Homework Answers
As per the schedule presented, the income falls in the slab
84,200 - 160,725
So the total tax payable would be
14,382.50 + 0.24*(177,450-84,200)
14382.5 + 0.24*93,250 = 36,762.50
Add Answer to:
2. Tosha's tax status is married filing se able income over $315,000 but not over $400,0007...
a pu LIS! 3. If a person is filing as head of household, what is the...
a pu LIS! 3. If a person is filing as head of household, what is the tax (before credits and payments) if the person's taxable income is $154,600? Ilse the 2018 toy tahle to onower Anections and 2019 Tax Rate Schedules Caution. Do those Tax Rate Schoo rwin n y to gure your 2019 estimated as Schedule x Use your 2010 ang statusi Schedule Udyo 2010 finguis Head of the hold The taxi The taxe Burnar Ow OSLO 51 350...
Tax Accounting Tax Liability Calculation, Marginal and Average Tax Rates for Various Filing Status (LO. 1)...
Tax Accounting
Tax Liability Calculation, Marginal and Average Tax Rates for Various Filing Status (LO. 1) A taxpayer has $93,080 of taxable income for the current year. Determine the total tax, the marginal tax rate, and the average tax rate if the taxpayer is a a. Single individual b. Married couple filing jointly c. Corporation Do not round Intermediate computations. Use the 2019 tax rate schedule. Do not round your intermediate calculations. Round your final answers to two decimal places...
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 S970 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...
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
$14,382.50 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...
In 2019. Lisa and Fred, a married couple, had taxable income of $309.700. If they were...
In 2019. Lisa and Fred, a married couple, had taxable income of $309.700. If they were to file separate tax returns, Lisa would have reported taxable income of $128.200 and Fred would have reported taxable income of $181,500. Use Tax Rate Schedule for reference What is the couple's marriage penalty or benefit? (Do not round intermediate calculations.) Marriage benefit 39,415 5970 plus 12% of the excess over $9,700 $ 39,475 $ 84,200 $4,543 plus 22% of the excess over $39,475...
I cant figure out how to do this question. These are the rates we are using...
I cant figure out how to do this question. These are the rates
we are using as well.
49. LO.8 During 2019, Chester (a married taxpayer filing a joint return) had the follow- niw ing transactions involving capital assets: Gain on the sale of an arrowhead collection (acquired as an investment at different times but all pieces have been held for more than 1 year) Loss on the sale of IBM Corporation stock (purchased 11 months ago as an investment)...
Income Concepts (LO. 4) Chelsea, who is single, purchases land for investment purposes in 2014 at...
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...
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 8970 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 $14.382.50 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...
Please solve this for me and fill the table. Show calculations 5. Use Tax Rate Schedules....
Please solve this for
me and fill the table. Show calculations
5. Use Tax Rate
Schedules. Carson Wentz, of Phildelphia, determined the following
tax information: salary, $144,000; interest earned, $2,000;
qualified retirement plan contribution, $6,000; itemized
deductions, $10,000. Filing single, calculate Carson's taxable
income and tax liability.
Wages, salaries, tips, etc.
Taxable interest (+)
Total income
Adjustments to income: IRA deduction
(-)
Adjusted gross income
Standard deduction (2019) or itemized
deductions (-)
Taxable income
Tax (use 2019 Tax Rate Schedules...
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 5970 plus 12% of the excess over 59,700 $ 39,475 $ 84,200 $4543 plus 22% of the excess over $39,475 $84.200 $160.725 514 382.50 plus 24% of the excess over $84.200 $160,725 S204,100 $32.748.50 plus 32% of the excess over $160,725 $204,100 $510,300 $46.628.50 plus 35% of the excess over...
a pu LIS! 3. If a person is filing as head of household, what is the tax (before credits and payments) if the person's taxable income is $154,600? Ilse the 2018 toy tahle to onower Anections and 2019 Tax Rate Schedules Caution. Do those Tax Rate Schoo rwin n y to gure your 2019 estimated as Schedule x Use your 2010 ang statusi Schedule Udyo 2010 finguis Head of the hold The taxi The taxe Burnar Ow OSLO 51 350...
Tax Accounting
Tax Liability Calculation, Marginal and Average Tax Rates for Various Filing Status (LO. 1) A taxpayer has $93,080 of taxable income for the current year. Determine the total tax, the marginal tax rate, and the average tax rate if the taxpayer is a a. Single individual b. Married couple filing jointly c. Corporation Do not round Intermediate computations. Use the 2019 tax rate schedule. Do not round your intermediate calculations. Round your final answers to two decimal places...
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 S970 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...
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
$14,382.50 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...
In 2019. Lisa and Fred, a married couple, had taxable income of $309.700. If they were to file separate tax returns, Lisa would have reported taxable income of $128.200 and Fred would have reported taxable income of $181,500. Use Tax Rate Schedule for reference What is the couple's marriage penalty or benefit? (Do not round intermediate calculations.) Marriage benefit 39,415 5970 plus 12% of the excess over $9,700 $ 39,475 $ 84,200 $4,543 plus 22% of the excess over $39,475...
I cant figure out how to do this question. These are the rates
we are using as well.
49. LO.8 During 2019, Chester (a married taxpayer filing a joint return) had the follow- niw ing transactions involving capital assets: Gain on the sale of an arrowhead collection (acquired as an investment at different times but all pieces have been held for more than 1 year) Loss on the sale of IBM Corporation stock (purchased 11 months ago as an investment)...
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...
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 8970 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 $14.382.50 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...
Please solve this for
me and fill the table. Show calculations
5. Use Tax Rate
Schedules. Carson Wentz, of Phildelphia, determined the following
tax information: salary, $144,000; interest earned, $2,000;
qualified retirement plan contribution, $6,000; itemized
deductions, $10,000. Filing single, calculate Carson's taxable
income and tax liability.
Wages, salaries, tips, etc.
Taxable interest (+)
Total income
Adjustments to income: IRA deduction
(-)
Adjusted gross income
Standard deduction (2019) or itemized
deductions (-)
Taxable income
Tax (use 2019 Tax Rate Schedules...
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 5970 plus 12% of the excess over 59,700 $ 39,475 $ 84,200 $4543 plus 22% of the excess over $39,475 $84.200 $160.725 514 382.50 plus 24% of the excess over $84.200 $160,725 S204,100 $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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