Your adjusted gross income (line 11 of the form 1040) is $150,000. Your filing status is Single. Your standard deduction (Line 12) is $12,400. Using the 2020 Income Tax RateSchedule, please calculate the amount of income taxes you will owe for the year.A. $12,864.00B. $27,104.50C. $36,000.00OD. $30,174.50

10%Up to $9,87512%$9,876 to $40,12522%$40,126 to $85,52524%$85,526 to $163,300

Answered: Your adjusted gross income (line 11 of…

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter17: Business Tax Credits And The Alternative Minimum Tax

Section: Chapter Questions

Problem 1BD

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Compute the 2019 tax liability and the marginal and average tax rates for the following taxpayers (use the 2019 Tax Rate Schedules in Appendix A for this purpose): a. Chandler, who files as a single taxpayer, has taxable income of 94,800. b. Lazare, who files as a head of household, has taxable income of 57,050.
How do the all events and economic performance requirements apply to the following transactions by an accrual basis taxpayer? a. The company guarantees its products for six months. At the end of 2019, customers had made valid claims for 600,000 that were not paid until 2020. Also, the company estimates that another 400,000 in claims from 2019 sales will be filed and paid in 2020. b. The accrual basis taxpayer reported 200,000 in corporate taxable income for 2019. The state income tax rate was 6%. The corporation paid 7,000 in estimated state income taxes in 2019 and paid 2,000 on 2018 state income taxes when it filed its 2018 state income tax return in March 2019. The company filed its 2019 state income tax return in March 2020 and paid the remaining 5,000 of its 2019 state income tax liability. c. An employee was involved in an accident while making a sales call. The company paid the injured victim 15,000 in 2019 and agreed to pay the victim 15,000 a year for the next nine years.
Using the Exam Tax Rate chart that is posted in the Assignment for the week of 2/19 tab, what would be your federal income tax that you would have to pay if you had a taxable income of $50,000? (closest to) O $6,053 O $7,000 O $10,556 O $3,335
Based on the following data, will Ann Wilton receive a federal tax refund or owe additional taxes in 2019? (Input the amount as a positive value. Round your intermediate calculations and final answer to 2 decimal places. Omit the "$" sign in your response.) Taxable Income Tax Rate 0–$47,630 15% $47,630–$95,259 20.5% $95,259–$147,667 26% $147,667–$210,371 29% Net income(line 23600) $ 50,790 Deductions to determine net income $ 11,600 Federal income tax withheld $ 7,054 Total non-refundable tax credit amounts, excluding medical expenses $ 12,159 Medical expenses $ 2,900
Use the 2019 U.S. federal tax rates in the table to calculate answers to the questions below. Give all answers to two decimals. If you have a taxable income of $289,980.00, what is your top marginal tax rate? % total tax bill? $ average tax rate? %
Click here to access the 2023 tax rate schedule. If required, round the tax liability to the nearest dollar. When required, round the average rates to four decimal places before converting to a percentage (i.e., .67073 would be rounded to .6707 and entered as 67.07%). a. Chandler, who files as a single taxpayer, has taxable income of $96,000. Tax liability: Marginal rate: Average rate: tA 16,290 X 24 % 18.62 X % b. Lazare, who files as a head of household, has taxable income of $80,400. Tax liability: Marginal rate: Average rate: tA 7,143 X 22 % 14.81 X %
Subject : Accounting Use the 2021 marginal tax rates to compute the tax owed by the person with the given filing status, taxable income, and tax credit. Single with a taxable income of $17,000 and a $2,000 tax credit Tax Rate Single 10% up to $9,950 15% $9,951 to $40,525 The tax owed is _____ dollars. (Type an integer or a decimal, Round to the nearest cent as needed.)
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?
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.
Based on the following data, will Ann Wilton receive a federal tax refund or owe additional taxes in 2019? Taxable Income Tax Rate 0–$47,630 15% $47,630–$95,259 20.5% $95,259–$147,667 26% $147,667–$210,371 29% Net income(line 23600) $ 50,650 Deductions to determine net income $ 11,840 Federal income tax withheld $ 6,964 Total non-refundable tax credit amounts,excluding medical expenses $ 10,319 Medical expenses $ 2,700
Based on the following data, will Ann Wilton receive a federal tax refund or owe additional taxes in 2019? (Input the amount as a positive value. Round your intermediate calculations and final answer to 2 decimal places. Omit the "$" sign in your response.) Taxable Income 0-$47,630 $47,630-$95,259 $95,259-$147,667 $147,667-$210,371 Tax Rate 158 20.58 268 298 Net income (line 23600) Deductions to determine net income Federal income tax withheld Total non-refundable tax credit amounts, excluding medical expenses Medical expenses Refund $8149.85$ $50,690 $11,570 $ 7,009 $12,144 $ 2,800
Using the percentage method, what is the amount of Oklahoma income tax withheld under each of these scenarios using 2022 tables? 5. Single 6. Married $10,500 wages 7. Married $428 wages $4428 wages semi-monthly 2 allowances semi-monthly 4 allowances weekly O allowances 8. Single $2000 wages weekly 1 allowance

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