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Homework Answers
Part A
|
Description |
Amount |
Explanation |
|
(1) Taxable income |
42300 |
|
|
(2) Preferentially taxed income (qualified dividends) |
0 |
|
|
(3) Income taxed at ordinary rates |
42300 |
(1) – (2) |
|
(4) Tax on income taxed at ordinary rates |
5164.50 |
4543+(22%*(42300-39475)) |
|
(5) Tax on preferentially taxed income |
0 |
|
|
Tax on taxable income |
$5164.50 |
(4) + (5) |
Part B
|
Description |
Amount |
Explanation |
|
(1) Taxable income |
42300 |
|
|
(2) Preferentially taxed income (qualified dividends) |
3900 |
|
|
(3) Income taxed at ordinary rates |
38400 |
(1) – (2) |
|
(4) Tax on income taxed at ordinary rates |
4414 |
970+(12%*(38400-9700)) |
|
(5) Tax on preferentially taxed income |
438.75 |
((39375-38400)*0%)+((3900-(39375-38400))*15%) |
|
Tax on taxable income |
$4852.75 |
(4) + (5) |
Part C
|
Description |
Amount |
Explanation |
|
(1) Taxable income |
42300 |
|
|
(2) Preferentially taxed income (qualified dividends) |
6400 |
|
|
(3) Income taxed at ordinary rates |
35900 |
(1) – (2) |
|
(4) Tax on income taxed at ordinary rates |
4114 |
970+(12%*(35900-9700)) |
|
(5) Tax on preferentially taxed income |
438.75 |
((39375-35900)*0%)+((6400-(39375-35900))*15%) |
|
Tax on taxable income |
$4552.75 |
(4) + (5) |
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The following information applies to the questions displayed below.) Lacy is a single taxpayer. In 2019,...
Required information [The following information applies to the questions displayed below) Lacy is a single taxpayer...
Required information [The following information applies to the questions displayed below) Lacy is a single taxpayer In 2019, her taxable income is $42.900. What is her tax liability in each of the following alternative situations? Use Tax Rate Schedule. Dividends and Capital Gains Tax Rates. Estates and Trusts for reference. (Do not round intermediate calculations. Round your answer to 2 decimal places.) a. All of her income is salary from her employer. Tarabaty 39,415 5970 plus 12% of the excess...
Required information The following information applies to the questions displayed below.) Lacy is a single taxpayer....
Required information The following information applies to the questions displayed below.) Lacy is a single taxpayer. In 2019, her taxable income is $42.900. What is her tax liability in each of the following alternative situations? Use Tax Rate Schedule. Dividends and Capital Gains Tax Rates. Estates and Trusts for reference (Do not round intermediate calculations. Round your answer to 2 decimal places.) b. Her $42.900 of taxable income includes $6,600 of qualified dividends. Tax lability Tax Rates for Net Capital...
Required information [The following information applies to the questions displayed below.) Lacy is a single taxpayer....
Required information [The following information applies to the questions displayed below.) Lacy is a single taxpayer. In 2019, her taxable income is $42.900. What is her tax liability in each of the following alternative situations? Use Tax Rate Schedule. Dividends and Capital Gains Tax Rates. Estates and Trusts for reference. (Do not round intermediate calculations. Round your answer to 2 decimal places.) c. Her $42.900 of taxable income includes $7,300 of qualified dividends. Tax Baby Estates and Trusts If taxable...
Lacy is a single taxpayer. In 2019, her taxable income is $40,000. What is her tax...
Lacy is a single taxpayer. In 2019, her taxable income is
$40,000. What is her tax liability in each of the following
alternative situations? Use Tax Rate Schedule, Dividends and
Capital Gains Tax Rates for reference. (Do not round
intermediate calculations. Round your answer to 2 decimal
places.)
a. All of her income is salary from her
employer.
Tax liability = ?
b. Her $40,000 of taxable income includes
$1,000 of qualified dividends.
Tax liability = ?
c. Her $40,000...
Required information Problem 8-47 (LO 8-1) [The following information applies to the questions displayed below.] Whitney...
Required information
Problem 8-47 (LO 8-1)
[The following information applies to the questions
displayed below.]
Whitney received $74,200 of taxable income in 2019. All of the
income was salary from her employer. What is her income tax
liability in each of the following alternative situations? Use Tax
Rate Schedule for reference. (Do not round intermediate
calculations. Round your answer to 2 decimal places.)
a. She files under the single filing
status.
A. Income tax liability: ???
b. She files a...
Required information [The following information applies to the questions displayed below.) Jeremy earned $100,000 in salary...
Required information [The following information applies to the questions displayed below.) Jeremy earned $100,000 in salary and $6,000 in interest income during the year. Jeremy's employer withheld $11,000 of federal income taxes from Jeremy's paychecks during the year. Jeremy has one qualifying dependent child who lives with him. Jeremy qualifies to file as head of household and has $23,000 in itemized deductions. (Use the tax rate sch a. Determine Jeremy's tax refund or taxes due. Amount 106.000 106,000 Description (1)...
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
$970 plus 12% of the excess over $9,700
$ 39,475
$ 84,200
$4,543 plus 22% of the excess over $39,475
$ 84,200
$160,725
$14,382.50 plus 24% of the excess over $84,200
$160,725
$204,100
$32,748.50 plus 32% of the excess over $160,725
$204,100
$510,300
$46,628.50 plus 35% of...
Lily Tucker (single) owns and operates a bike shop as a sole proprietorship. In 2019, she...
Lily Tucker (single) owns and operates a bike shop as a sole proprietorship. In 2019, she sells the following long-term assets used in her business: Asset Sales Price Cost Accumulated Depreciation Building $230,000 $200,000 $52,000 Equipment 80,000 148,000 23,000 Lily's taxable income before these transactions is $190,500. What are Lily's taxable income and tax liability for the year? Use Tax Rate Schedule for reference. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.) TAXABLE...
Moana is a single taxpayer who operates a sole proprietorship. She expects her taxable income next...
Moana is a single taxpayer who operates a sole proprietorship. She expects her taxable income next year to be $250,000, of which $200,000 is attributed to her sole proprietorship. Moana is contemplating incorporating her sole proprietorship. (Use the tax rate schedule). a. Using the single individual tax brackets and the corporate tax rate of 21 percent, find out how much current tax this strategy could save Moana (ignore any Social Security, Medicare, or self-employment tax issues). (Round your intermediate calculations...
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
$970 plus 12% of the excess over $9,700
$ 39,475
$ 84,200
$4,543 plus 22% of the excess over $39,475
$ 84,200
$160,725
$14,382.50 plus 24% of the excess over $84,200
$160,725
$204,100
$32,748.50 plus 32% of the excess over $160,725
$204,100
$510,300
$46,628.50 plus 35% of...
Required information [The following information applies to the questions displayed below) Lacy is a single taxpayer In 2019, her taxable income is $42.900. What is her tax liability in each of the following alternative situations? Use Tax Rate Schedule. Dividends and Capital Gains Tax Rates. Estates and Trusts for reference. (Do not round intermediate calculations. Round your answer to 2 decimal places.) a. All of her income is salary from her employer. Tarabaty 39,415 5970 plus 12% of the excess...
Required information The following information applies to the questions displayed below.) Lacy is a single taxpayer. In 2019, her taxable income is $42.900. What is her tax liability in each of the following alternative situations? Use Tax Rate Schedule. Dividends and Capital Gains Tax Rates. Estates and Trusts for reference (Do not round intermediate calculations. Round your answer to 2 decimal places.) b. Her $42.900 of taxable income includes $6,600 of qualified dividends. Tax lability Tax Rates for Net Capital...
Required information [The following information applies to the questions displayed below.) Lacy is a single taxpayer. In 2019, her taxable income is $42.900. What is her tax liability in each of the following alternative situations? Use Tax Rate Schedule. Dividends and Capital Gains Tax Rates. Estates and Trusts for reference. (Do not round intermediate calculations. Round your answer to 2 decimal places.) c. Her $42.900 of taxable income includes $7,300 of qualified dividends. Tax Baby Estates and Trusts If taxable...
Lacy is a single taxpayer. In 2019, her taxable income is
$40,000. What is her tax liability in each of the following
alternative situations? Use Tax Rate Schedule, Dividends and
Capital Gains Tax Rates for reference. (Do not round
intermediate calculations. Round your answer to 2 decimal
places.)
a. All of her income is salary from her
employer.
Tax liability = ?
b. Her $40,000 of taxable income includes
$1,000 of qualified dividends.
Tax liability = ?
c. Her $40,000...
Required information
Problem 8-47 (LO 8-1)
[The following information applies to the questions
displayed below.]
Whitney received $74,200 of taxable income in 2019. All of the
income was salary from her employer. What is her income tax
liability in each of the following alternative situations? Use Tax
Rate Schedule for reference. (Do not round intermediate
calculations. Round your answer to 2 decimal places.)
a. She files under the single filing
status.
A. Income tax liability: ???
b. She files a...
Required information [The following information applies to the questions displayed below.) Jeremy earned $100,000 in salary and $6,000 in interest income during the year. Jeremy's employer withheld $11,000 of federal income taxes from Jeremy's paychecks during the year. Jeremy has one qualifying dependent child who lives with him. Jeremy qualifies to file as head of household and has $23,000 in itemized deductions. (Use the tax rate sch a. Determine Jeremy's tax refund or taxes due. Amount 106.000 106,000 Description (1)...
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% of the excess over $39,475
$ 84,200
$160,725
$14,382.50 plus 24% of the excess over $84,200
$160,725
$204,100
$32,748.50 plus 32% of the excess over $160,725
$204,100
$510,300
$46,628.50 plus 35% of...
Moana is a single taxpayer who operates a sole proprietorship. She expects her taxable income next year to be $250,000, of which $200,000 is attributed to her sole proprietorship. Moana is contemplating incorporating her sole proprietorship. (Use the tax rate schedule). a. Using the single individual tax brackets and the corporate tax rate of 21 percent, find out how much current tax this strategy could save Moana (ignore any Social Security, Medicare, or self-employment tax issues). (Round your intermediate calculations...
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% of the excess over $39,475
$ 84,200
$160,725
$14,382.50 plus 24% of the excess over $84,200
$160,725
$204,100
$32,748.50 plus 32% of the excess over $160,725
$204,100
$510,300
$46,628.50 plus 35% of...
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