Homework Answers
We know that tax liability=Sum of tax in each
slab=9525*10%+(38700-9525)*12%+(82500-38700)*22%+(157500-82500)*24%+(200000-157500)*32%+(450000-200000)*35%
=133189.5
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Asset 4 Question 20 (1 point) The tax liability of a sole proprietorship with ordinary income...
Lily Tucker (single) owns and operates a bike shop as a sole proprietorship. In 2018, she...
Lily Tucker (single) owns and operates a bike shop as a sole
proprietorship. In 2018, she sells the following long-term assets
used in her business:
Asset
Sales Price
Cost
Accumulated Depreciation
Building
$234,600
$204,600
$56,600
Equipment
84,600
152,600
27,600
Lily's taxable income before these transactions is $165,100.
What are Lily's taxable tax liability for the year? Use Tax Rate
Schedule for reference.
Che 5 Problem 11-48 (LO 11-3, LO 11-4, LO 11-5) Lily Tucker (single) owns and operates a bike...
"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...
Lily Tucker (single) owns and operates a bike shop as a sole proprietorship. In 2018, she...
Lily Tucker (single) owns and operates a bike shop as a sole proprietorship. In 2018, she sells the following long-term assets used in her business: Asset Building Equipment Sales Price $234, 400 84,400 Cost $ 204,400 152,400 Accumulated Depreciation $56, 400 27,400 Lily's taxable income before these transactions is $164,900. What are Lily's taxable income and tax liability for the year? Use Tax Rate Schedule for reference. (Do not round intermediate calculations. Round your answers to the nearest whole dollar...
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
Marginal tax rates Partner A, a single taxpayer, is one of two partners in a small...
Marginal tax rates Partner A, a single taxpayer, is one of two partners in a small business. As such, she receives pass-through income that is taxed at her personal tax rates. After all adjustments and deductions have been made, including the 20% qualified business income deduction, she is preparing to calculate her taxes owed for the year. Using the tax rate schedule given here (SEE BELOW) perform the following: a. Find the marginal tax rate for the following levels of...
Lacy is a single taxpayer. In 2018, her taxable income is $46,800. What is her tax...
Lacy is a single taxpayer. In 2018, her taxable income is
$46,800. What is her tax liability in each of the following
alternative situations? Use Tax Rate Schedule, Dividends and
Capital Gains Tax Rates, Estates and Trusts for reference. (Do not
round intermediate calculations. Round your answer to 2 decimal
places.)
a. All of her income is salary from her employer. Tax
liability:$____________
b. Her $46,800 of taxable income includes $1,400 of qualified
dividends. Tax liability:$____________
c. Her $46,800 of...
Marginal tax rates Partner A, a single taxpayer, is one of two partners in a small...
Marginal tax rates Partner A, a single taxpayer, is one of two partners in a small business. As such, she receives pass-through income that is taxed at her personal tax rates. After all adjustments and deductions have been made, including the 20% qualified business income deduction, she is preparing to calculate her taxes owed for the year. Using the tax rate schedule given here, $0 to $9,525 $0 + (10% amount over $0) 9,525 to ...
AC Motors is a sole proprietorship that has taxable income of $94,200. How much additional tax...
AC Motors is a sole proprietorship that has taxable income of $94,200. How much additional tax will be owed if the taxable income increases by $14,300 based on the following tax rates? Assume this is the sole source of income for the owner. Taxable Income Tax Rate $ 0 − 9,525 10 % 9,526 − 38,700 12 38,701 − 82,500 22 82,501 − 157,500 24 Multiple Choice $3,862 $3,039 $3,432 $3,406 $3,678
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 $ 9,525 10% of taxable income $ 9,525 $ 38,700 S 82,500 $952.50 plus 12 % of the excess over $9,525 38,700 S S2,500 $4,453.50 plus 22% of the excess over $38,700 $14,089.50 plus 24% of the excess over $82,500 $157,500 $32,089.50 plus 32% of the excess over $157,500 $157,500 $200,000 $200,000 $500,000 $45,689.50 plus 35% of the excess over S200,000 $150,689.50...
Lily Tucker (single) owns and operates a bike shop as a sole
proprietorship. In 2018, she sells the following long-term assets
used in her business:
Asset
Sales Price
Cost
Accumulated Depreciation
Building
$234,600
$204,600
$56,600
Equipment
84,600
152,600
27,600
Lily's taxable income before these transactions is $165,100.
What are Lily's taxable tax liability for the year? Use Tax Rate
Schedule for reference.
Che 5 Problem 11-48 (LO 11-3, LO 11-4, LO 11-5) Lily Tucker (single) owns and operates a bike...
Lily Tucker (single) owns and operates a bike shop as a sole proprietorship. In 2018, she sells the following long-term assets used in her business: Asset Building Equipment Sales Price $234, 400 84,400 Cost $ 204,400 152,400 Accumulated Depreciation $56, 400 27,400 Lily's taxable income before these transactions is $164,900. What are Lily's taxable income and tax liability for the year? Use Tax Rate Schedule for reference. (Do not round intermediate calculations. Round your answers to the nearest whole dollar...
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
Lacy is a single taxpayer. In 2018, her taxable income is
$46,800. What is her tax liability in each of the following
alternative situations? Use Tax Rate Schedule, Dividends and
Capital Gains Tax Rates, Estates and Trusts for reference. (Do not
round intermediate calculations. Round your answer to 2 decimal
places.)
a. All of her income is salary from her employer. Tax
liability:$____________
b. Her $46,800 of taxable income includes $1,400 of qualified
dividends. Tax liability:$____________
c. Her $46,800 of...
2018 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The tax is $ 9,525 10% of taxable income $ 9,525 $ 38,700 S 82,500 $952.50 plus 12 % of the excess over $9,525 38,700 S S2,500 $4,453.50 plus 22% of the excess over $38,700 $14,089.50 plus 24% of the excess over $82,500 $157,500 $32,089.50 plus 32% of the excess over $157,500 $157,500 $200,000 $200,000 $500,000 $45,689.50 plus 35% of the excess over S200,000 $150,689.50...
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