Homework Answers
| A person earning 75000 will be taxed 10% on the first 50000, | |||||
| and the remaining 25000 will not be taxed. | |||||
| total tax = .10*50000 + 0*25000 | |||||
| total tax is 5000. | |||||
| The average tax rate = 5000/(75000) | |||||
| The average tax rate = .066667 | |||||
| The average tax rate is 6.67%. | |||||
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312. (Table: Taxes, Spending, and Income) Use Table: Taxes, Spending, and income. Suppose Governor Meridias initiates...
Data on before-tax income, taxes paid, and consumption spending for the Simpson family in various years...
Data on before-tax income, taxes paid, and consumption spending for the Simpson family in various years are given below. Consu ption spending ($ 3,000 20, 000 3,500 21,350 3,700 22,07e 23,608 Before-tax income ($) Taxes paid ($) 25, 000 27,000 28,000 30,000 4,000 a. Graph the Simpsons' consumption function, then find their household's marginal propensity to consume and the intercept of the consumption function. Instructions: On the graph below, use the line tool provided. Click and drag your mouse to...
Chapter 13 Homework 00 Data on before tax income taxes paid, and consumption spending for the...
Chapter 13 Homework 00 Data on before tax income taxes paid, and consumption spending for the Simpson family in various years are given below. Before-tax inco ($) 25,800 27.000 28,69 Taxes paid (s) 3,00 Consumption spending ($) 20,000 21,350 22.07 23.600 4. Ono a. Graph the Simpsons' consumption function, then find their household's marginal propensity to consume and the intercept of the consumption function Instructions: On the graph below, use the line tool provided. Click and drag your mouse to...
6. The negative Income tax Many economists believe that a more effective way to supplement the...
6. The negative Income tax Many economists believe that a more effective way to supplement the income of the poor is through a negative income tax. Under this scheme, everyone reports his or her Income to the government; individuals and families earning a higher income will pay a tax based on that income, while low-income Individuals and families receive a subsidy, or negative tax. Assume that the only qualification required to receive a tax credit is low income. Suppose the...
Please prepare a balance sheet, income statement, statement of owners equity and a statement of cash...
Please prepare a balance sheet, income statement, statement of
owners equity and a statement of cash flows.
202 Owners' Equity Homework Froblem 1° The following balances are from the Cheyenne's Accounting Company 2018 20,000 50,000 3,000 190,000 60,000 70,000 5,000 2017 10,000 42,000 4,000 180,000 50,000 40,000 10,000 Cash Accounts Receivable Prepaid Rent Equipment Accumulated Depreciation Accounts Payable Salaries Payable Taxes Payable Note Payable Common Stock ($1 Par) Paid In Capital Retained Earnings Accounting Fees Salary Expense Rent Expense Interest...
nix Wednesday TAX-4: Hanks Company The Hanks Company has the following income statement for the year...
nix Wednesday TAX-4: Hanks Company The Hanks Company has the following income statement for the year ended December 31, 2016: Subscription revenue Interest revenue on municipal bonds Total revenues $250,000 4.500 254,500 Expenses: Subscription costs Wages Rent expense Depreciation on equipment Insurance expense Total expenses Income before tax 120,000 30.000 15,000 45,000 8,000 218.000 36,500 Hanks Company has the following partially completed comparative balance sheets as of December 31: 2016 2015 $ 92,775 19.250 3,000 2,500 $ 10,000 19,250 2.800...
Income Statement worksheet 1 Common information: 2 Name: Illini Tap - HW 2 3 4. Today's...
Income Statement worksheet
1 Common information: 2 Name: Illini Tap - HW 2 3 4. Today's date: September 9, 2020 5 6 Balance Sheet Date: 7 3 Income Statement for period: 9 Beginning January 1, 2019 10 Ending: December 31, 2019 11 12 Fed. Marginal Tax Rate: 25.00% 13 SE rate: 15.30% 14 State Inc. Tax rate 5.00% 15 Type of Business: Business accrual 16 0 1 17 Selected Balance Sheet Entries Line No. if Use on IS 12/31/2018 Adjustment...
Create an individual Income Statement, Retained Earning, and Balance Sheet. 2 Classification of accounts as to...
Create an individual Income Statement, Retained Earning, and
Balance Sheet.
2 Classification of accounts as to where they go in the financial statements: IS = Income Statement 3 RE = Retained Earnings Statement 4 BS = Balance Sheet 5 RE (Begining balance) Dr. Cr. 24,100 910,000 2,000 14,000 105,000 155,000 301,000 2,000 8,000 23,000 90,000 5,000 7,100 9,000 3,000 XYZ Company Inc. Adjusted Trail Balance December 31, 2018 Account Retained carnings, January 1, 2018 Sales Unexpired (prepaid) insurance Depreciation expense-office...
Use the marginal income tax rates shown here to calculate the average tax rate on an...
Use the marginal income tax rates shown here to calculate the
average tax rate on an income of $100,000.
Taxable Income
Tax rate
$0–$8,700
10%
$8,700–$35,350
15%
$35,350–$85,650
25%
$85,650–$178,650
28%
$178,650–$388,350
33%
Over $388,350
35%
Average tax rate on $100,000 of income is ____________.
21.46%
24.27%
28.00%
10.5 points
QUESTION 2
Use the marginal income tax rates shown here to calculate the
average tax rate on an income of $200,000.
Taxable Income
Tax rate
$0–$8,700
10%
$8,700–$35,350
15%...
Malcolm Figueroa is a sales employee of Carefree Pools and Spas, Inc. During 2018, he was...
Malcolm Figueroa is a sales employee of Carefree Pools and Spas, Inc. During 2018, he was issued a company car with a fair market value of $35,000. He drove a total of 22,000 miles, used the car for 3,600 miles for personal use, and his employer paid for fuel, charging Malcolm 5.5 cents per mile. Required: Under the lease value rule, what is the amount that must be added to Malcolm's gross pay for 2018? (Use the table for lease...
How to get RE of 54 880 and Net Income -59120 , highlighted above Question 4...
How to get RE of 54 880 and Net Income -59120 , highlighted
above
Question 4 (60 minutes, 23.5 marks) Today Ad Corp. is a company that provides advertising services to other companies. They have recently relocated in a new office building and, in the moving process, have lost most of their accounting documents. They were able to recover the adjusted trial balance at the end of December 31, 2016 (the current year) and the statement of cash flows prepared...
Data on before-tax income, taxes paid, and consumption spending for the Simpson family in various years are given below. Consu ption spending ($ 3,000 20, 000 3,500 21,350 3,700 22,07e 23,608 Before-tax income ($) Taxes paid ($) 25, 000 27,000 28,000 30,000 4,000 a. Graph the Simpsons' consumption function, then find their household's marginal propensity to consume and the intercept of the consumption function. Instructions: On the graph below, use the line tool provided. Click and drag your mouse to...
Chapter 13 Homework 00 Data on before tax income taxes paid, and consumption spending for the Simpson family in various years are given below. Before-tax inco ($) 25,800 27.000 28,69 Taxes paid (s) 3,00 Consumption spending ($) 20,000 21,350 22.07 23.600 4. Ono a. Graph the Simpsons' consumption function, then find their household's marginal propensity to consume and the intercept of the consumption function Instructions: On the graph below, use the line tool provided. Click and drag your mouse to...
6. The negative Income tax Many economists believe that a more effective way to supplement the income of the poor is through a negative income tax. Under this scheme, everyone reports his or her Income to the government; individuals and families earning a higher income will pay a tax based on that income, while low-income Individuals and families receive a subsidy, or negative tax. Assume that the only qualification required to receive a tax credit is low income. Suppose the...
Please prepare a balance sheet, income statement, statement of
owners equity and a statement of cash flows.
202 Owners' Equity Homework Froblem 1° The following balances are from the Cheyenne's Accounting Company 2018 20,000 50,000 3,000 190,000 60,000 70,000 5,000 2017 10,000 42,000 4,000 180,000 50,000 40,000 10,000 Cash Accounts Receivable Prepaid Rent Equipment Accumulated Depreciation Accounts Payable Salaries Payable Taxes Payable Note Payable Common Stock ($1 Par) Paid In Capital Retained Earnings Accounting Fees Salary Expense Rent Expense Interest...
nix Wednesday TAX-4: Hanks Company The Hanks Company has the following income statement for the year ended December 31, 2016: Subscription revenue Interest revenue on municipal bonds Total revenues $250,000 4.500 254,500 Expenses: Subscription costs Wages Rent expense Depreciation on equipment Insurance expense Total expenses Income before tax 120,000 30.000 15,000 45,000 8,000 218.000 36,500 Hanks Company has the following partially completed comparative balance sheets as of December 31: 2016 2015 $ 92,775 19.250 3,000 2,500 $ 10,000 19,250 2.800...
Income Statement worksheet
1 Common information: 2 Name: Illini Tap - HW 2 3 4. Today's date: September 9, 2020 5 6 Balance Sheet Date: 7 3 Income Statement for period: 9 Beginning January 1, 2019 10 Ending: December 31, 2019 11 12 Fed. Marginal Tax Rate: 25.00% 13 SE rate: 15.30% 14 State Inc. Tax rate 5.00% 15 Type of Business: Business accrual 16 0 1 17 Selected Balance Sheet Entries Line No. if Use on IS 12/31/2018 Adjustment...
Create an individual Income Statement, Retained Earning, and
Balance Sheet.
2 Classification of accounts as to where they go in the financial statements: IS = Income Statement 3 RE = Retained Earnings Statement 4 BS = Balance Sheet 5 RE (Begining balance) Dr. Cr. 24,100 910,000 2,000 14,000 105,000 155,000 301,000 2,000 8,000 23,000 90,000 5,000 7,100 9,000 3,000 XYZ Company Inc. Adjusted Trail Balance December 31, 2018 Account Retained carnings, January 1, 2018 Sales Unexpired (prepaid) insurance Depreciation expense-office...
Use the marginal income tax rates shown here to calculate the
average tax rate on an income of $100,000.
Taxable Income
Tax rate
$0–$8,700
10%
$8,700–$35,350
15%
$35,350–$85,650
25%
$85,650–$178,650
28%
$178,650–$388,350
33%
Over $388,350
35%
Average tax rate on $100,000 of income is ____________.
21.46%
24.27%
28.00%
10.5 points
QUESTION 2
Use the marginal income tax rates shown here to calculate the
average tax rate on an income of $200,000.
Taxable Income
Tax rate
$0–$8,700
10%
$8,700–$35,350
15%...
Malcolm Figueroa is a sales employee of Carefree Pools and Spas, Inc. During 2018, he was issued a company car with a fair market value of $35,000. He drove a total of 22,000 miles, used the car for 3,600 miles for personal use, and his employer paid for fuel, charging Malcolm 5.5 cents per mile. Required: Under the lease value rule, what is the amount that must be added to Malcolm's gross pay for 2018? (Use the table for lease...
How to get RE of 54 880 and Net Income -59120 , highlighted
above
Question 4 (60 minutes, 23.5 marks) Today Ad Corp. is a company that provides advertising services to other companies. They have recently relocated in a new office building and, in the moving process, have lost most of their accounting documents. They were able to recover the adjusted trial balance at the end of December 31, 2016 (the current year) and the statement of cash flows prepared...
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