Homework Answers
Answer (a) Average tax rate for single:-
Taxable Income - $100,000(given)
Tax = (10%*9,075) + 15%(36,900-9076)+25%(89350 - 36,901) + 28%(100,000-89351)
Tax = $21,175.07
Average tax Rate = Tax /taxable income
=21,175.07/100,000
= 21.18%
Answer (a) Average tax rate for married:-
Taxable Income - $100,000(given)
Tax = (10%*18,150) + 15%(73,800-18,151)+25%(100,000-73,801)
Tax = $16,712.10
Average tax Rate = Tax /taxable income
=16,712.10/100,000
= 16.71%
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Given the following Federal Tax Table, find the taxes for an individual in contrast to a...
please solve this problem and provide the formula used Tax Rates 10% 15% 25% Individual Returns...
please solve this problem and provide the formula used
Tax Rates 10% 15% 25% Individual Returns $0 to $9,075 $9,076 to $36,900 $36,901 to $89,350 $89,351 to $186,350 $186,351 to $405,100 $405,101 to $406,750 Joint Returns $0 to $18, 150 $18,151 to $73,800 $73,801 to $148,850 $148,851 to $226,850 $226,851 to $405,100 $405,101 to $457,600 28% 33% 35% 15) In 2015, John and Nicole earned a combined taxable income of $148,800 from employment plus $1,000 in long term capital gains...
Kim and Kayne have been dating for years and are now thinking about getting married. As...
Kim and Kayne have been dating for years and are now thinking
about getting married. As a financially sophisticated couple, they
want to think through the tax implications of their potential
union.
a. Suppose Kim and Kanye both earn
$68000
(so their combined income is
$136000
Using the tax bracket information
calculate the combined tax bill that they would pay if they
remain single, and compare that to the taxes they would pay if
they were married and filed a...
Kim and Kanye have been dating for years and are now thinking about getting married. As...
Kim and Kanye have been dating for years and are now thinking about getting married. As a financially sophisticated couple, they want to think through the tax implications of their potential union. Suppose Kim and Kanye both earn $70,000 (so their combined income is $140,000). Using the tax bracket information in Table 1.2 (or the Excel file available on MyFinanceLab with the same information), calculate the combined tax bill that they would pay if they remain single, and compare that...
Tax rate Taxable income $0-$9,075 $9,076-$36.900 $36.901-$89,350 $89,351-$186,350 $186,351-$405,100 $405,101-$406,750 Over $406,750 10% 15% 25% 28%...
Tax rate Taxable income $0-$9,075 $9,076-$36.900 $36.901-$89,350 $89,351-$186,350 $186,351-$405,100 $405,101-$406,750 Over $406,750 10% 15% 25% 28% 33% 35% 39.6% 10% 15% 25% 28% 33% 35% 39.6% $0 $9,075 $36,900 $89,350 $186,350 $405,101 $406,750 Taxable income The Williams household's annual income is $188000. Based on the U.S.federal tax rates below, what is the average tax rate for the Williams household? (Assume zero tax deductions for solving this problem.) Choose one: O A. 33% O B.22.22% OC. 24.0096 O D. 45%
During 2015, the Smiths and the Jones both filed joint tax returns. For the tax year...
During 2015, the Smiths and the Jones both filed joint tax returns. For the tax year ended December 31, 2015, the Smiths' taxable income was $134,000, and the Jones had total taxable income of $67,000. a. Using the federal tax rates given in Table 1.2, for married couples filing joint returns, calculate the taxes for both the Smiths and the Jones. Joint taxes are required. b. Calculate and compare the ratio of the Smiths' to the Jones' taxable income and...
Assignment Score: S00% nt: Chapter 3 HW Save Submit Assignment for Grading e Question 3 of...
Assignment Score: S00% nt: Chapter 3 HW Save Submit Assignment for Grading e Question 3 of 4 ch03 Financial Planning Exercise 4 Check My Work eBook Chapter 3 Financial Planning Exercise 4 Effect of tax credit vs. tax exemption By defining after-tax income, demonstrate the differences resulting from a $500 tax credit versus a $500 tax deduction for a single taxpayer in the 25% tax bracket with $40,000 of pre-tax income. Round your answers to two decimal places. (Use Exhibit...
2. Calculating tax liabilities Calculating Taxable Income Rate 10.0% 15.0% Taxable income $1 - $9,075 $9,076...
2. Calculating tax liabilities Calculating Taxable Income Rate 10.0% 15.0% Taxable income $1 - $9,075 $9,076 - $36,900 $36,901 - $89,350 $89,351 - $186,350 $186,351 - $405,100 $405,101 – $406,750 Over $406,751 25.0% 28.0% 33.0% 35.0% 39.6% Using the previous tax table, compute the tax liability for each individual in the scenarios presented, rounding the liability to the nearest dollar. In addition, use the dropdown lists to identify the marginal tax rate and average tax rate for both Jen and...
1 Data Table TABLE 1.2: Tax Rates and Income Brackets for Joint Returns (2015) Taxable Income...
1 Data Table TABLE 1.2: Tax Rates and Income Brackets for Joint Returns (2015) Taxable Income Joint Returns $0 to $18,150 $18,151 to $73,800 $73,801 to $148,850 $148,851 to $226,850 $226,851 to $405,100 $405,101 to $457,600 Over $457,600 Tax Rates 10% 15% 22% 3"5% 35% 39.6% (Click on the icon located on the top-right corner of the data table above in order to copy its contents into a spreadsheet.) Mike and Julie Bedard are a working couple. They will fle...
During 2015, the Smiths and the Jones both filed joint tax returns. For the tax year...
During 2015, the Smiths and the Jones both filed joint tax returns. For the tax year ended December 31, 2015, the Smiths' taxable income was $ 113,000, and the Jones had total taxable income of $ 56,500. Taxable Income Tax Rates Joint Returns 10% $0 to $18,150 15% $18,151 to $73,800 25% $73,801 to $148,850 28% $148,851 to $226,850 33% $226,851to $405,100 35% $405,101 to $457,600 39.6% Over $457,600 a. Using the federal tax rates given in Table 1.2 for married couples filing joint returns, the taxes...
DROP DOWN OPTIONS 1. (28%,19.50%,25%) 2. (19.50%, 20.80%,29.20) 3. (25%, 15%,16.67%) 4. (16.67%, 29.20%, 18.15% 2. Calc...
DROP DOWN OPTIONS
1. (28%,19.50%,25%)
2. (19.50%, 20.80%,29.20)
3. (25%, 15%,16.67%)
4. (16.67%, 29.20%, 18.15%
2. Calculating tax liabilities Calculating Taxable Income Taxable income Rate $1 $9,075 10.0% $9,076-$36,900 15.0% 25.0% $36,901-$89,350 $89,351 _ $186,350 28.0% $186,351-$405,100 33.0% $405,101-$406,750 35.0% 39.6% Over $406,751 Using the previous tax table, compute the tax liability for each individual in the scenarios presented, rounding the liability to the nearest dollar. In addition, use the dropdown lists to identify the marginal tax rate and average...
please solve this problem and provide the formula used
Tax Rates 10% 15% 25% Individual Returns $0 to $9,075 $9,076 to $36,900 $36,901 to $89,350 $89,351 to $186,350 $186,351 to $405,100 $405,101 to $406,750 Joint Returns $0 to $18, 150 $18,151 to $73,800 $73,801 to $148,850 $148,851 to $226,850 $226,851 to $405,100 $405,101 to $457,600 28% 33% 35% 15) In 2015, John and Nicole earned a combined taxable income of $148,800 from employment plus $1,000 in long term capital gains...
Kim and Kayne have been dating for years and are now thinking
about getting married. As a financially sophisticated couple, they
want to think through the tax implications of their potential
union.
a. Suppose Kim and Kanye both earn
$68000
(so their combined income is
$136000
Using the tax bracket information
calculate the combined tax bill that they would pay if they
remain single, and compare that to the taxes they would pay if
they were married and filed a...
Tax rate Taxable income $0-$9,075 $9,076-$36.900 $36.901-$89,350 $89,351-$186,350 $186,351-$405,100 $405,101-$406,750 Over $406,750 10% 15% 25% 28% 33% 35% 39.6% 10% 15% 25% 28% 33% 35% 39.6% $0 $9,075 $36,900 $89,350 $186,350 $405,101 $406,750 Taxable income The Williams household's annual income is $188000. Based on the U.S.federal tax rates below, what is the average tax rate for the Williams household? (Assume zero tax deductions for solving this problem.) Choose one: O A. 33% O B.22.22% OC. 24.0096 O D. 45%
Assignment Score: S00% nt: Chapter 3 HW Save Submit Assignment for Grading e Question 3 of 4 ch03 Financial Planning Exercise 4 Check My Work eBook Chapter 3 Financial Planning Exercise 4 Effect of tax credit vs. tax exemption By defining after-tax income, demonstrate the differences resulting from a $500 tax credit versus a $500 tax deduction for a single taxpayer in the 25% tax bracket with $40,000 of pre-tax income. Round your answers to two decimal places. (Use Exhibit...
2. Calculating tax liabilities Calculating Taxable Income Rate 10.0% 15.0% Taxable income $1 - $9,075 $9,076 - $36,900 $36,901 - $89,350 $89,351 - $186,350 $186,351 - $405,100 $405,101 – $406,750 Over $406,751 25.0% 28.0% 33.0% 35.0% 39.6% Using the previous tax table, compute the tax liability for each individual in the scenarios presented, rounding the liability to the nearest dollar. In addition, use the dropdown lists to identify the marginal tax rate and average tax rate for both Jen and...
1 Data Table TABLE 1.2: Tax Rates and Income Brackets for Joint Returns (2015) Taxable Income Joint Returns $0 to $18,150 $18,151 to $73,800 $73,801 to $148,850 $148,851 to $226,850 $226,851 to $405,100 $405,101 to $457,600 Over $457,600 Tax Rates 10% 15% 22% 3"5% 35% 39.6% (Click on the icon located on the top-right corner of the data table above in order to copy its contents into a spreadsheet.) Mike and Julie Bedard are a working couple. They will fle...
DROP DOWN OPTIONS
1. (28%,19.50%,25%)
2. (19.50%, 20.80%,29.20)
3. (25%, 15%,16.67%)
4. (16.67%, 29.20%, 18.15%
2. Calculating tax liabilities Calculating Taxable Income Taxable income Rate $1 $9,075 10.0% $9,076-$36,900 15.0% 25.0% $36,901-$89,350 $89,351 _ $186,350 28.0% $186,351-$405,100 33.0% $405,101-$406,750 35.0% 39.6% Over $406,751 Using the previous tax table, compute the tax liability for each individual in the scenarios presented, rounding the liability to the nearest dollar. In addition, use the dropdown lists to identify the marginal tax rate and average...
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