400. Would this…
A: Formula to calculate refund amount: Refund amount = Tax already paid or deposited or witheld…
Q: In tax year 2023, a married taxpayer with AGI of $300,000 had gross investment income of $6,150…
A: Net investment income is the income generated from investments such as interest, dividends, capital…
Q: Suppose you made $92,747 of income from wages and $386 of taxable interest. You also made…
A: Adjusted gross income: It is a gross total income of the individual after subtracting the specific…
Q: Determine your tax liability if you are filing single using the standard deduction of $12,000 and…
A: Lets understand the basics.Taxable income is a income arrived by deducting either standard deduction…
Q: For the person below, calculate the FICA tax and income tax to obtain the total tax owed. Then find…
A: To calculate the FICA tax:For the first $127,200 of income, the rate is 7.65%.For any income above…
Q: For the person below, calculate the FICA tax and income tax to obtain the total tax owed. Then find…
A: Gross pay: It is the total amount of wages earned by employees without deducting any taxes or…
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- 6. You have a taxable income of $35,600. a. Use the 2020 federal tax tables to determine your tax liability given your filing status. b. What is your marginal tax rate? c. What is your average tax rate? d. You had $4400 withheld from your paychecks for federal taxes. When you file your return will you have a refund or owe money? How much?The W-2 form is a form that tells you how much taxes you've paid in the last year based on how much you've earned. how much taxes you owe to the federal government. O how much taxes to withhold from your paycheck. O how often you will be paid.You are filling out your 1040 form for tax season. You find that you paid $3,296.44 in Federal Taxes. Using your taxable income and the tax table, you find you should have paid $3,016 in Federal Taxes. Do you get a refund or do you owe the government money? Why?
- If you have a taxable income of $372,570.00, what is your total tax bill? $ average tax rate? %1. A person had $3545 withheld for federal income taxes and had a tax liability of $3400. Would this be a refund or an additional amount due? For what amount?What would be the average tax rate for a person who paid taxes of $6,435 on a taxable income of $40,780? (Enter your answer as a percent rounded to 2 decimal places.)
- 4.An individual made $85,000 for the year. Using the tax given , answer the following questions: A.What is this person's marginal tax rate? B.How much tax does this person owe? C.What is the effective tax rate?Use the following information and the flow chart from the module to calculate: Adjusted gross income ( AGI) Taxable income Show your work for each calculation to receive full credit. An individual has the following information for the current tax year. Assume they do not itemize and they file as head of household. Income from wages, $80,000 Interest earned on savings, $150 IRA contribution, $5,000 Checking account interest earned, $75 Standard deduction for Head of Household: $20,800 Child and Dependent Care Tax credit, $3,000 Filing status: Head of HouseholdGiven 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 WORK
- Which one of the following amounts represents the maximum amount that you may deduct for moving expenses on your 2020 personal income tax return? A) $ 8,800. B) $ 9,700. C) $10,200. D) $11,250.An individual has taxable general income of £70,000 (before deducting the personal allowance). He also has savings income of £1,000. How much Income Tax will be payable on the savings income? £0 £200 £400 £300Suppose you made $59,065 of income from wages and $639 of taxable interest. You also made contributions of $2700 to a tax deferred retirement account. You have 1 dependents and file as single. The standard deduction is 12800 and the exemption amount is 4400 per exemption. What is your Gross Income? Answer to the nearest dollar. hp