Alan is a single taxpayer with a gross income of $88,000, a taxable income of $66,000,...
- Alan is a single taxpayer with a gross income of $88,000, a
taxable income of $66,000, and an income tax liability of $10,460
for 2018. Alan also has $8,000 of tax-exempt interest income. What
are Alan's marginal, average, and effective tax rates?
- 22% marginal; 14.5% average; 15.8% effective.
- 24% marginal; 14.5% average; 15.8% effective.
- 12% marginal; 15.8% average; 14.1% effective.
- 22% marginal; 15.8% average; 14.1% effective.
Homework Answers
2019
| taxable income | |
| 0-19400 | 10% |
| 19401-78950 | 12% |
As the taxable income 66000$ falls between 19401-78950 the marginal tax rates is 12%
average = tax / total taxable income
=10460/66000
=15.8%
effective tax rate= tax / (taxable income + tax exempt interest income)
=10460/(66000+8000)
=10460/74000
=14.1%
Answer C
12% marginal
15.8% average tax rate
14.1% effective tax rate
Add Answer to:
Alan is a single taxpayer with a gross income of $88,000, a
taxable income of $66,000,...
Katarina, a single taxpayer, has total income from all sources of $100,000 for 2019. Her taxable...
Katarina, a single taxpayer, has total income from all sources of $100,000 for 2019. Her taxable income after taking into consideration $25,000 in deductions and $10,000 in exclusions is $65,000. Katarina’s tax liability is $10,159. What are Katarina's marginal, average, and effective tax rates? Group of answer choices 12% marginal; 15.6% average; 13.5% effective 22% marginal; 15.6% average; 15.6% effective 24% marginal; 13.5% average; 15.6% effective 22% marginal; 15.6% average; 13.5% effective 12% marginal; 13.5% average; 15.6% effective
Chuck, a single taxpayer, earns $66,000 in taxable income and $25,300 in interest from an investment...
Chuck, a single taxpayer, earns $66,000 in taxable income and $25,300 in interest from an investment in City of Heflin bonds. (Use the U.S tax rate schedule.) Required: 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?
1. Mo is a single taxpayer reporting $96,900 of gross income. In addition, Mo receives $5,000...
1. Mo is a single taxpayer reporting $96,900 of gross income. In addition, Mo receives $5,000 of tax- exempt interest. Required: Compute the following: (Round your final answer to the nearest whole dollar.) a. Mo's taxable income is b. Mo's tax liability is c. Mo's marginal tax rate is d. Mo's average tax rate is e. Mo's effective tax rate is (Round your answer to one decimal place.) (Round your answer to one decimal place.)
s Chapter 1 PROBLEM l:1-39 Tax Rates. Latesha, a single taxpayer, had the following income and...
s Chapter 1 PROBLEM l:1-39 Tax Rates. Latesha, a single taxpayer, had the following income and deductions for the tax year 2018: Salary Business Income Interest income from taxable bonds Tax-exempt bond interest TOTAL INCOME $80,000 25,000 10,000 5,000 120,000 INCOME DEDUCTIONS: Business expenses Itemized deductions TOTAL DEDUCTIONS $ 9,500 20,000 29,500 a. Compute Latesha's taxable income and federal tax liability for 2018 (round to dollars b. Compute Latesha's marginal, average, and effective tax rates. c. For tax planning purposes,...
Susan is single with a gross income of $120,000 and a taxable income of $98,000. In...
Susan is single with a gross income of $120,000 and a taxable income of $98,000. In calculating gross income, she properly excluded $10,000 of tax-exempt interest income. (2019) What is her total tax? What is her marginal tax? What is her average tax rate? What is her effective tax rate?
PROBLEMS Tar Rates Latesha, a tax year 2018: :1-39 Tax Rates. Latesha, a single taxpayer, had...
PROBLEMS Tar Rates Latesha, a tax year 2018: :1-39 Tax Rates. Latesha, a single taxpayer, had the following income Salary Business Income Interest income from taxable bonds Tax-exempt bond interest TOTAL INCOME $ 80,000 25,000 10,000 5,000 120,000 INCOME: $ 9,500 20,000 29,500 DEDUCTIONS: Business expenses Itemized deductions TOTAL DEDUCTIONS a. Compute Latesha's taxable income and federal tax liability for 2018 (round to b. Compute Latesha's marginal, average, and effective tax rates. c. For tax planning purposes, which of the...
Federal Income tax 2020 1:1-39 Tax Rates. Latesha, a single taxpayer, had the following income and...
Federal Income tax 2020
1:1-39 Tax Rates. Latesha, a single taxpayer, had the following income and deductions for the tax year 2019: INCOME: Salary $100,000 Business Income 25,000 Interest income from taxable bonds 10,000 Tax-exempt bond interest 5,000 TOTAL INCOME 140,000 DEDUCTIONS: Business expenses $ 9,500 Itemized deductions 20,000 TOTAL DEDUCTIONS 29,500 a. Compute Latesha's taxable income and federal tax liability for 2019 (round to dollars and ignore the qualified business income deduction for this problem). b. Compute Latesha's marginal,...
Aliza Grajek is a self-employed nurse with a 2017 gross income of $66,000 and taxable annual...
Aliza Grajek is a self-employed nurse with a 2017 gross income
of $66,000 and taxable annual income (federal and state) of
$55,000 after adjustments, exemptions, and deductions. Calculate
her total 2017 income tax liability, including federal and FICA
taxes.
Aliza Grajek is a self-employed nurse with a 2017 gross income of $66,000 and taxable annual income (federal and state) of $55,000 after adjustments, exemptions, and deductions. Calculate her total 2017 income tax liability, including federal and FICA taxes. According to...
Linette, a single taxpayer, had the following income and deductions for the tax year 2018 EEB...
Linette, a single taxpayer, had the following income and deductions for the tax year 2018 EEB (Click the icon to view the income and deductions.)(Click the icon to view the standard deduction amounts.) (Click the icon to view the 2018 tax rate schedule for the Single filing status.) Read the requirements Requirement a. Compute Linette's taxable income and federal tax liability for 2018 First calculate the gross income, then calculate taxable income and the federal tax lability. (Calculate the tax...
Aliza Grajek is a self-employed nurse with a 2017 gross income of $66,000 and taxable annual...
Aliza Grajek is a self-employed nurse with a 2017 gross income of $66,000 and taxable annual income (federal and state) of $55,000 after adjustments, exemptions, and deductions. Calculate her total 2017 income tax liability, including federal and FICA taxes. According to the IRS tax table, Aliza's federal income tax liability for the 2017 tax year is $nothing. (Round to the nearest cent.) Click the following link for the tax rates and brackets table. LOADING... Assume the amount of taxable income...
1. Mo is a single taxpayer reporting $96,900 of gross income. In addition, Mo receives $5,000 of tax- exempt interest. Required: Compute the following: (Round your final answer to the nearest whole dollar.) a. Mo's taxable income is b. Mo's tax liability is c. Mo's marginal tax rate is d. Mo's average tax rate is e. Mo's effective tax rate is (Round your answer to one decimal place.) (Round your answer to one decimal place.)
s Chapter 1 PROBLEM l:1-39 Tax Rates. Latesha, a single taxpayer, had the following income and deductions for the tax year 2018: Salary Business Income Interest income from taxable bonds Tax-exempt bond interest TOTAL INCOME $80,000 25,000 10,000 5,000 120,000 INCOME DEDUCTIONS: Business expenses Itemized deductions TOTAL DEDUCTIONS $ 9,500 20,000 29,500 a. Compute Latesha's taxable income and federal tax liability for 2018 (round to dollars b. Compute Latesha's marginal, average, and effective tax rates. c. For tax planning purposes,...
PROBLEMS Tar Rates Latesha, a tax year 2018: :1-39 Tax Rates. Latesha, a single taxpayer, had the following income Salary Business Income Interest income from taxable bonds Tax-exempt bond interest TOTAL INCOME $ 80,000 25,000 10,000 5,000 120,000 INCOME: $ 9,500 20,000 29,500 DEDUCTIONS: Business expenses Itemized deductions TOTAL DEDUCTIONS a. Compute Latesha's taxable income and federal tax liability for 2018 (round to b. Compute Latesha's marginal, average, and effective tax rates. c. For tax planning purposes, which of the...
Federal Income tax 2020
1:1-39 Tax Rates. Latesha, a single taxpayer, had the following income and deductions for the tax year 2019: INCOME: Salary $100,000 Business Income 25,000 Interest income from taxable bonds 10,000 Tax-exempt bond interest 5,000 TOTAL INCOME 140,000 DEDUCTIONS: Business expenses $ 9,500 Itemized deductions 20,000 TOTAL DEDUCTIONS 29,500 a. Compute Latesha's taxable income and federal tax liability for 2019 (round to dollars and ignore the qualified business income deduction for this problem). b. Compute Latesha's marginal,...
Aliza Grajek is a self-employed nurse with a 2017 gross income
of $66,000 and taxable annual income (federal and state) of
$55,000 after adjustments, exemptions, and deductions. Calculate
her total 2017 income tax liability, including federal and FICA
taxes.
Aliza Grajek is a self-employed nurse with a 2017 gross income of $66,000 and taxable annual income (federal and state) of $55,000 after adjustments, exemptions, and deductions. Calculate her total 2017 income tax liability, including federal and FICA taxes. According to...
Linette, a single taxpayer, had the following income and deductions for the tax year 2018 EEB (Click the icon to view the income and deductions.)(Click the icon to view the standard deduction amounts.) (Click the icon to view the 2018 tax rate schedule for the Single filing status.) Read the requirements Requirement a. Compute Linette's taxable income and federal tax liability for 2018 First calculate the gross income, then calculate taxable income and the federal tax lability. (Calculate the tax...
Most questions answered within 3 hours.
-
Probabilities and Counting. Yahtzee is a game that involves six
fair dice. When rolling all six...
asked 2 minutes from now -
What percent of revenue does net income represent for each
year?
Total Revenue
2017 = 60,319,000...
asked 19 minutes ago -
For Ti+2 (Z=22). Determine the correct ground state
& # of microstates. Use the correct tanabe...
asked 23 minutes ago -
Why did so many investment banks have to start buying CDO’s and
other mortgaged backed securities...
asked 38 minutes ago -
The mean cost of domestic airfares in the United States rose to
an all-time high of...
asked 49 minutes ago -
1.Magazine Luiza is a Brazilian retail chain for consumer
electronics. The company currently has 100 stores...
asked 47 minutes ago -
What is the molarity of ZnCl2 that forms when 25.0 g of zinc
completely reacts with...
asked 49 minutes ago -
For independent X and Y, we have probability density function
for them where pdf of X...
asked 1 hour ago -
The decomposition of SO2Cl2 is first order in SO2Cl2 and has a
rate constant of 1.42...
asked 56 minutes ago -
How do I convert from volume percent to mole percent in the
distillation lab? ethy acetate...
asked 1 hour ago -
8. An air-plane has an effective wing surface area of 14.0 m²
that is generating the...
asked 1 hour ago -
A railroad worker was a person who worked on setting and moving
railroad tracks. In securing...
asked 1 hour ago