a)
Tax on $ 60,000 = 0 + 0.15 x ( $ 20,000 - $ 10,000 ) + 0.30 x ( $ 30,000 - $ 20,000) + 0.45 x ( $ 60,000 - $ 30,000)
Tax payable = 0 + $ 1500 + $ 3000 + $ 13,500
Tax payable = $ 18,000
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b) The marginal tax rate is the extra taxes paid on an additional dollar of income
The marginal tax rate = 45%
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c)
Average tax rate = Total taxes paid Total income
Average tax rate = $ 18,000 $ 60,000
Average tax rate = 30%
A.) if your income is 60,000, how much will you pay in taxes. B.) determine marginal...
Help Sev ob (5 points) $20,000 and a 25 percent tax on income between $20,000 and $30,000 Any income above $30000 is tased at 35 percemt Instructions: Round your answers to the nearest whole number a If your income is $70,000, how much will you pay in taxes? on the first S10,000 of income, but a 15 percent tax on earnings between $10,000 and b. Determine your marginal tax rate c Determine your average tax rate 1 of 1 8...
Suppose you earn $40,000 per year and pay taxes based on marginal tax rates. The first tax bracket, which taxes at 10 percent, ranges from $0 to $20,000. The second tax bracket, which taxes at 25 percent, ranges from $20,001 to $80,000. How much do you pay in total taxes? Instructions: Round your answer to the nearest dollar.
Connect Problem CP 20-6 (aigo) Suppose that Carson earns $50,000 per year but must pay income taxes according to the tax schedule as shown below Income | Tax Rate (% $0 to $7,000 $7,000 to $38,000 $38,000 to $75,000 $75,000 to $142,000 10 15 25 30 Over $142,00040 instructions: Round your answers to the nearest whole number a. According to this table, what type of income tax does Carson face? (Ciek to select b. Assume that Carson has no tax...
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If your income is $60000 how much do you pay in taxes ?
312. (Table: Taxes, Spending, and Income) Use Table: Taxes, Spending, and income. Suppose Governor Meridias initiates a tax of 10% on all income up to $50,000. Income above $50,000 is not taxed. An individual earning $75,000 will have an average tax rate of Table: Taxes, Spending, and Income Annual Annual Household IncomeHousehold Spending Poor Middle-class Wealthy $10,000 20,000 30,000 $9,000 17,000 24,000 6.67
Terri Simmons is single and had $179,000 in taxable income. Use the rates from Table 2.3. a. Calculate her income taxes. (Do not round intermediate calculations and round your answer to the nearest whole dollar amount, e.g., 32.) b. 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.) c. What is the marginal tax rate? (Do not round intermediate calculations and enter your answer...
Federal Income Taxes Individuals and firms pay out a significant portion of their income as taxes, so taxes are important in both personal and corporate decisions. Our tax system is progressive. Individual Individuals pay taxes on wages, on investment income, and on the profits of proprietorships and partnerships. Taxable income is defined as gross income less a set of exemptions and deductions. In 2013, the personal exemption is $3,900 per person. A capital gain (loss) is the profit (loss) from...
Federal Income Taxes Individuals and firms pay out a significant portion of their income as taxes, so taxes are important in both personal and corporate decisions. Our tax system is progressive. Individual Individuals pay taxes on wages, on investment income, and on the profits of proprietorships and partnerships. Taxable income is defined as gross income less a set of exemptions and deductions. In 2013, the personal exemption is $3,900 per person. A capital gain (loss) is the profit (loss) from...
b what is the overall tax rate on BALs income in the
first year if bal is organized as an LLC or as a c corp
Required information The following information applies to the questions displayed below) Sandra would like to organize BAL as either an LLC (taxed as a sole proprietorship or ac corporation in either form, the entity is expected to generate an 7 percent annual before-tax return on a $690.000 investment. Sandra's marginal income tax rate is...