1.Interest income (non TEB) = $ 1,223,400
Muni income = $ 2,00,000
TEB adjustment = 2,00,000*24%
= 48,000 $
Interest Income (TEB) = 1,223,400 - 48000
= 1,175,400$.
2. Interest income (non TEB) = $1,00,000
Muni income = $ 25000
TEB adjustment = 25000*25%
= 6250
Interest income (TEB) = 100000-6250
= 93750 $.
20 please solve the following Interest Income (non-TEB) Muni income tax rate TEB adjustment Interest Income...
please type your response and
please answer all parts and show work
c) Alpha Inc. has the following: Pretax financial income for 2018 of $100,000 Tax rate is %40 Warranty expense for financial purposes is $5,000, and warranty deductions per the tax return is $2,000 Gross profit on construction contracts using the percentage of completion method for books is $92,000. Gross profit on construction contracts for tax purposes is $62,000. Depreciation for financial reporting purposes is $60,000 and it is...
Please avoid using excel to solve the problem. Thanks!
7) If the corporate tax rate is 40% and the individual tax rate is 20% (and these are the only taxes), if a corporation has $50,000 of operating income, what is the after tax income for its owners? The tax rate is 15% between $0-$50,000 and 25% between $50,001-S 100,000. If you earn $60,000, then what is your average and marginal tax rates? A bank has quoted to you a monthly...
Generally, the tax rate that applies to the unearned income of a minor under the kiddie tax in 2018 is: a.The same as the head of household rate. b.The same as the parents' tax rate. c.The unearned income of a minor is not taxed. d.The same as the single taxpayer rate. e.The same as the trust and estate rate Which of the following is not a tax preference or adjustment item for the individual alternative minimum tax computation? a.State income...
please show work !! the secound piture it just the marginal
tax rat
Given the following tax structure, what minimum tax would need to be assessed on Shamelka to make the tax progressive with respect to average tax rates? Muni-Bond Total Taxpayer Salary Interest Tax Mihwah $11,500 $ 7,000 $ 483 Shameika $54,500 $ 26,000 ??? Minimum tax Scot and Vidia, married taxpayers, earn $280,000 in taxable income and $11,000 in interest from an investment in City of Tampa bonds....
A firm's income statement included the following data. The firm's average tax rate was 20%. $ 9,600 Cost of goods sold Income taxes paid Administrative expenses Interest expense Depreciation 3,600 4,600 2,600 2,600 a. What was the firm's net income? Net income b. What must have been the firm's revenues? Revenues $ c. What was EBIT? EBIT $
The top personal tax rate on both interest income and dividend income is 35%. The tax rate on realized capital gains is 15%. The corporate tax rate is 35%. a) Compute the total corporate plus personal taxes paid on $1 of debt income. b) Compute the total corporate plus personal taxes paid on $1 of equity income if all capital gains are realized immediately. Capital gains represent 25% of equity income.
7) If the corporate tax rate is 40% and the individual tax rate is 20% (and these are the only taxes), if a corporation has $50,000 of operating income, what is the after tax income for its owners? The tax rate is 15% between $0-$50,000 and 25% between $50,001-$100,000. If you earn $60,000, then what is your average and marginal tax rates? b) A bank has quoted to you a monthly rate of 0.25% on a short-term loan. What is...
Which of the following is not an adjustment or tax preference item for 2018 for purposes of the individual alternative minimum tax (AMT)? a.Certain passive losses b.Interest from private activity bonds c.Cash charitable contributions d.State income tax refunds e.All of these choices are adjustment or tax preference items for AMT. The Individual Alternative Minimum Tax (AMT) (LO 6.5) Otto and Monica are married taxpayers who file a joint tax return. For the current tax year, they have AGI of $111,600....
Complete the following table and answer the following questions. Tax Rate Tax Paid After-Tax Income High-income family Middle-income family Before-Tax Income $500,000 50,000 37% 20% 10% Low-income family 20,000 Using the table, the ratio of a high-income family's to a low-income family's Instructions: Round your responses to one decimal place. a. before-tax income is: e b. after-tax income is: c. Is this tax progressive?
please solve and fill the table for me. Show calculations 3. Determine Tax Liability. Find the tax liabilities based on the taxable income of the following people: Taxable income Tax (use 2019 Tax Rate Schedules for calculate tax liability) (a) married couple, $92,225 (b) married couple, $74,170 (c) single person, $27,880 (d) single person, $56,060 4. Use Tax Rate Schedules. Jared Goff, of Los Angeles, determined the following tax information: gross salary, $160,000; interest earned, $2,000; IRA contribution, $5,000; and...