Homework Answers
| Total tax | 15775 |
| Divide by Total Taxable income | 90000 |
| Average tax rate | 17.53% |
| Total tax | 15775 |
| Divide by Total Economic income | 100000 |
| Effective tax rate | 15.78% |
| Option A 17.53% and 15.78% is correct |
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Briana, who is single, has taxable income for 2019 of $90,000, resulting in a total tax of $15,775. Her total economic...
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
A major industrialized state has a state corporate tax rate of 9.6% of taxable income. If...
A major industrialized state has a state corporate tax rate of 9.6% of taxable income. If a corporation registered in this state has a taxable income of $100,000, answer the following questions (a) and (b) (a) What is the total state and federal income tax that the corporation must pay? O A. $50,534 O B. $72,962 O C. $28,586 OD. $95,390 (b) The corporation's effective income tax rate is closest to O A. 38% OB. 36% OC. 34% OD. 29%
2019 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The...
2019 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The tax is: $ 0 $ 9,700 10% of taxable income $ 9,700 $ 39,475 8970 plus 12% of the excess over $9.700 $ 39,475 $ 84,200 $4,543 plus 22% of the excess over $39,475 $ 84,200 $160.725 $14.382.50 plus 24% of the excess over $84.200 $160,725 $204,100 $32.748.50 plus 32% of the excess over $160,725 $204,100 $510,300 $46.628.50 plus 35% of the excess over...
help on this thank you! Single filers Tax rate Taxable income bracket 10% $0 to $9,700...
help on this thank you!
Single filers Tax rate Taxable income bracket 10% $0 to $9,700 12% $9,701 to $39,475 22% $39,476 to $84,200 24% $84,201 to $160,725 32% $160,726 to $204,100 35% $204,101 to $510,300 37% $510,301 or more Use the tax table for the 2019 Federal Income Tax for a single filer. The standard deduction for 2019 is $12,200. Compute the total income tax due and the effective tax rate for someone who earns $85,000 during the year....
Lacy is a single taxpayer. In 2019, her taxable income is $40,000. What is her tax...
Lacy is a single taxpayer. In 2019, her taxable income is
$40,000. What is her tax liability in each of the following
alternative situations? Use Tax Rate Schedule, Dividends and
Capital Gains Tax Rates for reference. (Do not round
intermediate calculations. Round your answer to 2 decimal
places.)
a. All of her income is salary from her
employer.
Tax liability = ?
b. Her $40,000 of taxable income includes
$1,000 of qualified dividends.
Tax liability = ?
c. Her $40,000...
Katie (single) has 2019 regular taxable income of $375,000, resulting in a regular tax liability of...
Katie (single) has 2019 regular taxable income of $375,000, resulting in a regular tax liability of $106,445. She has negative AMT adjustments of $45,000 and AMT preference items of $1,000. How much AMT does Katie owe in 2019?
1. If Susan, who is single, had a taxable income of $31900 in 2019, how much...
1. If Susan, who is single, had a taxable income of $31900 in 2019, how much would she have owed in federal taxes based on that year’s tax rate schedule? A) $3828 B) $3190 C) $3440 D) $3634 2. If Susan earns $40 per hour in additional overtime pay on top of her standard taxable income of $27800 in 2019, what marginal federal income tax rate would she pay on her additional income? Assume her additional income does not exceed...
Tax Year 2019 Campbell, a single taxpayer, earns $205,000 in taxable income and $6,000 in interest...
Tax Year 2019
Campbell, a single taxpayer, earns $205,000 in taxable income and $6,000 in interest from an investment in State of New York bonds. (Use the U.S. tax rate schedule.) Required: a. How much federal tax will she owe? b. What is her average tax rate? c. What is her effective tax rate? d. What is her current marginal tax rate? Jorge and Anita, married taxpayers, earn $42,000 in taxable income and $32,500 in interest from an investment in...
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?
Emily, a single taxpayer, has determined her taxable income is $76,000. She also received interest from...
Emily, a single taxpayer, has determined her taxable income is $76,000. She also received interest from an investment in City bonds of $13,000 (municipal bonds), which are considered non-taxable for federal purposes. (a) Using the U.S. tax rate schedule for year 2019, how much federal tax will Emily owe given the above information? (b) What is her average tax rate? (c) What is her effective tax rate? (d) What is her current marginal tax rate? (e) If Emily earned an...
A major industrialized state has a state corporate tax rate of 9.6% of taxable income. If a corporation registered in this state has a taxable income of $100,000, answer the following questions (a) and (b) (a) What is the total state and federal income tax that the corporation must pay? O A. $50,534 O B. $72,962 O C. $28,586 OD. $95,390 (b) The corporation's effective income tax rate is closest to O A. 38% OB. 36% OC. 34% OD. 29%
2019 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The tax is: $ 0 $ 9,700 10% of taxable income $ 9,700 $ 39,475 8970 plus 12% of the excess over $9.700 $ 39,475 $ 84,200 $4,543 plus 22% of the excess over $39,475 $ 84,200 $160.725 $14.382.50 plus 24% of the excess over $84.200 $160,725 $204,100 $32.748.50 plus 32% of the excess over $160,725 $204,100 $510,300 $46.628.50 plus 35% of the excess over...
help on this thank you!
Single filers Tax rate Taxable income bracket 10% $0 to $9,700 12% $9,701 to $39,475 22% $39,476 to $84,200 24% $84,201 to $160,725 32% $160,726 to $204,100 35% $204,101 to $510,300 37% $510,301 or more Use the tax table for the 2019 Federal Income Tax for a single filer. The standard deduction for 2019 is $12,200. Compute the total income tax due and the effective tax rate for someone who earns $85,000 during the year....
Lacy is a single taxpayer. In 2019, her taxable income is
$40,000. What is her tax liability in each of the following
alternative situations? Use Tax Rate Schedule, Dividends and
Capital Gains Tax Rates for reference. (Do not round
intermediate calculations. Round your answer to 2 decimal
places.)
a. All of her income is salary from her
employer.
Tax liability = ?
b. Her $40,000 of taxable income includes
$1,000 of qualified dividends.
Tax liability = ?
c. Her $40,000...
Tax Year 2019
Campbell, a single taxpayer, earns $205,000 in taxable income and $6,000 in interest from an investment in State of New York bonds. (Use the U.S. tax rate schedule.) Required: a. How much federal tax will she owe? b. What is her average tax rate? c. What is her effective tax rate? d. What is her current marginal tax rate? Jorge and Anita, married taxpayers, earn $42,000 in taxable income and $32,500 in interest from an investment in...
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