Homework Answers
| California Marginal Income tax | |||||||
| Tax Slab | Rate | Tax | |||||
| 0-8808 | 1% | 8808 | 88.1 | ||||
| 8809-20882 | 2% | 12074 | 241.5 | ||||
| 20883-32959 | 4% | 12077 | 483.1 | ||||
| 32960-45752 | 6% | 12793 | 767.6 | ||||
| 45753-57823 | 8% | 12071 | 965.7 | ||||
| 57824-295372 | 9.30% | 92177 | 8572.5 | ||||
| 150000 | 11118.4 | ||||||
| Average Income Tax rate | Total Tax /Total Income * percentage | 7.4 | |||||
| United States Marginal Income Tax | |||||||
| Tax Slab | Rate | Tax | |||||
| 0-9875 | 10% | 9875 | 987.5 | ||||
| 9876-40125 | 12% | 30250 | 3630.0 | ||||
| 40126-85525 | 22% | 45400 | 9988.0 | ||||
| 85526-163300 | 24% | 64475 | 15474.0 | ||||
| 150000 | 30079.5 | ||||||
| Average Income Tax rate | Total Tax /Total Income * percentage | 20.1 | |||||
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For 2020, the California marginal income tax brackets for single individuals are as follows: SO -...
For 2020, the California marginal income tax brackets for single individuals are as follows: 50 -...
For 2020, the California marginal income tax brackets for single individuals are as follows: 50 - SR808 156 $8.809 - 520.882 29 $20.08) - 32.959 $32.960 - 545,752 6% $45,753-357X23 8% $57.834.5295372 9.3% 5295.373$354.444 10.3% 5354445 - $590,741 11.3% $590,742 - $1,000,000 12.3% $1.000,001 13.3% For 2020, the United States marginal income tax brackets for single individuals are as follows: 50 - 59.875 10% 59.876 - 540,125 12% $40,126.585,525 22% $85.526 - $163,300 $163,301 - 5207,350 32% $207,351 - 5518.400...
During 2020, James, a single taxpayer incurred the following expenditures: Qualified medical expenses $ 8,000 ($1,000...
During 2020, James, a single taxpayer incurred the following
expenditures:
Qualified medical expenses $ 8,000 ($1,000 of which were
reimbursed)
Student loan interest 1,700
Charitable contributions (all cash) 3,000
Qualified mortgage interest (on $200,000 debt) 12,000
State income taxes withheld from paycheck 2,000
Real Estate taxes paid on personal residence 7,000
Personal property taxes paid 4,000
Federal income tax withheld from paycheck 19,000
James also earned the following income:
Salary $70,000
Share of Partnership Income 20,000
Inheritance 4,000
Compute James’...
1. A taxpayer has $95,000 of taxable income for 2020. Indicate the marginal tax rate and...
1. A taxpayer has $95,000 of taxable income for 2020. Indicate
the marginal tax rate and calculate the tax if the taxpayer is a a.
Single individual b. Married couple filing jointly (Hint: the tax
rate schedule for 2020 can be found in your text and on Blackboard
(Welcome page, Tax Schedules and Formulas pdf file).
of the amount ... 109 -1046 $ 0 14,100 53,700 85,500 163,300 blackboard stockton.edu gaStockton Portal Tax Schedules and Formulas from test-ACCT 32100 http://blackhardtoonduced-206720...
Chuck, a single taxpayer, earns $76,600 in taxable income and $10,000 in interest from an investment...
Chuck, a single taxpayer, earns $76,600 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 $40,240 of taxable income, what is his marginal tax rate on this income? b. What is his marginal rate if, instead, he had $40,240 of additional deductions? (For all requirements, do not round intermediate calculations. Round percentage answers to 2 decimal places.) a. % Marginal tax...
"Eric is single and has no dependents for 2020. He earned $60,000 and had deductions from...
"Eric is single and has no dependents for 2020. He earned
$60,000 and had deductions from gross income of $1,800 and itemized
deductions of $12,600. Compute Eric’s income tax for the year using
the Tax Rate Schedules."
2020 Tax Rates and Amounts Tax Rate Schedules for 2020 + % on Excess 10% 12 Schedule X: Single Individuals Taxable income Over But Not Over $0 $9,875 9,875 40,125 40,125 85,525 85,525 163,300 163,300 207,350 207,350 518,400 518,400 Pay $0.00 987.50 4,617.50...
eBook Calculator Exercise 3-20 (LO. 6) Compute the 2020 tax liability and the marginal and average...
eBook Calculator Exercise 3-20 (LO. 6) Compute the 2020 tax liability and the marginal and average tax rates for the following taxpayers. Click here to access the 2020 tax rate schedule. If required, round the tax liability to the nearest dollar. When required, round the average rates to four decimal places before converting to a percentage (i.e. .67073 would be rounded to .6707 and entered as 67.07%). a. Chandler, who files as a single taxpayer, has taxable income of $94,800....
In 2020, Simon, age 12, has interest income of $6,060 on funds he inherited from his...
In 2020, Simon, age 12, has interest income of $6,060 on funds he inherited from his grandmother, and no earned income. He has no investment expenses. His parents have taxable income of $82,250 and file a joint return. Assume that no parental election is made. Click here to access the 2020 tax rate schedule. If required, round the tax computations to the nearest dollar. Simon's net unearned income is Simon's allocable parental tax is Simon's total tax is of the...
In 2020, Lisa and Fred, a married couple, had a taxable income of $306,700. If they...
In 2020, Lisa and Fred, a married couple, had a taxable income of $306,700. If they were to file separate tax returns, Lisa would have reported taxable income of $127,200 and Fred would have reported taxable income of $179,500. What is the couple’s marriage penalty or benefit? (Do not round intermediate calculations.) Use the Tax Rate Schedule for reference. 2020 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The tax is: $ ...
"Julian and Georgia file a joint return. They have adjusted gross income of $112,000 and itemized...
"Julian and Georgia file a joint return. They have adjusted
gross income of $112,000 and itemized deductions of $25,000. Are
they required to use the Tax Rate Schedules or the Tax Tables in
computing their income tax?"
2020 Tax Rates and Amounts Tax Rate Schedules for 2020 + % on Excess 10% 12 Schedule X: Single Individuals Taxable income Over But Not Over $0 $9,875 9,875 40,125 40,125 85,525 85,525 163,300 163,300 207,350 207,350 518,400 518,400 Pay $0.00 987.50 4,617.50...
2020 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over:But not over: The tax...
2020 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over:But not over: The tax is: $ 0 $ 9.875 10% of taxable income $ 9.875 $ 40,125 $987 50 plus 12% of the excess over $9.875 $ 40,125 $ 85,525 $4,617 50 plus 22% of the excess over $40,125 $ 85,525 $163,300 $14,605 50 plus 24% of the excess over $85 525 $163,300 $207,350 $33,271.50 plus 32% of the excess over $163,300 $207,350 $518,400 $47,367 50 plus 35%...
For 2020, the California marginal income tax brackets for single individuals are as follows: 50 - SR808 156 $8.809 - 520.882 29 $20.08) - 32.959 $32.960 - 545,752 6% $45,753-357X23 8% $57.834.5295372 9.3% 5295.373$354.444 10.3% 5354445 - $590,741 11.3% $590,742 - $1,000,000 12.3% $1.000,001 13.3% For 2020, the United States marginal income tax brackets for single individuals are as follows: 50 - 59.875 10% 59.876 - 540,125 12% $40,126.585,525 22% $85.526 - $163,300 $163,301 - 5207,350 32% $207,351 - 5518.400...
During 2020, James, a single taxpayer incurred the following
expenditures:
Qualified medical expenses $ 8,000 ($1,000 of which were
reimbursed)
Student loan interest 1,700
Charitable contributions (all cash) 3,000
Qualified mortgage interest (on $200,000 debt) 12,000
State income taxes withheld from paycheck 2,000
Real Estate taxes paid on personal residence 7,000
Personal property taxes paid 4,000
Federal income tax withheld from paycheck 19,000
James also earned the following income:
Salary $70,000
Share of Partnership Income 20,000
Inheritance 4,000
Compute James’...
1. A taxpayer has $95,000 of taxable income for 2020. Indicate
the marginal tax rate and calculate the tax if the taxpayer is a a.
Single individual b. Married couple filing jointly (Hint: the tax
rate schedule for 2020 can be found in your text and on Blackboard
(Welcome page, Tax Schedules and Formulas pdf file).
of the amount ... 109 -1046 $ 0 14,100 53,700 85,500 163,300 blackboard stockton.edu gaStockton Portal Tax Schedules and Formulas from test-ACCT 32100 http://blackhardtoonduced-206720...
Chuck, a single taxpayer, earns $76,600 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 $40,240 of taxable income, what is his marginal tax rate on this income? b. What is his marginal rate if, instead, he had $40,240 of additional deductions? (For all requirements, do not round intermediate calculations. Round percentage answers to 2 decimal places.) a. % Marginal tax...
"Eric is single and has no dependents for 2020. He earned
$60,000 and had deductions from gross income of $1,800 and itemized
deductions of $12,600. Compute Eric’s income tax for the year using
the Tax Rate Schedules."
2020 Tax Rates and Amounts Tax Rate Schedules for 2020 + % on Excess 10% 12 Schedule X: Single Individuals Taxable income Over But Not Over $0 $9,875 9,875 40,125 40,125 85,525 85,525 163,300 163,300 207,350 207,350 518,400 518,400 Pay $0.00 987.50 4,617.50...
eBook Calculator Exercise 3-20 (LO. 6) Compute the 2020 tax liability and the marginal and average tax rates for the following taxpayers. Click here to access the 2020 tax rate schedule. If required, round the tax liability to the nearest dollar. When required, round the average rates to four decimal places before converting to a percentage (i.e. .67073 would be rounded to .6707 and entered as 67.07%). a. Chandler, who files as a single taxpayer, has taxable income of $94,800....
In 2020, Simon, age 12, has interest income of $6,060 on funds he inherited from his grandmother, and no earned income. He has no investment expenses. His parents have taxable income of $82,250 and file a joint return. Assume that no parental election is made. Click here to access the 2020 tax rate schedule. If required, round the tax computations to the nearest dollar. Simon's net unearned income is Simon's allocable parental tax is Simon's total tax is of the...
"Julian and Georgia file a joint return. They have adjusted
gross income of $112,000 and itemized deductions of $25,000. Are
they required to use the Tax Rate Schedules or the Tax Tables in
computing their income tax?"
2020 Tax Rates and Amounts Tax Rate Schedules for 2020 + % on Excess 10% 12 Schedule X: Single Individuals Taxable income Over But Not Over $0 $9,875 9,875 40,125 40,125 85,525 85,525 163,300 163,300 207,350 207,350 518,400 518,400 Pay $0.00 987.50 4,617.50...
2020 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over:But not over: The tax is: $ 0 $ 9.875 10% of taxable income $ 9.875 $ 40,125 $987 50 plus 12% of the excess over $9.875 $ 40,125 $ 85,525 $4,617 50 plus 22% of the excess over $40,125 $ 85,525 $163,300 $14,605 50 plus 24% of the excess over $85 525 $163,300 $207,350 $33,271.50 plus 32% of the excess over $163,300 $207,350 $518,400 $47,367 50 plus 35%...
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