Use the following table to answer both part A and part B. Show the mathematical steps...
Use the following table to answer both part A and part B. Show the mathematical steps you used to determine your answers.
| Taxable Income |
Taxes |
|
$1,000-$5,000 |
10% of taxable income |
|
$5,001-$10,000 |
$500 + 12% of everything over $5,000 |
|
$10,001-$15,000 |
$1,100 + 15% of everything over $10,000 |
A) If a person’s income is $6,000, how much does he pay in taxes?
B) If a person’s income is $14,000, how much does he pay in taxes?
Homework Answers
(A)
The person's income is $6,000.
This person's income fall in taxable income bracket of $5,001 to $10,000.
The tax pertaining to this bracket is $500 + 12% of everything over $5,000.
Calculate the taxes -
Taxes = $500 + [($6,000 - $5,000) * 0.12]
Taxes = $500 + [$1,000 * 0.12]
Taxes = $500 + $120 = $620
The person will pay $620 in taxes.
(B)
The person's income is $14,000.
This person's income fall in taxable income bracket of $10,001 to $15,000.
The tax pertaining to this bracket is $1,100 + 15% of everything over $10,000.
Calculate the taxes -
Taxes = $1,100 + [($14,000 - $10,000) * 0.15]
Taxes = $1,100 + [$4,000 * 0.15]
Taxes = $1,100 + $600 = $1,700
The person will pay $1,700 in taxes.
Add Answer to:
Use the following table to answer both part A and part B. Show
the mathematical steps...
Exhibit 11-4 Taxable Income Taxes $0 - $23,000 15% of taxable income $23,001 - $42,000 $3,450...
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My work is below: I got part A but was a little confused on part B!...
My work is below: I got part A but was a little confused on part
B!
1. Mr. Hewitt is deciding between two investment opportunities: Investment A and Investment B. Both investments will require an initial nondeductible cash outlay of $100,000 in 2020 (the current year). Other relevant details on each investment are as follows: • Investment A will provide Mr. Hewitt with annual pretax income of $14,000 in each of the following three years: 2021, 2022, and 2023. This...
Show work/formula. Explain. Thank you! 2. Use the following tax table to answer this question: Taxable...
Show work/formula. Explain. Thank you!
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Please answer 20 and 21, but you may need to use question 19. Thanks! 19. Colleen...
Please answer 20 and 21, but you may need to use question 19.
Thanks!
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Mike and Julie Bedard are a working couple. They will file a joint income tax return....
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If any could please help with
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Answer for Question C is $37,500
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1 Data Table TABLE 1.2: Tax Rates and Income Brackets for Joint Returns (2015) Taxable Income Joint Returns $0 to $18,150 $18,151 to $73,800 $73,801 to $148,850 $148,851 to $226,850 $226,851 to $405,100 $405,101 to $457,600 Over $457,600 Tax Rates 10% 15% 22% 3"5% 35% 39.6% (Click on the icon located on the top-right corner of the data table above in order to copy its contents into a spreadsheet.) Mike and Julie Bedard are a working couple. They will fle...
6.The table below lists some information relevant to the taxes paid by Joe. Item Wages and salary Pension Health Insurance Interest Income and Dividends State Income Taxes paid Pr State and Local Sales Tazes Amount 50,000 5,000 3.000 1.000 1.500 1,500 1,000 5,000 1.000 over xes ortgage Interest Pavments Charitable Contnbutions Medical nses (not covered by Insurance 500 Joe is single with no dependents. He earns his $50,000 in wages by working 2,500 hours a year (50 hours a week...
Use the information below to answer the following questions XYZ commenced operations on January 1st 2013 The unadjusted Trial Balance for the first year of operations is given below XYZ limite d Unadjusted Trial Balance for the year ended 12/31/2013 Cash Supplies Accounts receivable Equipment Notes Payable Contributed Capital Revenue Wages Expenses Other Expenses Total 30,000 10,000 30,000 80,000 60,000 40,000 100,000 40,000 10,000 200,000 200,000 Notes: Supplies as at 12/31/2013 was determined to be $2,000 Equipment was purchased on...
My work is below: I got part A but was a little confused on part
B!
1. Mr. Hewitt is deciding between two investment opportunities: Investment A and Investment B. Both investments will require an initial nondeductible cash outlay of $100,000 in 2020 (the current year). Other relevant details on each investment are as follows: • Investment A will provide Mr. Hewitt with annual pretax income of $14,000 in each of the following three years: 2021, 2022, and 2023. This...
Show work/formula. Explain. Thank you!
2. Use the following tax table to answer this question: Taxable Income Tax Rate $0- 50,001- 75,001- $50,000| 15% 75,000 25 34 39 335.001-110,000,000 | 34 100,000 100,001- 335,000 A company has taxable income of $401,560. How much does it owe in taxes?
Please answer 20 and 21, but you may need to use question 19.
Thanks!
19. Colleen is a cash basis, calendar year individual taxpayer who has a filing status of "single". Colleen's taxable income for 2019 is $195,000. Colleen's total tax prepayments for 2019 are $52,000. Colleen has no tax credits and owes no other taxes that are filed on the form 1040. Using the tax table below: Single Taxable Income (Form 1040 Line 10) Tax Rate in 2019 $82,501-$157,500...
If any could please help with
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Answer for Question C is $37,500
For tax purposes, "gross income" is all the money a person receives in a given year from any source. But income taxes are levied or "taxable income" rather than gross income. The difference between the two is the result of many exemptions and deductions. To see how they work, suppose you made $50,000 last year in wages, earned $10,000 from investments, and were given...
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