QUESTION5 Federal taxes are 28% of your income less state taxes, and state taxes are 10% of your income less federal taxes. This means you don't pay taxes on your taxes? taxes. Your income is...
You have a gross income of $80,000. Your gross income is taxed by the state and the federal government at two separate rates. The state taxes 5% of your gross income and the federal government taxes 25% ofyour gross income. 1. Calculate your monthly net income. (Use this number to start your budget) 2. Categorize expenses: Determine if your expenses are fixed or variable, and write them in the appropriate sections of the table below (on the exam it will...
If the federal income tax rate is 21% and the state tax rate is 7% (and state taxes are deductible from federal taxes), what is the effective income tax rate? Choose the correct answer below. O A. The effective income tax rate is 21% O B. The effective income tax rate is 26.5%. OC. The effective income tax rate is 24.5%. OD. The effective income tax rate is 28%
Kenneth pays taxes at the 12% federal income tax bracket level. His state also has a 6% tax on investment income, including interest earned. If Kenneth were to cash in a U.S. savings bond for $250, which he originally purchased for $50, how much will he pay in federal and state taxes? (Round answer to 2 decimal place, e.g. 52.20.) Group of answer choices $42.00. $24.00. $63.00. $45.00.
If your income is $60000 how much do you pay in taxes ?
A.) if your income is 60,000, how much will you pay in taxes. B.) determine marginal tax rate. C.) determine your average tax rate. Suppose in Fiscalville there is a O percent tax on the first $10,000 of income, but a 15 percent tax on earnings between $10,000 and $20,000 and a 30 percent tax on income between $20,000 and $30,000 Any income above $30,000 is taxed at 45 percent. Instructions: Round your answers to the nearest whole number a....
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...
20. Assume you live in a state with a state income tax. The current Republican tax bill will get rid of the tax deductibility of State and Local Taxes (SALT) when filing your Federal Income Taxes. This means you will no longer be able to deduct amount of the state income tax you pay when you file your federal income taxes. If you invest in a Treasury Bond that pays an annual coupon interest rate of 4% and you are...
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...
In the context of Federal and state corporate income taxation: a.Many states collect their taxes using a "piggyback" on the Federal return. b.Most state require that the taxpayer report to the state taxing agency the changes made to a return in a Federal audit. c.Both "Many states collect their taxes using a "piggyback" on the Federal return" and "Most state require that the taxpayer report to the state taxing agency the changes made to a return in a Federal audit"....