Homework Answers
| Name | Taxable Income | Income Tax |
| Johnson | 16,731 | =970+(16731-9700)X12%=1813.72 |
| Carol | 731,638 | =153,799+(731,638-510,300)X37%=235,694.06 |
| Annie | 283,591 | =46,629+(283,591-204,100)X35%=74450.85 |
| David | 124,422 | =14,383+(124,422-84,200)x24%=24,036.28 |
| Jim | 51,818 | =4,543+(51,818-39,475)x22%=7,258.46 |
| Jack | 3,413 | =0 (as it not over 9700) |
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н 12 9. If you experience any technical issues when you upload your file through Blackboard,...
12 9. If you experience any technical issues when you upload your file through Blackboard, please...
12 9. If you experience any technical issues when you upload your file through Blackboard, please send me your exam file thre 13 55 . ented 15 1. (30%) 16 The 2019 Federal Income Tax Brackets are pr. below 17 18 Over But not Over 55 55 SUM of O f the amount over 0 9,700 0 10% 9,700 39,475 970 12% 9,700 39,475 84,200 4,543 22% 39,475 284,200 160,72514,383 . 24% 84,200 160,725 204,100 32.749 32% 160,725 204,100 510,300...
In 2019, Lisa and Fred, a married couple, had taxable income of $300,000. If they were...
In 2019, Lisa and Fred, a married couple, had taxable income of $300,000. If they were to file separate tax returns, Lisa would have reported taxable income of $125,000 and Fred would have reported taxable income of $175,000. Use Tax Rate Schedule for reference. What is the couple’s marriage penalty or benefit? (Do not round intermediate calculations.) 2019 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The tax is: $ 0 $ ...
Scot and Vidia, married taxpayers, earn $240,000 in taxable income and $5,000 in interest from an...
Scot and Vidia, married taxpayers, earn $240,000 in taxable income and $5,000 in interest from an investment in City of Tampa bonds. (Use the U.S. tax rate schedule for married filing jointly). 2019 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The tax is: $ 0 $ 9,700 10% of taxable income $ 9,700 $ 39,475 $970 plus 12% of the excess over $9,700 $ 39,475 $ 84,200 $4,543 plus 22%...
2019 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The...
2019 Tax Rate Schedules
Individuals
Schedule X-Single
If taxable income is
over:
But not over:
The tax is:
$ 0
$ 9,700
10% of taxable income
$ 9,700
$ 39,475
$970 plus 12% of the excess over $9,700
$ 39,475
$ 84,200
$4,543 plus 22% of the excess over $39,475
$ 84,200
$160,725
$14,382.50 plus 24% of the excess over $84,200
$160,725
$204,100
$32,748.50 plus 32% of the excess over $160,725
$204,100
$510,300
$46,628.50 plus 35% of...
Moana is a single taxpayer who operates a sole proprietorship. She expects her taxable income next...
Moana is a single taxpayer who operates a sole proprietorship. She expects her taxable income next year to be $250,000, of which $200,000 is attributed to her sole proprietorship. Moana is contemplating incorporating her sole proprietorship. (Use the tax rate schedule). a. Using the single individual tax brackets and the corporate tax rate of 21 percent, find out how much current tax this strategy could save Moana (ignore any Social Security, Medicare, or self-employment tax issues). (Round your intermediate calculations...
Jorge and Anita, married taxpayers, earn $139,000 in taxable income and $43,000 in interest from an...
Jorge and Anita, married taxpayers, earn $139,000 in taxable income and $43,000 in interest from an investment in City of Heflin bonds. (Use the U.S. tax rate schedule for married filing jointly). Required: If Jorge and Anita earn an additional $101,500 of taxable income, what is their marginal tax rate on this income? What is their marginal rate if, instead, they report an additional $101,500 in deductions? (For all requirements, do not round intermediate calculations. Round your answers to 2...
Leonardo, who is married but files separately, earns $80,000 of taxable income. He also has $15,000...
Leonardo, who is married but files separately, earns $80,000 of taxable income. He also has $15,000 in city of Tulsa bonds. His wife, Theresa, earns $50,000 of taxable income. if Leonardo and his wife file married filing jointly in 2019, What is Leonardo and Theresa's effective tax rate for 2019 (rounded)? (Use tax rate schedule.) 2019 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The tax is: $ 0 $ 9,700 10% of taxable...
1. Gill and Molly are married and for 2019, they each made $50,000 and $30,000 of...
1. Gill and Molly are married and for 2019, they each made $50,000 and $30,000 of taxable income in wages, respectively. In addition, Molly received $13,000 of interest income from a municipal bond investment that is not taxable. Use the appropriate Federal Tax Rate Schedule in Appendix D towards the back of your book to answer the following. Round dollar amounts to the nearest cent ($3,500.0372 → $3,500.04). Round percentages to the second decimal place (e.g. 35.027956% → 35.03%). a....
Chuck, a single taxpayer, earns $75,000 in taxable income and $10,000 in interest from an investment...
Chuck, a single taxpayer, earns $75,000 in taxable income and $10,000 in interest from an investment in City of Heflin bonds. (Use the U.S. tax rate schedule) Required: a. If Chuck earns an additional $40,000 of taxable income, what is his marginal tax rate on this income? b. What is his marginal rate if, instead, he had $40,000 of additional deductions? (For all requirements, do not round intermediate calculations. Round your answers to 2 decimal places.) Marginal tax rate Marginal...
Scot and Vidia, married taxpayers, earn $240,000 in taxable income and $5,000 in interest from an...
Scot and Vidia, married taxpayers, earn $240,000 in taxable income and $5,000 in interest from an investment in City of Tampa bonds. (Use the U.S. tax rate schedule for married filing jointly). 2019 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The tax is: $ 0 $ 9,700 10% of taxable income $ 9,700 $ 39,475 $970 plus 12% of the excess over $9,700 $ 39,475 $ 84,200 $4,543 plus 22%...
12 9. If you experience any technical issues when you upload your file through Blackboard, please send me your exam file thre 13 55 . ented 15 1. (30%) 16 The 2019 Federal Income Tax Brackets are pr. below 17 18 Over But not Over 55 55 SUM of O f the amount over 0 9,700 0 10% 9,700 39,475 970 12% 9,700 39,475 84,200 4,543 22% 39,475 284,200 160,72514,383 . 24% 84,200 160,725 204,100 32.749 32% 160,725 204,100 510,300...
2019 Tax Rate Schedules
Individuals
Schedule X-Single
If taxable income is
over:
But not over:
The tax is:
$ 0
$ 9,700
10% of taxable income
$ 9,700
$ 39,475
$970 plus 12% of the excess over $9,700
$ 39,475
$ 84,200
$4,543 plus 22% of the excess over $39,475
$ 84,200
$160,725
$14,382.50 plus 24% of the excess over $84,200
$160,725
$204,100
$32,748.50 plus 32% of the excess over $160,725
$204,100
$510,300
$46,628.50 plus 35% of...
Moana is a single taxpayer who operates a sole proprietorship. She expects her taxable income next year to be $250,000, of which $200,000 is attributed to her sole proprietorship. Moana is contemplating incorporating her sole proprietorship. (Use the tax rate schedule). a. Using the single individual tax brackets and the corporate tax rate of 21 percent, find out how much current tax this strategy could save Moana (ignore any Social Security, Medicare, or self-employment tax issues). (Round your intermediate calculations...
Leonardo, who is married but files separately, earns $80,000 of taxable income. He also has $15,000 in city of Tulsa bonds. His wife, Theresa, earns $50,000 of taxable income. if Leonardo and his wife file married filing jointly in 2019, What is Leonardo and Theresa's effective tax rate for 2019 (rounded)? (Use tax rate schedule.) 2019 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The tax is: $ 0 $ 9,700 10% of taxable...
1. Gill and Molly are married and for 2019, they each made $50,000 and $30,000 of taxable income in wages, respectively. In addition, Molly received $13,000 of interest income from a municipal bond investment that is not taxable. Use the appropriate Federal Tax Rate Schedule in Appendix D towards the back of your book to answer the following. Round dollar amounts to the nearest cent ($3,500.0372 → $3,500.04). Round percentages to the second decimal place (e.g. 35.027956% → 35.03%). a....
Chuck, a single taxpayer, earns $75,000 in taxable income and $10,000 in interest from an investment in City of Heflin bonds. (Use the U.S. tax rate schedule) Required: a. If Chuck earns an additional $40,000 of taxable income, what is his marginal tax rate on this income? b. What is his marginal rate if, instead, he had $40,000 of additional deductions? (For all requirements, do not round intermediate calculations. Round your answers to 2 decimal places.) Marginal tax rate Marginal...
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