help on this thank you! Single filers Tax rate Taxable income bracket 10% $0 to $9,700...
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...
Ability-to-Pay Concept (LO. 2) Sheila, a single taxpayer, is a retired computer executive with a taxable income of $121,000 in the current year. She receives $29,400 per year in tax-exempt municipal bond interest. Adam and Tanya are married and have no children. Adam and Tanya's $121,000 taxable income is comprised solely of wages they earn from their jobs. Refer to the tax rate schedule for calculations. Do not round intermediate computations. Round your final answers to two decimal places. Assume...
Hongtao is single and has a gross income of $87,200. His allowable deductions for adjusted gross income are $4,300, and his itemized deductions are $18,550. The standard deduction for 2019 is $12,200. Round all amounts to the nearest dollar. Refer to the Tax Rate Schedules to answer the following questions. a. Hangtao's taxable income is $________and his tax liability is $_______for 2019. b. If Hongtao has $10,700 withheld from his salary during 2019 then Hongtao has a refund of $________...
1. Suppose you are hired by the Federal Reserve Bank of St. Louis as a financial analyst. Suppose also the tax rates and brackets are also given: Federal Income Tax Brackets Taxable Income Tax Rate $0–9,700 10 percent $9,701–$39,475 12 percent $39,476–$84,200 22 percent $84,201–$160,725 24 percent $160,726–$204,100 $204,101–$510,300 32 percent 35 percent Over $510,300 37 percent Calculate the total tax bill and average tax rate if your salary is $78,000 Calculate the total tax bill and average tax...
1. Suppose you are hired by the Federal Reserve Bank of St. Louis as a financial analyst. Suppose also the tax rates and brackets are also given: Federal Income Tax Brackets Taxable Income Tax Rate $0-9,700 10 percent $9,701-$39,475 12 percent $39,476-$84,200 22 percent $84,201-$160,725 24 percent $160,726-$204,100 32 percent $204,101-$510,300 35 percent Over $510,300 37 percent Calculate the total tax bill and average tax rate if your salary is $78,000 a) b) Calculate the total tax bill and average...
1. Suppose you are hired by the Federal Reserve Bank of St. Louis as a financial analyst. Suppose also the tax rates and brackets are also given: Federal Income Tax Brackets Taxable Income Tax Rate $0–9,700 10 percent $9,701–$39,475 12 percent $39,476–$84,200 22 percent $84,201–$160,725 24 percent $160,726–$204,100 $204,101–$510,300 32 percent 35 percent Over $510,300 37 percent Calculate the total tax bill and average tax rate if your salary is $78,000 Calculate the total tax bill and average tax rate...
1. Suppose you are hired by the Federal Reserve Bank of St. Louis as a financial analyst. Suppose also the tax rates and brackets are also given: Federal Income Tax Brackets Taxable Income Tax Rate $0–9,700 10 percent $9,701–$39,475 12 percent $39,476–$84,200 22 percent $84,201–$160,725 24 percent $160,726–$204,100 $204,101–$510,300 32 percent 35 percent Over $510,300 37 percent Calculate the total tax bill and average tax rate if your salary is $78,000 Calculate the total tax bill and average tax...
Arthur and Cora are married and have 2 dependent children. They have a gross income of $95,730. Their allowable deductions for adjusted gross income total $5,230, and they have total allowable itemized deductions of $26,000. The standard deduction for 2019 is $24,400. Refer to the Tax Rate Schedules to answer the following questions. Round intermediate computations and final answer to the nearest dollar. Note: The child tax credit in 2019 is $2,000 per child. a. Arthur and Cora's 2019 taxable...
7. Let's do some taxes. The following table are the 2020 tax brackets for single tax filers. Tax rate 10% 12% 22% 24% 32% 35% 37% Amount $0 to $9,700 $9,701 to $39,475 $39,476 to $84.200 $84,201 to $160,725 $160,726 to $204,100 $204,101 to $510,300 $510,301 or more a) For example, if you make $54,000 in 2020, the first $9,700 is taxed at 10%, the next amount from $9,701 to $39,475 is taxed at 12%, and finally, the amount from...
2019 Tax Rate Schedules Single-Schedule X Head of household—Schedule Z If taxable of the If taxable income is: But not amount income is: But not Over- over- The tax is: over Over- over- The tax is: $ 0 $ 9,700 ......... 10% $ 0 $ 13,850 ......... 10% 9,700 39,475 $ 970.00 + 12% 9,700 13,850 52,850 $ 1,385.00 + 12% 39,475 84,200 4,543.00 + 22% 39,475 52,850 84,200 6,065.00 + 22% 84,200 160,725 14,382.50 +24% 84,200 84,200 160,700 12,962.00...