Homework Answers
| Asset | Sales Price | Cost | Accumulated Depreciation | Adjusted basis | Gain (Sales-Adjusted basis) | Character |
| Building | $234,400 | $204,400 | $56,400 | $148,000 | $86,400 | $56,400 is Unrecaptured §1250 and $30,000 is §1231 |
| Equipment | $84,400 | $152,400 | $27,400 | $125,000 | ($40,600) | $(40,600) §1231 |
| Net gain | $45,800 | |||||
| Netting: The $30,000 §1231 gain is offset by the $40,600 §1231 loss. The remaining $10,600 loss then reduces the unrecaptured §1250 gain of $56,400 to $45,800. This gain will be taxed at 25 percent | ||||||
| Taxable Income = $164,900 + $45,800 | $ 210,700.00 | |||||
| Tax Liability | ||||||
| Tax on long term gain = $45,800 x 25% | $11,450 | |||||
| Tax on 164,900 = $32089.50 + 24% x (164900 -82500) | $ 51,865.50 | |||||
| Total tax liability | $63,315.50 |
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Lily Tucker (single) owns and operates a bike shop as a sole proprietorship. In 2018, she...
Campbell, a single taxpayer, earns $400,000 in taxable income and $2,000 in interest from an investment...
Campbell, a single
taxpayer, earns $400,000 in taxable income and $2,000 in interest
from an investment in the State of New York bonds. (Use the U.S.
tax rate schedule).
Required:
If Campbell earns an additional $15,000 of taxable income, what
is her marginal tax rate on this income?
What is her marginal rate if, instead, she had $15,000 of
additional deductions?
2018 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The tax is: $...
Geronimo files his tax return as a head of household for year 2018. If his taxable...
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 $...
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...
Marc, a single taxpayer, earns $135,000 in taxable income and $2,500 in interest from an investment...
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...
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: $ 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...
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...
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: $ 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...
Campbell, a single taxpayer, earns $281,000 in taxable income and $5,600 In Interest from an Investment...
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...
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...
Jorge and Anita, married taxpayers, earn $190,500 in taxable income and $30,000 in Interest from an...
Jorge and Anita, married taxpayers, earn $190,500 in taxable income and $30,000 in Interest from an Investment in City of Heflin bonds. Using the U.S. tax rate schedule for married filing Jointly, how much federal tax will they owe? What is their average tax rate? What is their effective tax rate? What is their current marginal tax rate? (Do not round Intermediate calculations. Round your answers to 2 decimal places.) Federal tax Average tax rate Effective tax rate Marginal tax...
Campbell, a single
taxpayer, earns $400,000 in taxable income and $2,000 in interest
from an investment in the State of New York bonds. (Use the U.S.
tax rate schedule).
Required:
If Campbell earns an additional $15,000 of taxable income, what
is her marginal tax rate on this income?
What is her marginal rate if, instead, she had $15,000 of
additional deductions?
2018 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The tax is: $...
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 $...
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...
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...
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...
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...
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...
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...
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...
Jorge and Anita, married taxpayers, earn $190,500 in taxable income and $30,000 in Interest from an Investment in City of Heflin bonds. Using the U.S. tax rate schedule for married filing Jointly, how much federal tax will they owe? What is their average tax rate? What is their effective tax rate? What is their current marginal tax rate? (Do not round Intermediate calculations. Round your answers to 2 decimal places.) Federal tax Average tax rate Effective tax rate Marginal tax...
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