Given the following tax structure, what minimum tax would need to be assessed on Shameika to...

Question

Question

Given the following tax structure, what minimum tax would need to be assessed on Shameika to make the tax progressive with respect to average tax rates?

Taxpayer Mihwah Shameika Muni-Bond Salary Interest Total Tax $14,500 $ 8,250 $1,305 $63,500 $ 12,500 ???

business accounting

Add a comment Improve this question Transcribed image text

Answer 1

✔ Recommended Answer

Answer #1

Let us first calculate the average tax rates

Average tax rate = Total tax / Taxable income

Mihwah's avergae tax rate = 1,305 / 14,500 = 9%

Shameika's tax = 63,500 X 9% = $ 5,715.

Minimum should be more than $ 5,715

Add a comment

Answer 2

Similar Homework Help Questions

Given the following tax structure, what minimum tax would need to be assessed on Shameika to...

Given the following tax structure, what minimum tax would need to be assessed on Shameika to make the tax progressive with respect to average tax rates? Taxpayer Salary Muni-bond interest Total Tax Mihwah $13,500 $6250 $945 Shameika $60,500 $19500 ?????
Given the following tax structure, what minimum tax would need to be assessed on Shameika to...

Given the following tax structure, what minimum tax would need to be assessed on Shameika to make the tax progressive with respect to average tax rates? Taxpayer Salary Muni-Bond Interest Total Tax Mihwah $22,500 $4,850 $1,665 Shameika $87,500 $40,000 ??? Manimum tax ?
Given the following tax structure, what minimum tax would need to be assessed on Shameika to...

Given the following tax structure, what minimum tax would need to be assessed on Shameika to make the tax progressive with respect to average tax rates? Muni-Bond Tota Taxpayer Salary Interest Tax Mihwah $19,000 $ 7,600 $1,805 Shameika $77,000 33,5002? Minimum tax

Given the following tax structure, what minimum tax would need to be assessed on Shameika to...

Given the following tax structure, what minimum tax would need to be assessed on Shameika to make the tax progressive with respect to average tax rates? Taxpayer Mihwah Shameika Muni-Bond Total Salary Interest Tax $16,500 $ 6,800 $ 792 $69,500 $ 29,500 ??? Answer is complete but not entirely correct. Minimum tax $ 3,336
Given the following tax structure, what minimum tax would need to be assessed on Shameika to...

Given the following tax structure, what minimum tax would need to be assessed on Shameika to make the tax progressive with respect to effective tax rates? Muni-Bond Total Taxpayer Salary Interest Tax Mihwah $34,000 $ 34,000 $3,672 Shameika $74,000 42,000??? Minimum tax
Given the following tax structure, what minimum tax would need to be assessed on Shameika to...

Given the following tax structure, what minimum tax would need to be assessed on Shameika to make the tax progressive with respect to effective tax rates? Muni-Bond Total Taxpayer Salary Interest Tax $28,000 28,000 $2,688 ?7? Mihwah Shameika $68,000 39,00022?

Given the following tax structure, what minimum tax would need to be assessed on Shameika to...

Given the following tax structure, what minimum tax would need to be assessed on Shameika to make the tax progressive with respect to effective tax rates? (Round your final answer to nearest whole dollar amount.) Taxpayer Mihwah Shameika Salary $11,000 $51,000 Muni-Bond Interest $ 11,000 $ 30,500 Total Tax $ 682 ??? Minimum tax
6 Problem 1-47 (LO 1-3) (Algo) Skipped Given the following tax structure, what minimum tax would...

6 Problem 1-47 (LO 1-3) (Algo) Skipped Given the following tax structure, what minimum tax would need to be assessed on Shameika to make the tax progressive with respect to average tax rates? Book Taxpayer Mihwah Shameika Muni-Bond Total Salary Interest $16,000 $ 6,750 $ 736 $68,000 $24.500 777 ASK Print References Minimum tax
14. Given the following tax structure, what minimum tax would need to be assessed on Shameika...

14. Given the following tax structure, what minimum tax would need to be assessed on Shameika to make the tax progressive with respect to average tax rates? Taxpayer Salary Muni-Bond Interest Total Tax Mihwah $ 10,000 $ 10,000 $ 600 Shameika $ 50,000 $ 30,000 ??? 15. Given the following tax structure, what minimum tax would need to be assessed on Shameika to make the tax progressive with respect to effective tax rates? (Round your final answer to nearest whole...

Given the following tax structure, what minimum tax would need to be assessed on Shameika to...

Given the following tax structure, what minimum tax would need to be assessed on Shameika to make the tax progressive with respect to average tax rates? Given the following tax structure, what minimum tax would need to be assessed on Shameika to make the tax progressive with respect to effective tax rates? (Round your final answer to nearest whole dollar amount.)

Given the following tax structure, what minimum tax would need to be assessed on Shameika to...

Homework Answers

Add Answer to:
Given the following tax structure, what minimum tax would need to be assessed on Shameika to...

Post as a guest

Earn Coins