Les Pittman is single and earned $13,600 as a machine operator. He had $1,100 in earned...
Les Pittman is single and earned $13,600 as a machine operator. He had $1,100 in earned interest. His income tax withholding was $1,565. How much additional tax does he owe, or what is his refund? Taxable income
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Les Pittman is single and earned $13,600 as a machine operator.
He had $1,100 in earned...
Chuck, a single taxpayer, earns $85,000 in taxable income and $10,000 in interest from an investment...
Chuck, a single taxpayer, earns $85,000 in taxable income and $10,000 in interest from an investment in City of Heflin bonds. Using the U.S. tax rate schedule, how much federal tax will he owe? What is his average tax rate? What is his effective tax rate? What is his current marginal tax rate? If Chuck earns an additional $40,000 of taxable income, what is his marginal tax rate on this income? If Chuck claims an additional $40,000 of deductions, what...
Chuck, a single taxpayer, earns $85,000 irn taxable income and $10,000 in interest from an investment...
Chuck, a single taxpayer, earns $85,000 irn taxable income and $10,000 in interest from an investment in City of Heflin bonds. Using the U.S. tax rate schedule, how much federal tax will he owe? What is his average tax rate? What is his effective tax rate? What is his current marginal tax rate? If Chuck earns an additional $40,000 of taxable income, what is his marginal tax rate on this income? If Chuck claims an additional $40,000 of deductions, what...
Another tax return calculation YAAAYYYYYY! Due 4/30/2019 Help Kamal prepare his 2018 tax return. ...
personal finance class! how to calculate taxes in this
case?
Another tax return calculation YAAAYYYYYY! Due 4/30/2019 Help Kamal prepare his 2018 tax return. He calculated his Adjusted Gross Income to be $95,600. He hopes to lower his tax bill though, because he has several significant itemized deductions: he paid $7,000 of mortgage interest, and donated $6,000 to charity. Kamal paid $13,000 through his employers pay check withholding in federal income taxes over the course of the year. Does Kamal...
Q6 What is the tax refund? Mr. and Mrs. Kigali's AGI (earned income) was $15,010. Their...
Q6
What is the tax refund?
Mr. and Mrs. Kigali's AGI (earned income) was $15,010. Their federal income tax withholding was $890. They had no itemized deductions and two dependent children, ages 18 and 19. If Mr. and Mrs. Kigali are entitled to a $4,724 earned income credit, compute their income tax refund. Assume the taxable year is 2019. Use Standard Deduction Table. Tax refund Married filing jointly and surviving spouses Married filing separately Head of household Single $24,400 12,200...
Mitch a single filer has wages of $188,000 in the tax year. He earned an additional...
Mitch a single filer has wages of $188,000 in the tax year. He earned an additional $15,000 in income from dividends and capital gains. He had no others income or adjustments. What is his investment income tax. 1) 0 2) $114 3) $456 4) $570
QUESTIONS Chuck, a single taxpayer, earns $65,000 in taxable income and $10,000 in interest from an...
QUESTIONS Chuck, a single taxpayer, earns $65,000 in taxable income and $10,000 in interest from an investment in City of Heflin bonds. If Chuck earns an additional $40,000 of taxable income, what is his marginal tax rate on this income? QUESTION 6 Chuck, a single taxpayer, carns $65,000 in taxable income and $10,000 in interest from an investment in City of Heflin bonds. If Chuck claims an additional $40,000 of deductions, what is his marginal tax rate on this income?...
5. Chuck, a single taxpayer, earns $70,000 in taxable income and $10,000 in interest from an...
5. Chuck, a single taxpayer, earns $70,000 in taxable income and $10,000 in interest from an investment in City of Heflin bonds. If Chuck earns an additional $40,000 of taxable income, what is his marginal tax rate on this income? 6. Chuck, a single taxpayer, earns $70,000 in taxable income and $10,000 in interest from an investment in City of Heflin bonds. If Chuck claims an additional $40,000 of deductions, what is his marginal tax rate on this income? 7....
11. Sam is single, 30, and has no children. He made a salary of $250,000 with S40,000 in Federal withholding. He has the following items: Medical Mortgage interest Credit card interest Property ta...
11. Sam is single, 30, and has no children. He made a salary of $250,000 with S40,000 in Federal withholding. He has the following items: Medical Mortgage interest Credit card interest Property tax Sales tax State income tax withheld Charitable contributions Tax return preparation fee 8,000 5,000 2,000 2,500 1,500 22,000 1,000 500 Please show your work. Compute the adjusted gross income. Compute the itemized deductions before any limitations. Compute the itemized deductions after any limitations. Compute the taxable income....
1. Chuck, a single taxpayer, earns $70,000 in taxable income and $10,000 in interest from an...
1. Chuck, a single taxpayer, earns $70,000 in taxable income and $10,000 in interest from an investment in City of Heflin bonds. Using the U.S. tax rate schedule, how much federal tax will he owe? 2.Chuck, a single taxpayer, earns $70,000 in taxable income and $10,000 in interest from an investment in City of Heflin bonds. What is his average tax rate? (Carry your answer two decimals, i.e., 20.05) 3. Chuck, a single taxpayer, earns $70,000 in taxable income and...
John has 2 jobs in 2019. He earned the following: Job 1 Job 2 Salary ...
John has 2 jobs in 2019. He earned the following: Job 1 Job 2 Salary 80,000 60,000 Federal Withholding tax 15,000 10,000 Social Security 4,960 3,720 Medicare 1,160 870 1. If John’s 2019 federal income tax is calculated at $ 23,500, how much will John receive as a refund on his 2018 federal income tax return? Assume John has Job 1, but instead of Job 2, he earned $ 60,000 as a self-employed Carpenter. Calculate John’s Self-employment tax.
Chuck, a single taxpayer, earns $85,000 irn taxable income and $10,000 in interest from an investment in City of Heflin bonds. Using the U.S. tax rate schedule, how much federal tax will he owe? What is his average tax rate? What is his effective tax rate? What is his current marginal tax rate? If Chuck earns an additional $40,000 of taxable income, what is his marginal tax rate on this income? If Chuck claims an additional $40,000 of deductions, what...
personal finance class! how to calculate taxes in this
case?
Another tax return calculation YAAAYYYYYY! Due 4/30/2019 Help Kamal prepare his 2018 tax return. He calculated his Adjusted Gross Income to be $95,600. He hopes to lower his tax bill though, because he has several significant itemized deductions: he paid $7,000 of mortgage interest, and donated $6,000 to charity. Kamal paid $13,000 through his employers pay check withholding in federal income taxes over the course of the year. Does Kamal...
Q6
What is the tax refund?
Mr. and Mrs. Kigali's AGI (earned income) was $15,010. Their federal income tax withholding was $890. They had no itemized deductions and two dependent children, ages 18 and 19. If Mr. and Mrs. Kigali are entitled to a $4,724 earned income credit, compute their income tax refund. Assume the taxable year is 2019. Use Standard Deduction Table. Tax refund Married filing jointly and surviving spouses Married filing separately Head of household Single $24,400 12,200...
QUESTIONS Chuck, a single taxpayer, earns $65,000 in taxable income and $10,000 in interest from an investment in City of Heflin bonds. If Chuck earns an additional $40,000 of taxable income, what is his marginal tax rate on this income? QUESTION 6 Chuck, a single taxpayer, carns $65,000 in taxable income and $10,000 in interest from an investment in City of Heflin bonds. If Chuck claims an additional $40,000 of deductions, what is his marginal tax rate on this income?...
11. Sam is single, 30, and has no children. He made a salary of $250,000 with S40,000 in Federal withholding. He has the following items: Medical Mortgage interest Credit card interest Property tax Sales tax State income tax withheld Charitable contributions Tax return preparation fee 8,000 5,000 2,000 2,500 1,500 22,000 1,000 500 Please show your work. Compute the adjusted gross income. Compute the itemized deductions before any limitations. Compute the itemized deductions after any limitations. Compute the taxable income....
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