Homework Answers
Answer :
The Lees’ marginal tax bracket is 15 percent as shown in Table 4.1.
|
2014 |
|
|
$68,000.00 |
Gross Income |
|
$0.00 |
Adjustments |
|
–$12,400.00 |
Standard Deduction, Married filing jointly |
|
–$15,800.00 |
Exemptions (x4) |
|
$39,800.00 |
Taxable income |
|
2014 |
|
|
$1,815.00 |
Liability (10% bracket) |
|
+$3,247.50 |
Liability (15% bracket) |
|
$5,062.50 |
Total tax liability |
|
– $2,000.00 |
Tax credits (Child tax) |
|
$3,062.50 |
Final tax liability |
Average tax rate 2014: Total Tax Liability = $3,062.50 = 4.50%
Total Income $68,000
Add Answer to:
These problems are available in MyFinanceLab. The Lees, a family of two adults and two dependent...
The Lees, a family of two adults and two dependent children under age 16, had a...
The Lees, a family of two adults and two dependent children under age 16, had a gross annual income of $68,000 for 2017. Determine their standard deduction, exemption, and child tax credit amounts, as well as their marginal and average tax rates assuming their filing status is married filing jointly.Assuming the Lees' filing status is married filing jointly, their standard deduction for the 2017 tax year is $nothing. (Round to the nearest dollar.) Click the following link for a standard...
FNC 1) The Lees, a family of two adults and two dependent children under age 16,...
FNC 1) The Lees, a family of two adults and two dependent children under age 16, had a gross annual income of $68,000 for 2017. Determine their standard deduction, exemption, and child tax credit amounts, as well as their marginal and average tax rates, assuming their filing status is married filing jointly. 9) Calculate the 2017 total tax for Gordon Geist, a single taxpayer with no dependents and no itemized deductions. He has an active income of $40,000, a short-term...
Calculate the total 2017 tax liability for a surviving spouse with one dependent child with a...
Calculate the total 2017 tax liability for a surviving spouse with one dependent child with a gross income of $45,860, no salary reductions for employer-provided benefits, and no itemized deductions. Assuming the single parent taxpayer's filing status is Married Filing Jointly or Surviving Spouse, the taxpayer's standard deduction for the 2017 tax year is $ Standard Deduction Amounts Filing Status 2017 Single $6,350 Married Filing Jointly or Surviving Spouse $12,700 Head of Household $9,350 Married Filing Separately $6,350 Personal Exemptions...
Problem P4-6 (similar to) Question Help Calculate the total 2017 tax liability for a surviving spouse...
Problem P4-6 (similar to) Question Help Calculate the total 2017 tax liability for a surviving spouse with one dependent child with a gross income of $46,320, no salary reductions for employer-provided benefits, and no itemized deductions. Assuming the single parent taxpayer's filing status is Married Filing Jointly or Surviving Spouse, the taxpayer's standard deduction for the 2017 tax year is $ 20050 (Round to the nearest dollar.) a Data Table Standard Deduction Amounts Filing Status Single Married Filing Jointly or...
1) A dependent child, age 18 and single has wages of $3,900 and dividend income of...
1) A dependent child, age 18 and single has wages of $3,900 and dividend income of $3,300 in tax year 2014. What is her standard deduction? 2) Refer to question 1. Assume that she is subject to the kiddie tax, and her father, her sole surviving parent, has taxable income of $49,000 and files his 2014 return using the head of household filing status. What is the child's tax liability? 3) A taxpayer who provides 40% of the support of...
6. Which one of the following is considered being married for tax purposes? A. Persons living...
6. Which one of the following is considered being married for tax purposes? A. Persons living apart and legally separated or divorced. B. Persons whose marriage is annulled. C. A person whose spouse died during the year. 7. Which one of the following statements describes the consequences of using the filing status ‘married filing jointly’? A. A spouse may not be held responsible for tax if that spouse had no income. B. The tax rates are generally more favorable than...
Sharon and Tray are married, have two dependent children, and file a joint return in 2018....
Sharon and Tray are married, have two dependent children, and file a joint return in 2018. If they have adjusted gross income (AGI) of $80,000 and itemized deductions of $8,500, what is their taxable income for 2018? (Click the icon to view the standard deduction amounts.) (If an input field is not used, leave the input field(s) empty. Do not select a label or enter a zero.) Adjusted gross income Minus: Standard deduction 80,000 (24,000) 56,000 Taxable income STANDARD DEDUCTION...
8. Calculate the total 2017 tax liability for a surviving spouse with one dependent child with...
8. Calculate the total 2017 tax liability for a surviving spouse with one dependent child with a gross income of $49660, no salary reductions for employer provided benefits, and no itemized deductions. Assuming the single parent taxpayer's filing status is married filing jointly or surviving spouse, the taxpayer's standard deduction for the 2017 tax year is $_______ Round to the nearest dollar! Thanks!
Uppose an unmarried individual without children has $40,000 in labor earnings. She has no other i...
uppose an unmarried individual without children has $40,000 in labor earnings. She has no other income. Use the standard deduction and assume that aside from the Child Tax Credit and the EITC, no other tax credits exist. Use the tax tables from the handout to answer the following: a. How much is the employee portion of FICA that was withheld from the person's paychecks? b. What is the governments total tax revenue from payroll taxes from this person? c. What...
1) A dependent child, age 18 and single has wages of $3,900 and dividend income of...
1) A dependent child, age 18 and single has wages of $3,900 and dividend income of $3,300 in tax ... Assume that she is subject to the kiddie tax, and her father, her sole surviving parent, has taxable income of $49,000 and files his 2014 return using the head of household filing status. What is the child's tax liability? 2) A taxpayer who provides 40% of the support of her parents and claims them as dependents because of a multiple...
FNC 1) The Lees, a family of two adults and two dependent children under age 16, had a gross annual income of $68,000 for 2017. Determine their standard deduction, exemption, and child tax credit amounts, as well as their marginal and average tax rates, assuming their filing status is married filing jointly. 9) Calculate the 2017 total tax for Gordon Geist, a single taxpayer with no dependents and no itemized deductions. He has an active income of $40,000, a short-term...
Problem P4-6 (similar to) Question Help Calculate the total 2017 tax liability for a surviving spouse with one dependent child with a gross income of $46,320, no salary reductions for employer-provided benefits, and no itemized deductions. Assuming the single parent taxpayer's filing status is Married Filing Jointly or Surviving Spouse, the taxpayer's standard deduction for the 2017 tax year is $ 20050 (Round to the nearest dollar.) a Data Table Standard Deduction Amounts Filing Status Single Married Filing Jointly or...
Sharon and Tray are married, have two dependent children, and file a joint return in 2018. If they have adjusted gross income (AGI) of $80,000 and itemized deductions of $8,500, what is their taxable income for 2018? (Click the icon to view the standard deduction amounts.) (If an input field is not used, leave the input field(s) empty. Do not select a label or enter a zero.) Adjusted gross income Minus: Standard deduction 80,000 (24,000) 56,000 Taxable income STANDARD DEDUCTION...
uppose an unmarried individual without children has $40,000 in labor earnings. She has no other income. Use the standard deduction and assume that aside from the Child Tax Credit and the EITC, no other tax credits exist. Use the tax tables from the handout to answer the following: a. How much is the employee portion of FICA that was withheld from the person's paychecks? b. What is the governments total tax revenue from payroll taxes from this person? c. What...
Most questions answered within 3 hours.
-
find H(e^Jtheta) at theta= 0, pi/10, pi/20, pi/2 for
the following:
a) H(e^Jtheta)= 1+e^Jtheta
b) H(e^Jtheta)=...
asked 16 minutes ago -
Home Corporation will open a new store on January 1. Based on
experience from its other...
asked 33 minutes ago -
In a neoclassical model, use the IS-LM to analyze the effect of
a permanent money supply...
asked 1 hour ago -
An electron passes through a point 2.67 cm from a long straight
wire as it moves...
asked 1 hour ago -
A grammar is a 4-tuple G, G = (Ν, Σ, Π, Σ, S) where, Ν is...
asked 2 hours ago -
In this part, calculate the present values. Use the Excel PV
function to compute the present...
asked 2 hours ago -
Part 1. Primitive Types, Sorting, Recursion for
Homework.java
a) Implement the static method initializeArray that receives...
asked 3 hours ago -
Using C++, build a sorter that can rank a sequence of numbers in
a descending order....
asked 3 hours ago -
Derive ground state term symbols. Use notation 2S(1/2) for state
2S1/2
a) d5
b) f3
c)...
asked 3 hours ago -
A sample of size 31 will be drawn from a population with mean 39
and standard...
asked 4 hours ago -
What is the effect on the P-value when a test is changed from a
two-tailed hypothesis...
asked 4 hours ago -
I wish to estimate µ, the mean of a population. After I collect
and an-
alyze...
asked 5 hours ago