Homework Answers
| Gross Income | $ 75,000.00 | |
| Less: Adjustments | $ (4,000.00) | |
| Adjusted Gross Income | $ 71,000.00 | |
| Less: | ||
| Exemption | $ 3,800.00 | |
| Deductions (28000+4200+3000) (Standard deduction or Itemized Deduction whichever is greater) | $ 35,200.00 | $ (39,000.00) |
| Taxable Income | $ 32,000.00 | |
| Tax liability | ||
| Tax Computation = 10% x 8700 + 15% x (32000 - 8700) | $ 4,365.00 | |
| Income Tax = Tax Computation - Credits | ||
| Income Tax = 4365 - 0 | $ 4,365.00 |
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Use the 2012 marginal tax rates in the table below to compute the tax owed by...
Use the 2012 marginal tax rates to compute the tax owed by the following person. Round...
Use the 2012 marginal tax rates to compute
the tax owed by the following person. Round taxable income to the
nearest dollar as needed. A single woman with a taxable income of
$78000
The tax owed is
2012 Marginal Tax Rates, Standard Deductions, and Exemptions Unmarried, divorced, Married and each partner Married and both Unmarried and paying or legally separated files a separate tax return partners file a single more than half the cost tax return of supporting a...
his Question: 1 pl 8 of 14 (5 complete) Ise the 2016 marginal tax rates to...
his Question: 1 pl 8 of 14 (5 complete) Ise the 2016 marginal tax rates to compute the income tax owed by the following person Unmarried head of household with two dependent children Gross income: $68,000 Adjustments: none Deductions: 53431 state taxes 52000 theft loss 0 2016 Marginal Tax Rates Tax credit: 53000 Click the icon to view the 2016 marginal tax rates The income tax owed is (Type an integer or a decimal. Round to the nearest ca Tax...
X 8.2.11 2016 Marginal Tax Rates Use the 2016 marginal tax rates to compute the tax...
X 8.2.11 2016 Marginal Tax Rates Use the 2016 marginal tax rates to compute the tax owed by the following couple A married couple fling jointly with a taxable income of $300,000 and a $7500 tax credit Click the icon to view the 2016 marginal tax rates The tax owed is (Type an integer or a decimal Round to the nearest cent as needed) Tax Rate 10% 15% 255 28 Unmarried, divorced, Married and each partner Married and both Unmarried...
Use the marginal tax rates in the table below to compute the tax owed in the...
Use the marginal tax rates in the table below to compute the tax owed in the following situation. Gene is married filing separately with a taxable income of $67,500. The tax owed is $ (Simplify your answer. Round to the nearest dollar as needed.) Single Separately Tax Rate Married Filing 10% up to $8,925 up to $8,925 15% up to $36,250 up to $36,250 25% up to $87,850 up to $73,200 28% up to $183,250 up to $111,525 33% up...
Use the marginal tax rates in the table below to compute the tax owed in the...
Use the marginal tax rates in the table below to compute the tax owed in the following situation. Sarah is married filing separately with a taxable income of $67,400. Tax Rate Single Married Filing Separately 10% up to $8,925 up to $8,925 15% up to $36,250 up to $36,250 25% up to $87,850 up to $73,200 28% up to $183,250 up to $111,525 33% up to $398,350 up to $199,175 35% up to $400,000 up to $400,000 standard deduction $6100...
Use the marginal tax rates in the table below to compute the tax owed in the...
Use the marginal tax rates in the table below to compute the tax owed in the following situation. Sarahis singles and had a taxable income of $35,500 Tax Rate Single Married Filing Separately 10% up to $8,925 up to $8,925 15% up to $36,250 up to $36,250 25% up to $87,850 up to $73,200 28% up to $183,250 up to $111,525 33% up to $398,350 up to $199,175 35% up to $400,000 up to $400,000 standard deduction $6100 $6100 exemption...
4.E.31 Use the marginal tax rates in the table below to compute the tax owed in...
4.E.31 Use the marginal tax rates in the table below to compute the tax owed in the following situation Bobbi is married filing separately with a taxable income of $67,600 The tax owed is $ (Simplify your answer. Round to the nearest dollar as needed.) Tax Rate 10% 15% 25% 28% 33% 35% standard deduction Single Married Filing Separately up to $8,925 up to $8,925 up to $36,250 up to $36,250 up to $87,850 up to $73,200 up to $183,250...
It is based on the multiple-choice question pasted below. Use the current 21 percent tax rate....
It is based on the multiple-choice question pasted below. Use the current 21 percent tax rate. (28) in the current year, Acom, Inc., had the following items of income and expense! Sales $500,000 Cost of sales 250,000 Dividends received 25,000 The dividends were received from a corporation of which Acom owns 30%. In Acom's current yoar income tax rotum, what amount should be reported as income before special deductions? A. $525.000 B. $508,750 C. $275,000 D. $250.000 The correct answer...
Use the 2012 marginal tax rates to compute
the tax owed by the following person. Round taxable income to the
nearest dollar as needed. A single woman with a taxable income of
$78000
The tax owed is
2012 Marginal Tax Rates, Standard Deductions, and Exemptions Unmarried, divorced, Married and each partner Married and both Unmarried and paying or legally separated files a separate tax return partners file a single more than half the cost tax return of supporting a...
his Question: 1 pl 8 of 14 (5 complete) Ise the 2016 marginal tax rates to compute the income tax owed by the following person Unmarried head of household with two dependent children Gross income: $68,000 Adjustments: none Deductions: 53431 state taxes 52000 theft loss 0 2016 Marginal Tax Rates Tax credit: 53000 Click the icon to view the 2016 marginal tax rates The income tax owed is (Type an integer or a decimal. Round to the nearest ca Tax...
X 8.2.11 2016 Marginal Tax Rates Use the 2016 marginal tax rates to compute the tax owed by the following couple A married couple fling jointly with a taxable income of $300,000 and a $7500 tax credit Click the icon to view the 2016 marginal tax rates The tax owed is (Type an integer or a decimal Round to the nearest cent as needed) Tax Rate 10% 15% 255 28 Unmarried, divorced, Married and each partner Married and both Unmarried...
Use the marginal tax rates in the table below to compute the tax owed in the following situation. Gene is married filing separately with a taxable income of $67,500. The tax owed is $ (Simplify your answer. Round to the nearest dollar as needed.) Single Separately Tax Rate Married Filing 10% up to $8,925 up to $8,925 15% up to $36,250 up to $36,250 25% up to $87,850 up to $73,200 28% up to $183,250 up to $111,525 33% up...
4.E.31 Use the marginal tax rates in the table below to compute the tax owed in the following situation Bobbi is married filing separately with a taxable income of $67,600 The tax owed is $ (Simplify your answer. Round to the nearest dollar as needed.) Tax Rate 10% 15% 25% 28% 33% 35% standard deduction Single Married Filing Separately up to $8,925 up to $8,925 up to $36,250 up to $36,250 up to $87,850 up to $73,200 up to $183,250...
It is based on the multiple-choice question pasted below. Use the current 21 percent tax rate. (28) in the current year, Acom, Inc., had the following items of income and expense! Sales $500,000 Cost of sales 250,000 Dividends received 25,000 The dividends were received from a corporation of which Acom owns 30%. In Acom's current yoar income tax rotum, what amount should be reported as income before special deductions? A. $525.000 B. $508,750 C. $275,000 D. $250.000 The correct answer...
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