1. Suppose you are hired by the Federal Reserve Bank of St. Louis as a financial...
1. Suppose you are hired by the Federal Reserve Bank of St. Louis as a financial analyst. Suppose also the tax rates and brackets are also given:
|
Federal Income Tax Brackets |
|
|
Taxable Income |
Tax Rate |
|
$0–9,700 |
10 percent |
|
$9,701–$39,475 |
12 percent |
|
$39,476–$84,200 |
22 percent |
|
$84,201–$160,725 |
24 percent |
|
$160,726–$204,100 $204,101–$510,300 |
32 percent 35 percent |
|
Over $510,300 |
37 percent |
- Calculate the total tax bill and average tax rate if your salary is $78,000
- Calculate the total tax bill and average tax rate if your salary is $180,000
Homework Answers
a)Salary = 78000
Tax bill = (9700*10%)+(39475-9700*12%)+(78000-39475*22%)
= 970+3573+8475.5 = 13018.5
Average tax rate = 13018.5/78000*100 = 16.69%
b) Salary = 180000
Tax bill = (970)+(3573)+(84200-39475*22%)+(160725-84200*24%)+(180000-160725*32%)
= 970+3573+9839.5+18366+6168 = 38916.5
Average tax rate = 38916.5/180000*100 = 21.62%
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1. Suppose you are hired by the Federal Reserve Bank of St.
Louis as a financial...
1. Suppose you are hired by the Federal Reserve Bank of St. Louis as a financial...
1. Suppose you are hired by the Federal Reserve Bank of St. Louis as a financial analyst. Suppose also the tax rates and brackets are also given: Federal Income Tax Brackets Taxable Income Tax Rate $0–9,700 10 percent $9,701–$39,475 12 percent $39,476–$84,200 22 percent $84,201–$160,725 24 percent $160,726–$204,100 $204,101–$510,300 32 percent 35 percent Over $510,300 37 percent Calculate the total tax bill and average tax rate if your salary is $78,000 Calculate the total tax bill and average tax...
1. Suppose you are hired by the Federal Reserve Bank of St. Louis as a financial...
1. Suppose you are hired by the Federal Reserve Bank of St. Louis as a financial analyst. Suppose also the tax rates and brackets are also given: Federal Income Tax Brackets Taxable Income Tax Rate $0-9,700 10 percent $9,701-$39,475 12 percent $39,476-$84,200 22 percent $84,201-$160,725 24 percent $160,726-$204,100 32 percent $204,101-$510,300 35 percent Over $510,300 37 percent Calculate the total tax bill and average tax rate if your salary is $78,000 a) b) Calculate the total tax bill and average...
1. Suppose you are hired by the Federal Reserve Bank of St. Louis as a financial...
1. Suppose you are hired by the Federal Reserve Bank of St. Louis as a financial analyst. Suppose also the tax rates and brackets are also given: Federal Income Tax Brackets Taxable Income Tax Rate $0–9,700 10 percent $9,701–$39,475 12 percent $39,476–$84,200 22 percent $84,201–$160,725 24 percent $160,726–$204,100 $204,101–$510,300 32 percent 35 percent Over $510,300 37 percent Calculate the total tax bill and average tax rate if your salary is $78,000 Calculate the total tax bill and average tax...
help on this thank you! Single filers Tax rate Taxable income bracket 10% $0 to $9,700...
help on this thank you!
Single filers Tax rate Taxable income bracket 10% $0 to $9,700 12% $9,701 to $39,475 22% $39,476 to $84,200 24% $84,201 to $160,725 32% $160,726 to $204,100 35% $204,101 to $510,300 37% $510,301 or more Use the tax table for the 2019 Federal Income Tax for a single filer. The standard deduction for 2019 is $12,200. Compute the total income tax due and the effective tax rate for someone who earns $85,000 during the year....
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Leanne earns a gross yearly salary of $97,589. She has no
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Charitable contributions: $9,471
Student loan interest: $600
When she files her taxes, what will her tax refund be?
Round your answer to the nearest dollar.
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1. Suppose you are hired by the Federal Reserve Bank of St. Louis as a financial analyst. Suppose also the tax rates and brackets are also given: Federal Income Tax Brackets Taxable Income Tax Rate $0-9,700 10 percent $9,701-$39,475 12 percent $39,476-$84,200 22 percent $84,201-$160,725 24 percent $160,726-$204,100 32 percent $204,101-$510,300 35 percent Over $510,300 37 percent Calculate the total tax bill and average tax rate if your salary is $78,000 a) b) Calculate the total tax bill and average...
help on this thank you!
Single filers Tax rate Taxable income bracket 10% $0 to $9,700 12% $9,701 to $39,475 22% $39,476 to $84,200 24% $84,201 to $160,725 32% $160,726 to $204,100 35% $204,101 to $510,300 37% $510,301 or more Use the tax table for the 2019 Federal Income Tax for a single filer. The standard deduction for 2019 is $12,200. Compute the total income tax due and the effective tax rate for someone who earns $85,000 during the year....
Income Concepts (LO. 4) Chelsea, who is single, purchases land for investment purposes in 2014 at a cost of $22,300. In 2019, she sells the land for $35,200. Chelsea's taxable income without considering the land sale is $99,700. What is the effect of the sale of the land on her taxable income, and what is her tax liability Refer to the tax rate schedule for calculations. Round all calculations to two decimal places. Assume a long-term capital gains tax rate...
Ability-to-Pay Concept (LO. 2) Sheila, a single taxpayer, is a retired computer executive with a taxable income of $121,000 in the current year. She receives $29,400 per year in tax-exempt municipal bond interest. Adam and Tanya are married and have no children. Adam and Tanya's $121,000 taxable income is comprised solely of wages they earn from their jobs. Refer to the tax rate schedule for calculations. Do not round intermediate computations. Round your final answers to two decimal places. Assume...
Hongtao is single and has a gross income of $87,200. His
allowable deductions for adjusted gross income are $4,300, and his
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$12,200.
Round all amounts to the nearest dollar. Refer to the Tax Rate
Schedules to answer the following questions.
a. Hangtao's taxable income is $________and his tax liability is
$_______for 2019.
b. If Hongtao has $10,700 withheld from his salary during 2019
then Hongtao has a refund of $________...
Arthur and Cora are married and have 2 dependent children. They
have a gross income of $95,730. Their allowable deductions for
adjusted gross income total $5,230, and they have total allowable
itemized deductions of $26,000. The standard deduction for 2019 is
$24,400. Refer to the Tax Rate Schedules to answer the following
questions. Round intermediate computations and final answer to the
nearest dollar. Note: The child tax credit in 2019 is $2,000 per
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a. Arthur and Cora's 2019 taxable...
7. Let's do some taxes. The following table are the 2020 tax brackets for single tax filers. Tax rate 10% 12% 22% 24% 32% 35% 37% Amount $0 to $9,700 $9,701 to $39,475 $39,476 to $84.200 $84,201 to $160,725 $160,726 to $204,100 $204,101 to $510,300 $510,301 or more a) For example, if you make $54,000 in 2020, the first $9,700 is taxed at 10%, the next amount from $9,701 to $39,475 is taxed at 12%, and finally, the amount from...
Leanne earns a gross yearly salary of $97,589. She has no
dependent children and made the following tax deductible
purchases:
Charitable contributions: $9,471
Student loan interest: $600
When she files her taxes, what will her tax refund be?
Round your answer to the nearest dollar.
Use the following information:
Standard deduction for single filers: $12200
Biweekly allowance: $161.54 per person.
For your final answer proceed as:
Annual Income Tax Pay/Refund = Total Annual Withholding - Final
Income Tax.
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