Homework Answers
Q#11) Answer : $66,690
| Tax slab | calculation | $ |
| 10% | $9,525*10% | $952.50 |
| 12% | ($38,700 - $9,525)*12 | $3,501 |
| 22% | ($82,500 - $38,700)*22% | $9,636 |
| 24% | ($157,500 - $82,500) *24% | $18,000 |
| 32% | ($200,000 - $157,500)*32% | $13,600 |
| 35% | ($260,000 - $200,000) * 35% | $21,000 |
| Total | $66,690 |
Q#12) Answer: $40,822.55
| Interest Rate | 7.8% | ||||
| Time | Opening Balance | Interest | Total Balance | Deposits | Closing Balance |
| 1.00 | - | - | - | - | |
| 2.00 | - | - | - | 8,500.00 | 8,500.00 |
| 3.00 | 8,500.00 | 663.00 | 9,163.00 | 9,300.00 | 18,463.00 |
| 4.00 | 18,463.00 | 1,440.11 | 19,903.11 | 19,903.11 | |
| 5.00 | 19,903.11 | 1,552.44 | 21,455.56 | 21,455.56 | |
| 6.00 | 21,455.56 | 1,673.53 | 23,129.09 | 7,100.00 | 30,229.09 |
| 7.00 | 30,229.09 | 2,357.87 | 32,586.96 | 32,586.96 | |
| 8.00 | 32,586.96 | 2,541.78 | 35,128.74 | 35,128.74 | |
| 9.00 | 35,128.74 | 2,740.04 | 37,868.78 | 37,868.78 | |
| 10.00 | 37,868.78 | 2,953.77 | 40,822.55 | 40,822.55 |
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Use the following tax table to answer this question: Tax Rate 10% Taxable income O- 9.525...
Tax Rate 10% Taxable Income - 9,525 9,525 - 38,700 38,700 - 82,500 82,500 - 157,500...
Tax Rate 10% Taxable Income - 9,525 9,525 - 38,700 38,700 - 82,500 82,500 - 157,500 157,500 - 200,000 200,000 - 500,000 500,000+ Stacey's Fabrics, a sole proprietorship earned $260,000 in taxable income for the year. How much tax does the company owe? Multiple Choice O $96.220 Ο 596220 $96.220 Ο S9ιροο 91.000 Ο S66.690 Ο 582 400 S62.400 Ο ΕΞ720ο 57200
2018 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The...
2018 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The tax is: $ 0 $ 9.525 10% of taxable income $ 9,525 $ 38,700 5952.50 plus 12% of the excess over $9,525 $ 38,700 $ 82,500 $4,453.50 plus 22% of the excess over $38,700 $ 82,500 $157,500 $14.089.50 plus 24% of the excess over $82,500 $157,500 $200,000 $32.089.50 plus 32% of the excess over $157,500 $200,000 $500,000 $45.689 50 plus 35% of the excess...
2018 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The...
2018 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The tax is: $ 0 $ 9.525 10% of taxable income $ 9,525 $ 38,700 5952.50 plus 12% of the excess over $9,525 $ 38,700 $ 82,500 $4,453.50 plus 22% of the excess over $38,700 $ 82,500 $157,500 $14.089.50 plus 24% of the excess over $82,500 $157,500 $200,000 $32.089.50 plus 32% of the excess over $157,500 $200,000 $500,000 $45.689 50 plus 35% of the excess...
Duela Dent is single and had $196,000 in taxable income. Use the rates from Table 2.3....
Duela Dent is single and had $196,000 in taxable income. Use the rates from Table 2.3. a. What is the average tax rate? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) b. What is the marginal tax rate? (Enter your answer as a percent rounded to the nearest whole number, e.g., 32.) Average tax rate b. Marginal tax rate TABLE 2.3 Tax Rate Taxable income 10% 12 Personal tax...
Duela Dent is single and had $188,800 in taxable income. Use the rates from Table 2.3....
Duela Dent is single and had $188,800 in taxable income. Use the rates from Table 2.3. a. What is the average tax rate? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) b. What is the marginal tax rate? (Enter your answer as a percent rounded to the nearest whole number, e.g., 32.) a. Average tax rate b. Marginal tax rate TABLE 2.3 Taxable income Tax Rate O Personal tax...
Asset 4 Question 20 (1 point) The tax liability of a sole proprietorship with ordinary income...
Asset 4 Question 20 (1 point) The tax liability of a sole proprietorship with ordinary income of $450,000 is closest to Range of taxable income Marginal rate $ 0 to $ 9,525 9,525 to 38,700 38,700 to 82,500 82,500 to 157,500 157,500 to 200,000 200,000 to 500,000 10% 12 24 32 35 $157,500 $133.190 $94,500 $114,700 18 Submit Quiz 14 of 20 questions saved wi
"Marginal tax rates. Using the tax rate schedule given in Table 1.2, perform the following: " ...
"Marginal tax rates. Using the tax rate schedule given in Table 1.2, perform the following: " a. Find the marginal tax rate for the following levels of sole proprietorship earnings before taxes: $15,000; $60,000; $90,000; $150,000; $250,000; $450,000; and $1 million. b. Plot the marginal tax rates (measured on the y-axis) against the pretax incomelevels (measured...
Marginal tax rates. Using the tax rate schedule given in Table 1.2, perform the following: a....
Marginal tax rates. Using the tax rate schedule given in Table 1.2, perform the following: a. Find the marginal tax rate for the following levels of sole proprietorship earnings before taxes: $15,000; $60,000; $90,000; $150,000; $250,000; $450,000; and $1 million. b. Plot the marginal tax rates (measured on the y-axis) against the pretax incomelevels (measured on the x-axis). Explain the relationship between these variables. Table 1.2 2018 Tax Rate Schedule for Single Taxpayer Tax calculation Base tax + (Marginal rate...
Duela Dent is single and had $181,600 in taxable income. Use the rates from Table 23...
Duela Dent is single and had $181,600 in taxable income. Use the rates from Table 23 (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Calculate her income taxes. Income taxes TABLE 2.3 Taxable income Tax Rate 10% Personal tax rates for 2018 (unmarried Individuals) 0- 9,525 9,525- 38,700 38,700 82,500 82,500- 157,500 157,500- 200,000 200,000- 500,000 500,000+
Duela Dent is single and had $183,200 in taxable income. Use the rates from Table 2.3....
Duela Dent is single and had $183,200 in taxable income. Use the rates from Table 2.3. (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Calculate her income taxes. Income taxes TABLE 2.3 Taxable income Tax Rate 10% Personal tax rates for 2018 (unmarried individuals) 0 9,525 9,525 38,700 38,700 82,500 82,500 157,500 157,500- 200,000 200,000- 500,000 500,000+
Tax Rate 10% Taxable Income - 9,525 9,525 - 38,700 38,700 - 82,500 82,500 - 157,500 157,500 - 200,000 200,000 - 500,000 500,000+ Stacey's Fabrics, a sole proprietorship earned $260,000 in taxable income for the year. How much tax does the company owe? Multiple Choice O $96.220 Ο 596220 $96.220 Ο S9ιροο 91.000 Ο S66.690 Ο 582 400 S62.400 Ο ΕΞ720ο 57200
2018 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The tax is: $ 0 $ 9.525 10% of taxable income $ 9,525 $ 38,700 5952.50 plus 12% of the excess over $9,525 $ 38,700 $ 82,500 $4,453.50 plus 22% of the excess over $38,700 $ 82,500 $157,500 $14.089.50 plus 24% of the excess over $82,500 $157,500 $200,000 $32.089.50 plus 32% of the excess over $157,500 $200,000 $500,000 $45.689 50 plus 35% of the excess...
2018 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The tax is: $ 0 $ 9.525 10% of taxable income $ 9,525 $ 38,700 5952.50 plus 12% of the excess over $9,525 $ 38,700 $ 82,500 $4,453.50 plus 22% of the excess over $38,700 $ 82,500 $157,500 $14.089.50 plus 24% of the excess over $82,500 $157,500 $200,000 $32.089.50 plus 32% of the excess over $157,500 $200,000 $500,000 $45.689 50 plus 35% of the excess...
Duela Dent is single and had $196,000 in taxable income. Use the rates from Table 2.3. a. What is the average tax rate? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) b. What is the marginal tax rate? (Enter your answer as a percent rounded to the nearest whole number, e.g., 32.) Average tax rate b. Marginal tax rate TABLE 2.3 Tax Rate Taxable income 10% 12 Personal tax...
Duela Dent is single and had $188,800 in taxable income. Use the rates from Table 2.3. a. What is the average tax rate? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) b. What is the marginal tax rate? (Enter your answer as a percent rounded to the nearest whole number, e.g., 32.) a. Average tax rate b. Marginal tax rate TABLE 2.3 Taxable income Tax Rate O Personal tax...
Asset 4 Question 20 (1 point) The tax liability of a sole proprietorship with ordinary income of $450,000 is closest to Range of taxable income Marginal rate $ 0 to $ 9,525 9,525 to 38,700 38,700 to 82,500 82,500 to 157,500 157,500 to 200,000 200,000 to 500,000 10% 12 24 32 35 $157,500 $133.190 $94,500 $114,700 18 Submit Quiz 14 of 20 questions saved wi
Duela Dent is single and had $181,600 in taxable income. Use the rates from Table 23 (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Calculate her income taxes. Income taxes TABLE 2.3 Taxable income Tax Rate 10% Personal tax rates for 2018 (unmarried Individuals) 0- 9,525 9,525- 38,700 38,700 82,500 82,500- 157,500 157,500- 200,000 200,000- 500,000 500,000+
Duela Dent is single and had $183,200 in taxable income. Use the rates from Table 2.3. (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Calculate her income taxes. Income taxes TABLE 2.3 Taxable income Tax Rate 10% Personal tax rates for 2018 (unmarried individuals) 0 9,525 9,525 38,700 38,700 82,500 82,500 157,500 157,500- 200,000 200,000- 500,000 500,000+
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