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Homework Answers
The dependent must be one of these:
- Under age 19 or
- Under age 24, if a full-time student.
b. She received Interest income of $6,100. She is dependent as she is 16 years old, but the limit for the Unearned Income by a dependent is $1,050. If the unearned income exceeds the limit, then the dependent will have to pay tax. Here since the interest income is $6,100. So She will have to pay tax at the marginal rate of 10%.
So, Tax liability = $6100*10% = $610
c. She received Interest income of $6,100. She is dependent as she is 20 years old and is a full time student, but the limit for the Unearned Income by a dependent is $1,050. If the unearned income exceeds the limit, then the dependent will have to pay tax. Here since the interest income is $6,100. So She will have to pay tax at the marginal rate of 10%.
So, Tax liability = $6100*10% = $610
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Answers for B. and C. are wrong
Required Information Part 1 of 4 (The following information...
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Lacy is a single taxpayer. In 2018, her taxable income is
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Capital Gains Tax Rates, Estates and Trusts for reference. (Do not
round intermediate calculations. Round your answer to 2 decimal
places.)
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25.51%
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Capital Gains Tax Rates, Estates and Trusts for reference. (Do not
round intermediate calculations. Round your answer to 2 decimal
places.)
a. All of her income is salary from her employer. Tax
liability:$____________
b. Her $46,800 of taxable income includes $1,400 of qualified
dividends. Tax liability:$____________
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Charlotte (age 40) is a surviving spouse and provides all of the
support of her four minor children, who live with her. Charlotte
also maintains the household in which her parents live, and she
furnished 60% of their support. Besides interest on City of Miami
bonds in the amount of $5,500, Charlotte’s father received $2,400
from a part-time job. Charlotte earns an $80,000 salary, a
short-term capital loss of $2,000, and a cash prize of $4,000 at a
church raffle....
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Campbell, a single taxpayer, earns $281,000 in taxable income and $5,600 In Interest from an Investment in State of New York bonds. Use the U.S. tax rate schedule). Required: a. If Campbell earns an additional $19,500 of taxable income, what is her marginal tax rate on this Income? b. What Is her marginal rate if, Instead, she had $19,500 of additional deductions? For all requirements, do not round Intermediate calculations.) a. b. Marginal tax rate Marginal tax rate 2018 Tax...
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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...
Marc, a single taxpayer, earns $135,000 in taxable income and
$2,500 in interest from an investment in city of Birmingham Bonds.
Using the U.S. tax rate schedule for year 2018, what is his average
tax rate? (Use tax rate schedule)
Multiple Choice
19.77%
16.54%
11.96%
26.54%
None of the choices are correct.
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...
Geronimo files his tax return as a head of household for year
2018. If his taxable income is $225,000, what is his average tax
rate? (Use Tax rate schedules)
Multiple Choice
23.58%
25.51%
28.23%
35.00%
None of the choices are correct.
2018 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The tax is: $ 9,525 10% of taxable in $ 9,525 $ 38,700 $952.50 plus 12% of the excess over $9,525 $ 38,700 $...
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