Homework Answers
|
Short term capital loss |
4000 |
|
Long term capital gain (6000+2000) |
8000 |
|
Net long term capital gain |
$4000 |
Part A
|
Taxable income |
$127500 |
|
Tax liability (ordinary tax on 123500 and long term capital gain tax rate on 4000) |
$19487 (9086+(22%*(123500-78950)))+(4000*15%) |
As income is between $78,751 to $488,850, the long term capital gain tax rate applied is 15% (in case of married filing jointly)
Part B
|
Taxable income |
$75000 |
|
Tax liability (ordinary tax on 71000 and long term capital gain tax rate on 4000) |
$8175 (1940+(12%*(71000-19040)))+(4000*0%) |
As income is between $0 to $78,750, the long term capital gain tax rate applied is 0% (in case of married filing jointly)
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I cant figure out how to do this question. These are the rates
we are using...
I can't figure out how to do this question and these are the rates we are...
I can't figure out how to do this question and these are the
rates we are using. An explanation would be great so I know what
i'm doing.
b. What is Terris Tet What is Terri's tax liability? C. 48. LO.8 During 2019, Inez (a single taxpayer) had the following transactions involving capital assets: Gain on the sale of unimproved land (held as an investment for 3 years) Loss on the sale of a camper (purchased 2 years ago and...
2019 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The...
2019 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The tax is: $ 0 $ 9.700 10% of taxable income $ 9,700 $ 39,475 5970 plus 12% of the excess over 59,700 $ 39,475 $ 84,200 $4543 plus 22% of the excess over $39,475 $84.200 $160.725 514 382.50 plus 24% of the excess over $84.200 $160,725 S204,100 $32.748.50 plus 32% of the excess over $160,725 $204,100 $510,300 $46.628.50 plus 35% of the excess over...
Exercise 3-23 (LO. 6) Compute the 2019 tax liability and the marginal and average tax rates...
Exercise 3-23 (LO. 6) Compute the 2019 tax liability and the marginal and average tax rates for the following taxpayers. Click here to access the 2019 tax rate schedule. If required, round the tax liability the nearest dollar. When required, round the average rates to four decimal places before converting to a percentage (I...67073 would be rounded to .6707 and entered as 67.07%). a. Chandler, who files as a single taxpayer, has taxable income of $94,800. Tax liability: 16,927 x...
Scot and Vidia, married taxpayers, earn $240,000 in taxable income and $5,000 in interest from an...
Scot and Vidia, married taxpayers, earn $240,000 in taxable income and $5,000 in interest from an investment in City of Tampa bonds. (Use the U.S. tax rate schedule for married filing jointly). 2019 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The tax is: $ 0 $ 9,700 10% of taxable income $ 9,700 $ 39,475 $970 plus 12% of the excess over $9,700 $ 39,475 $ 84,200 $4,543 plus 22%...
Exercise 3-23 (LO. 6) Compute the 2019 tax liability and the marginal and average tax rates...
Exercise 3-23 (LO. 6) Compute the 2019 tax liability and the marginal and average tax rates for the following taxpayers. Click here to access the 2019 tax rate schedule. If required, round the tax liability the nearest dollar. When required, round the average rates to four decimal places before converting to a percentage (i...67073 would be rounded to .6707 and entered as 67.07%). a. Chandler, who files as a single taxpayer, has taxable income of $94,800. Tax liability: 16,927 Marginal...
2019 Tax Rate Schedules Single-Schedule X Head of household—Schedule Z If taxable of the If taxable...
2019 Tax Rate Schedules Single-Schedule X Head of household—Schedule Z If taxable of the If taxable income is: But not amount income is: But not Over- over- The tax is: over Over- over- The tax is: $ 0 $ 9,700 ......... 10% $ 0 $ 13,850 ......... 10% 9,700 39,475 $ 970.00 + 12% 9,700 13,850 52,850 $ 1,385.00 + 12% 39,475 84,200 4,543.00 + 22% 39,475 52,850 84,200 6,065.00 + 22% 84,200 160,725 14,382.50 +24% 84,200 84,200 160,700 12,962.00...
1. Gill and Molly are married and for 2019, they each made $50,000 and $30,000 of...
1. Gill and Molly are married and for 2019, they each made $50,000 and $30,000 of taxable income in wages, respectively. In addition, Molly received $13,000 of interest income from a municipal bond investment that is not taxable. Use the appropriate Federal Tax Rate Schedule in Appendix D towards the back of your book to answer the following. Round dollar amounts to the nearest cent ($3,500.0372 → $3,500.04). Round percentages to the second decimal place (e.g. 35.027956% → 35.03%). a....
In 2019, Lisa and Fred, a married couple, had taxable income of $300,000. If they were...
In 2019, Lisa and Fred, a married couple, had taxable income of $300,000. If they were to file separate tax returns, Lisa would have reported taxable income of $125,000 and Fred would have reported taxable income of $175,000. Use Tax Rate Schedule for reference. What is the couple’s marriage penalty or benefit? (Do not round intermediate calculations.) 2019 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The tax is: $ 0 $ ...
Computation of Kiddie Tax In 2019, Simon, age 12, has interest income of $900 and dividend...
Computation of Kiddie Tax In 2019, Simon, age 12, has interest income of $900 and dividend income of $4,000. He has no investment expenses. Determine Simon's net unearned income and total tax liability. Click here to access the 2019 tax rate schedule and 2019 Estate and Trust Tax Rate Schedule. If required, round the tax liability the nearest dollar. Net unearned income is $ 2,700 v. Simon's total tax is ......... 10% 2019 Tax Rate Schedules Single-Schedule X Head of...
Jorge and Anita, married taxpayers, earn $139,000 in taxable income and $43,000 in interest from an...
Jorge and Anita, married taxpayers, earn $139,000 in taxable income and $43,000 in interest from an investment in City of Heflin bonds. (Use the U.S. tax rate schedule for married filing jointly). Required: If Jorge and Anita earn an additional $101,500 of taxable income, what is their marginal tax rate on this income? What is their marginal rate if, instead, they report an additional $101,500 in deductions? (For all requirements, do not round intermediate calculations. Round your answers to 2...
I can't figure out how to do this question and these are the
rates we are using. An explanation would be great so I know what
i'm doing.
b. What is Terris Tet What is Terri's tax liability? C. 48. LO.8 During 2019, Inez (a single taxpayer) had the following transactions involving capital assets: Gain on the sale of unimproved land (held as an investment for 3 years) Loss on the sale of a camper (purchased 2 years ago and...
2019 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The tax is: $ 0 $ 9.700 10% of taxable income $ 9,700 $ 39,475 5970 plus 12% of the excess over 59,700 $ 39,475 $ 84,200 $4543 plus 22% of the excess over $39,475 $84.200 $160.725 514 382.50 plus 24% of the excess over $84.200 $160,725 S204,100 $32.748.50 plus 32% of the excess over $160,725 $204,100 $510,300 $46.628.50 plus 35% of the excess over...
Exercise 3-23 (LO. 6) Compute the 2019 tax liability and the marginal and average tax rates for the following taxpayers. Click here to access the 2019 tax rate schedule. If required, round the tax liability the nearest dollar. When required, round the average rates to four decimal places before converting to a percentage (I...67073 would be rounded to .6707 and entered as 67.07%). a. Chandler, who files as a single taxpayer, has taxable income of $94,800. Tax liability: 16,927 x...
Exercise 3-23 (LO. 6) Compute the 2019 tax liability and the marginal and average tax rates for the following taxpayers. Click here to access the 2019 tax rate schedule. If required, round the tax liability the nearest dollar. When required, round the average rates to four decimal places before converting to a percentage (i...67073 would be rounded to .6707 and entered as 67.07%). a. Chandler, who files as a single taxpayer, has taxable income of $94,800. Tax liability: 16,927 Marginal...
2019 Tax Rate Schedules Single-Schedule X Head of household—Schedule Z If taxable of the If taxable income is: But not amount income is: But not Over- over- The tax is: over Over- over- The tax is: $ 0 $ 9,700 ......... 10% $ 0 $ 13,850 ......... 10% 9,700 39,475 $ 970.00 + 12% 9,700 13,850 52,850 $ 1,385.00 + 12% 39,475 84,200 4,543.00 + 22% 39,475 52,850 84,200 6,065.00 + 22% 84,200 160,725 14,382.50 +24% 84,200 84,200 160,700 12,962.00...
1. Gill and Molly are married and for 2019, they each made $50,000 and $30,000 of taxable income in wages, respectively. In addition, Molly received $13,000 of interest income from a municipal bond investment that is not taxable. Use the appropriate Federal Tax Rate Schedule in Appendix D towards the back of your book to answer the following. Round dollar amounts to the nearest cent ($3,500.0372 → $3,500.04). Round percentages to the second decimal place (e.g. 35.027956% → 35.03%). a....
Computation of Kiddie Tax In 2019, Simon, age 12, has interest income of $900 and dividend income of $4,000. He has no investment expenses. Determine Simon's net unearned income and total tax liability. Click here to access the 2019 tax rate schedule and 2019 Estate and Trust Tax Rate Schedule. If required, round the tax liability the nearest dollar. Net unearned income is $ 2,700 v. Simon's total tax is ......... 10% 2019 Tax Rate Schedules Single-Schedule X Head of...
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