Homework Answers
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We have to consider that taxable income would be arrived after claiming standard deduction.
Jointly and single in both the cases the slab rates are different and standard deduction is also different.
In case where after marriage tax payable is less than before marriage than it is tax subsidy otherwise it is marriage Tax.
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V. For the year 2019, tax rates and standard deduction in the U.S. are: Marginal Tax...
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...
help on this thank you! Single filers Tax rate Taxable income bracket 10% $0 to $9,700...
help on this thank you!
Single filers Tax rate Taxable income bracket 10% $0 to $9,700 12% $9,701 to $39,475 22% $39,476 to $84,200 24% $84,201 to $160,725 32% $160,726 to $204,100 35% $204,101 to $510,300 37% $510,301 or more Use the tax table for the 2019 Federal Income Tax for a single filer. The standard deduction for 2019 is $12,200. Compute the total income tax due and the effective tax rate for someone who earns $85,000 during the year....
Arthur and Cora are married and have 2 dependent children. They have a gross income of...
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...
Hongtao is single and has a gross income of $87,200. His allowable deductions for adjusted gross...
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 $________...
Ability-to-Pay Concept (LO. 2) Sheila, a single taxpayer, is a retired computer executive with a taxable...
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...
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...
help on this thank you!
Single filers Tax rate Taxable income bracket 10% $0 to $9,700 12% $9,701 to $39,475 22% $39,476 to $84,200 24% $84,201 to $160,725 32% $160,726 to $204,100 35% $204,101 to $510,300 37% $510,301 or more Use the tax table for the 2019 Federal Income Tax for a single filer. The standard deduction for 2019 is $12,200. Compute the total income tax due and the effective tax rate for someone who earns $85,000 during the year....
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...
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 $________...
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...
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