Homework Answers
Solution: Tax Liability = $ 4,606.75
| No. | Particulars | Amount | Calculation |
| 1 | Taxable Income | $ 42,900.00 | |
| 2 | Preferentially taxed income | $ (7,300.00) | Qualified Dividends |
| 3 | income taxed at ordinary rates | $ 35,600.00 | 1-2 |
| 4 | Tax on income taxed at ordinary rates | $ 4,078.00 | 970+(35600-9700)*12% |
| 5 | Tax on Preferentially taxed income | $ 528.75 | (42900-39375)*15% |
| 6 | Tax Liability | $ 4,606.75 | 4+5 |
| 7 | Net Investment income tax | $ - | |
| 8 | Total Income & Net investment tax liability | $ 4,606.75 | 6+7 |
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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....
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.) a. All of her income is salary from her employer. Tarabaty 39,415 5970 plus 12% of the excess...
The following information applies to the questions displayed below.) Lacy is a single taxpayer. In 2019,...
The following information applies to the questions displayed below.) Lacy is a single taxpayer. In 2019, her taxable income is $42,300. 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.) Problem 8-50 Part-a a. All of her income is salary from her employer. Tax liability The following information applies to...
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)...
Chuck, a single taxpayer, earns $75,000 in taxable income and $10,000 in interest from an investment...
Chuck, a single taxpayer, earns $75,000 in taxable income and $10,000 in interest from an investment in City of Heflin bonds. (Use the U.S. tax rate schedule) Required: a. If Chuck earns an additional $40,000 of taxable income, what is his marginal tax rate on this income? b. What is his marginal rate if, instead, he had $40,000 of additional deductions? (For all requirements, do not round intermediate calculations. Round your answers to 2 decimal places.) Marginal tax rate Marginal...
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...
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...
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%...
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 S14,382.50 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 the excess over...
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.) a. All of her income is salary from her employer. Tarabaty 39,415 5970 plus 12% of the excess...
The following information applies to the questions displayed below.) Lacy is a single taxpayer. In 2019, her taxable income is $42,300. 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.) Problem 8-50 Part-a a. All of her income is salary from her employer. Tax liability The following information applies to...
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)...
Chuck, a single taxpayer, earns $75,000 in taxable income and $10,000 in interest from an investment in City of Heflin bonds. (Use the U.S. tax rate schedule) Required: a. If Chuck earns an additional $40,000 of taxable income, what is his marginal tax rate on this income? b. What is his marginal rate if, instead, he had $40,000 of additional deductions? (For all requirements, do not round intermediate calculations. Round your answers to 2 decimal places.) Marginal tax rate Marginal...
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...
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 S14,382.50 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 the excess over...
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