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Answer :
| 2013 | |||
| Standard Deduction | 6100 | ||
| Personal Exemption | 3900 | ||
| Wages | $115,000 | ||
| Add: Long term capital gain taxable at special rate of 15% | $7,800 | ||
| Less: Standard Deduction | 6100 | ||
| Personal Exemption | 3900 | ||
| Taxable Income | $112,800 | ||
| Tax | |||
| Taxable at normal rate(112800-7800) | $105,000 | 22,693.25 | 17891.25+(28%x(105000-87850)) |
| Taxable at special rate(15%) | $7,800 | 1,170 | (7800 x 15%) |
| $112,800 | 23,863.25 | ||
| So Jenna Owed $23,863.25 in taxes including capital gain tax |
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2013 Individual Tax Rates Single Individuals Average Tax Rate at Top of Bracket 10.0% 13.8 If...
2013 Individual Tax Rates Single Individuals If a Corporation's Taxable Income Is It Pays This Amount...
2013 Individual Tax Rates Single Individuals If a Corporation's Taxable Income Is It Pays This Amount on the Base of the Bracket Plus This Percentage on the Excess over the Base (Marginal Rate) Average Tax Rate at Top of Bracket Up to $8,925 $0 10.0% 10.0% $8,925 - $36,250 892.50 15.0 13.8 $36,250 - $87,850 4,991.25 25.0 20.4 $87,850 - $183,250 17,891.25 28.0 24.3 $183,250 - $398,350 44,603.25 33.0 29.0 $398,350 - $400,000 115,586.25 35.0 29.0 Over $400,000 116,163.75 39.6...
Single Individuals If a Corporation's Taxable Income Is It Pays This Amount on the Base of...
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Federal Income Taxes Individuals and firms pay out a significant portion of their income as taxes, so taxes are important in both personal and corporate decisions. Our tax system is progressive. Individual Individuals pay taxes on wages, on investment income, and on the profits of proprietorships and partnerships. Taxable income is defined as gross income less a set of exemptions and deductions. In 2013, the personal exemption is $3,900 per person. A capital gain (loss) is the profit (loss) from...
Federal Income Taxes Individuals and firms pay out a significant portion of their income as taxes,...
Federal Income Taxes Individuals and firms pay out a significant portion of their income as taxes, so taxes are important in both personal and corporate decisions. Our tax system is progressive. Individual Individuals pay taxes on wages, on investment income, and on the profits of proprietorships and partnerships. Taxable income is defined as gross income less a set of exemptions and deductions. In 2013, the personal exemption is $3,900 per person. A capital gain (loss) is the profit (loss) from...
Ch 03: Blueprint Problems- Financial Statements, Cash Flow, and Taxes 2017 Individual Tax Rates Single Individual...
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LOUICII The following table gives the federal income tax rates for a single individual. Income $0 to $8,925 $8,925...
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Marco is single and had a taxable income of $35,800. Tax Rate Single Married Filing Separately...
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Using the corporate tax rate table, calculate the taxable amount if a corporation's taxable income is...
Using the corporate tax rate table, calculate the taxable amount if a corporation's taxable income is 16,000,000 It Pays This Plus This Percentage Average Tax If a Corporation's Amount on the on the Excess over the Rate at Taxable income is Base of the Bracket Base (Marginal Rate) Top of Bracket Up to $50,000 $ 0 15% 15.0% $50,000-$75,000 7,500 25 18.3 $75,000-$100,000 13,750 34 22.3 $100,000-$335,000 22,250 39 34.0 $335,000-$10,000,000 113,900 34 34.0 $10,000,000 $15,000,000 3,400,000 35 34.3 $15,000,000-$18,333,333...
QUESTION 32 Using the corporate tax rate table, calculate the taxable amount if a corporation's taxable...
QUESTION 32 Using the corporate tax rate table, calculate the taxable amount if a corporation's taxable income is 83,000 It Pays This Plus This Percentage Average Tax If a Corporation's Amount on the on the Excess over the Rate at Taxable income is Base of the Bracket Base (Marginal Rate) Top of Bracket Up to $50,000 $ 0 15% 15.0% $50,000-$75,000 7,500 25 183 $75,000-$100,000 13,750 34 22.3 $100,000-$335,000 22,250 39 34.0 $335,000-$10,000,000 113,900 34 34.0 $10,000,000-$15,000,000 3,400,000 35 34.3...
Single Individuals If a Corporation's Taxable Income Is It Pays This Amount on the Base of the Bracket Plus This Percentage on the Excess over the Base (Marginal Rate) 10.0% Average Tax Rate at Top of Bracket $0 10.0% 15.0 13.8 25.0 20.4 Up to $8,925 $8,925 - $36,250 $36,250 - $87,850 $87,850 - $183,250 $183,250 - $398,350 $398,350 - $400,000 Over $400,000 28.0 24.3 892.50 4,991.25 17,891.25 44,603.25 115,586.25 116,163.75 33.0 29.0 35.0 29.0 39.6 39.6 Standard deduction for...
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Ch 03: Blueprint Problems- Financial Statements, Cash Flow, and Taxes 2017 Individual Tax Rates Single Individuals Plus This Percentage You Pay This Average Tax Amount on the on the Excess over the Rate at Base (Marginal Rate) Base of the Bracket If Your Taxable Top of Bracket Income Is 10.0 % 10.0% Up to $9,325 $0 $9,325 $37,950 932.50 15.0 13.8 $37,950 $91,900 5,226.25 25.0 20.4 $91,900 $191,650 18,713.75 28.0 24.3 $191,650 $416,700 46,643.75 33.0 29.0 $416,700 $418,400 120,910.25 35.0...
LOUICII The following table gives the federal income tax rates for a single individual. Income $0 to $8,925 $8,925 to $36,250 $36,250 to $87,850 $87,850 to $183,250 $183,250 to $398,350 $398,350 to $400,000 $400,000 and above Rate 10% 15% 25% 28% 33% 35% 39.60% The total tax payable for an individual who earns $425,000 a year is $1(Round your response to two decimal places.) ME 2 HOL rs' N - music extras Enter your answer in the answer box and...
LOUICII The following table gives the federal income tax rates for a single individual. Income $0 to $8,925 $8,925 to $36,250 $36,250 to $87,850 $87,850 to $183,250 $183,250 to $398,350 $398,350 to $400,000 $400,000 and above Rate 10% 15% 25% 28% 33% 35% 39.60% The total tax payable for an individual who earns $425,000 a year is $1(Round your response to two decimal places.) ME 2 HOL rs' N - music extras Enter your answer in the answer box and...
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