Daisy Co. has $267,000 in taxable income and Binget Co. has $1,600,000 in taxable income. Suppose...
Homework Answers
Additional Tax = Income * marginal tax rate
Marginal Tax Rate is the Tax rate applicable for Increased income
Daisy Co. = $ 10000 * 35%
= $ 3500
Binget Co. = $ 10000 * 37%
= $ 3700
Pls comment, if any further assistance is required
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Daisy Co. has $267,000 in taxable income and Binget Co. has
$1,600,000 in taxable income. Suppose...
Brian and Kim have a 12-year-old child, Stan. For 2018, Brian and Kim have taxable income...
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and Kim have taxable income of $52,000, and Stan has interest
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Click here to access the income tax rate schedules.
If Stan’s parents elected to report Stan’s income on his
parents’ return, what would the tax on Stan’s income be?
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Campbell, a single taxpayer, earns $281,000 in taxable income and $5,600 In Interest from an Investment...
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Marc, a single taxpayer, earns $135,000 in taxable income and
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Multiple Choice
19.77%
16.54%
11.96%
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None of the choices are correct.
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Terri Simmons is single and had $179,000 in taxable income. Use the rates from Table 2.3. a. Calculate her income taxes...
Terri Simmons is single and had $179,000 in taxable income. Use the rates from Table 2.3. a. Calculate her income taxes. (Do not round intermediate calculations and round your answer to the nearest whole dollar amount, e.g., 32.) b. What is the average tax rate? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) c. What is the marginal tax rate? (Do not round intermediate calculations and enter your answer...
2018 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The...
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Jorge and Anita, married taxpayers, earn $190,500 in taxable income and $30,000 in Interest from an Investment in City of Heflin bonds. Using the U.S. tax rate schedule for married filing Jointly, how much federal tax will they owe? What is their average tax rate? What is their effective tax rate? What is their current marginal tax rate? (Do not round Intermediate calculations. Round your answers to 2 decimal places.) Federal tax Average tax rate Effective tax rate Marginal tax...
2018 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The...
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Duela Dent is single and had $186,400 in taxable income. Use the rates from Table 2.3....
Duela Dent is single and had $186,400 in taxable income. Use the rates from Table 2.3. a. What is the average tax rate? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) b. What is the marginal tax rate? (Enter your answer as a percent rounded to the nearest whole number, e.g., 32.) TABLE 2.3 Taxable Income Tax Rate Personal tax rates for 2018 (unmarrled İndividuals) 0- 9,525 10% 38,700...
Joe is single and has no dependents. He earned $70,000 and had deductions from gross income...
Joe is single and has no dependents. He earned $70,000 and had
deductions from gross income of $3,400 and itemized deductions of
$12,800. Compute Joe’s income for the tax year using the Tax Rate
Schedules.
Single Individuals-Schedule X Taxable Income But Not Over % on Over Pay + Excess $0 9,525 38,700 82,500 157,500 200,000 500,000 $9,525 38,700 82,500 157,500 200,000 500,000 $0.00 952.50 4,453.50 14,089.50 32,089.50 45,689.50 150,689.50 10% 12 24 32 35 37
Brian and Kim have a 12-year-old child, Stan. For 2018, Brian
and Kim have taxable income of $52,000, and Stan has interest
income of $4,500.
Click here to access the income tax rate schedules.
If Stan’s parents elected to report Stan’s income on his
parents’ return, what would the tax on Stan’s income be?
2018 Tax Rate Schedules The tax is: of the amount over- Schedule X-If your filing status is Single If your taxable income is: But not Over-...
2018 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The tax is: $ 0 $ 9.525 10% of taxable income $ 9,525 $ 38,700 5952.50 plus 12% of the excess over $9,525 $ 38,700 $ 82,500 $4,453.50 plus 22% of the excess over $38,700 $ 82,500 $157,500 $14.089.50 plus 24% of the excess over $82,500 $157,500 $200,000 $32.089.50 plus 32% of the excess over $157,500 $200,000 $500,000 $45.689 50 plus 35% of the excess...
Campbell, a single taxpayer, earns $281,000 in taxable income and $5,600 In Interest from an Investment in State of New York bonds. Use the U.S. tax rate schedule). Required: a. If Campbell earns an additional $19,500 of taxable income, what is her marginal tax rate on this Income? b. What Is her marginal rate if, Instead, she had $19,500 of additional deductions? For all requirements, do not round Intermediate calculations.) a. b. Marginal tax rate Marginal tax rate 2018 Tax...
Marc, a single taxpayer, earns $135,000 in taxable income and
$2,500 in interest from an investment in city of Birmingham Bonds.
Using the U.S. tax rate schedule for year 2018, what is his average
tax rate? (Use tax rate schedule)
Multiple Choice
19.77%
16.54%
11.96%
26.54%
None of the choices are correct.
2018 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The tax is: $ 0 $ 9,525 10% of taxable income $ 9,525...
Terri Simmons is single and had $179,000 in taxable income. Use the rates from Table 2.3. a. Calculate her income taxes. (Do not round intermediate calculations and round your answer to the nearest whole dollar amount, e.g., 32.) b. What is the average tax rate? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) c. What is the marginal tax rate? (Do not round intermediate calculations and enter your answer...
2018 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The tax is $ 9,525 10% of taxable income $ 9,525 $ 38,700 S 82,500 $952.50 plus 12 % of the excess over $9,525 38,700 S S2,500 $4,453.50 plus 22% of the excess over $38,700 $14,089.50 plus 24% of the excess over $82,500 $157,500 $32,089.50 plus 32% of the excess over $157,500 $157,500 $200,000 $200,000 $500,000 $45,689.50 plus 35% of the excess over S200,000 $150,689.50...
Jorge and Anita, married taxpayers, earn $190,500 in taxable income and $30,000 in Interest from an Investment in City of Heflin bonds. Using the U.S. tax rate schedule for married filing Jointly, how much federal tax will they owe? What is their average tax rate? What is their effective tax rate? What is their current marginal tax rate? (Do not round Intermediate calculations. Round your answers to 2 decimal places.) Federal tax Average tax rate Effective tax rate Marginal tax...
2018 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The tax is: $ 0 $ 9.525 10% of taxable income $ 9,525 $ 38,700 5952.50 plus 12% of the excess over $9,525 $ 38,700 $ 82,500 $4,453.50 plus 22% of the excess over $38,700 $ 82,500 $157,500 $14.089.50 plus 24% of the excess over $82,500 $157,500 $200,000 $32.089.50 plus 32% of the excess over $157,500 $200,000 $500,000 $45.689 50 plus 35% of the excess...
Joe is single and has no dependents. He earned $70,000 and had
deductions from gross income of $3,400 and itemized deductions of
$12,800. Compute Joe’s income for the tax year using the Tax Rate
Schedules.
Single Individuals-Schedule X Taxable Income But Not Over % on Over Pay + Excess $0 9,525 38,700 82,500 157,500 200,000 500,000 $9,525 38,700 82,500 157,500 200,000 500,000 $0.00 952.50 4,453.50 14,089.50 32,089.50 45,689.50 150,689.50 10% 12 24 32 35 37
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