Data Available | |
Income from operations | 248000 |
Interest income | 24800 |
Dividend Income | 31300 |
Interest paid | 11900 |
Dividend to stock holders |
43800 |
Corporations Federal Income tax 2017 | ||
Income from opeartions | 248,000 | |
Add : | ||
Dividend taxable | 9,390 | Only 30% is taxable at ordinary tax rate; |
Interest income | 24,800 | Assumed taxable - in the absence of information |
34,190 | ||
Less : | ||
Interest payment | 11,900 | 100% tax deductible |
Dividend to stock holders | - | Not tax deductible |
11,900 | ||
Net taxable income | 270,290 | |
Tax slab applicable | 39% | above 22250 |
Federal tax payable | 96,736 |
Ch 03: Blueprint Problems- Financial Statements, Cash Flow, and Taxes 2017 Individual Tax Rates Single Individual...
Alan and Sara Winthrop are a married couple who file a joint income tax return. They have two children, so they claim a total of 4 exemptions ($4,050 for each exemption). In addition, they have legitimate itemized deductions totaling $25,750. Their total income from wages is $213,500. Assume the following tax table is applicable: Married couples Filing Joint Returns Average Tax Rate at Top of Bracket 10.0% 13.8 You Pay This Plus This Percentage on If Your Taxable Amount on...
2017 Income Tax Brackets Single Taxable Income Tax Rate $0 - $9,325 10% $9,326 - $37,950 $932.50 plus 15% of the amount over $9,325 $37,951 - $91,900 $5,226.25 plus 25% of the amount over $37,950 $91,901 - $191,650 $18,713.75 plus 28% of the amount over $91,900 $191,651 - $416,700 $46,643.75 plus 33% of the amount over $191,650 $416,701 - $418,400 $120,910.25 plus 35% of the amount over $416,700 $418,401 or more $121,505.25 plus 39.6% of the amount over $418,400 Married...
Calculate the 2017 total tax for Gordon Geist, a single taxpayer without dependents and no itemized deductions. He has active income of $43,000, a short-term capital gain income of $4,400 from the sale of stock, and S6,400 from book royalties. What is Gordon's average tax rate? Gordon's total gross income for the 2017 tax year is (Round to the nearest cent) Assuming Gordon's filing status is single, his standard deduction for the 2017 tax year is (Enter the amount to...
2013 Individual Tax Rates Single Individuals Average Tax Rate at Top of Bracket 10.0% 13.8 If a Corporation's Taxable Income Is Up to $8,925 $8,925 - $36,250 $36,250 - $87,850 $87,850 - $183,250 $183,250 - $398,350 $398,350 - $400,000 Over $400,000 It Pays This Amount on the Base of the Bracket $0 892.50 4,991.25 17,891.25 44,603.25 115,586.25 116,163.75 Plus This Percentage on the Excess over the Base (Marginal Rate) 10.0% 15.0 25.0 28.0 33.0 35.0 39.6 20.4 24.3 29.0 29.0...
Problems - Financial Statements, Cash Flow, and Taxes 2018 Individual Tax Rates Single Individuals You Pay This Plus This Percentage Average Tax If Your Taxable Amount on the on the Excess over the Rate at Income Is Base of the Bracket Base (Marginal Rate) Top of Bracket Up to $9,525 $0 10.0% 10.0% $9,525 - $38,700 952.50 12.0 11.5 $38,700 - $82,500 4,453.50 22.0 17.1 $82,500 - $157,500 14,089.50 24.0 20.4 $157,500 - $200,000 32,089.50 32.0 22.8 $200,000 - $500,000...
2017 Income Tax BracketsSingleTaxable IncomeTax Rate$0 - $9,32510%$9,326 - $37,950$932.50 plus 15% of the amount over $9,325$37,951 - $91,900$5,226.25 plus 25% of the amount over $37,950$91,901 - $191,650$18,713.75 plus 28% of the amount over $91,900$191,651 - $416,700$46,643.75 plus 33% of the amount over $191,650$416,701 - $418,400$120,910.25 plus 35% of the amount over $416,700$418,401 or more$121,505.25 plus 39.6% of the amount over $418,400Married Filing Jointly or Qualifying Widow(er)Taxable IncomeTax Rate$0 - $18,65010%$18,651 - $75,900$1,865 plus 15% of the amount over $18,650$75,901...
Using the tax table, determine the amount of taxes for the following situations: (Do not round intermediate calculations. Round your answers to 2 decimal places.) a. A head of household with taxable income of $55,000. b. A single person with taxable income of $35,000. c. Married taxpayers filing jointly with taxable income of $72,000. Rate on Taxable income Single Taxpayers Married Taxpayers Filing Jointly Heads of Household 10% Up to $9,325 Up to $18,650 Up to $13,350 15 $9,326-$37,950 $18,651-$75,900...
Hello, I was able to solve part a correctly but am struggling with the deductions portion. Can anyone explain to me how to correctly figure this out? Thank you in advance. Scot and Vidia, married taxpayers, earn $407,500 in taxable income and $5,000 in interest from an investment in City of Tampa bonds. (Use the U.S. tax rate schedule for married filing jointly). (Do not round intermediate calculations. Round your answer to 2 decimal places.) a. If Scot and...
2013 Individual Tax Rates Single Individuals If a Corporation's Taxable Income Is It Pays This Amount on the Base of the Bracket Plus This Percentage on the Excess over the Base (Marginal Rate) Average Tax Rate at Top of Bracket Up to $8,925 $0 10.0% 10.0% $8,925 - $36,250 892.50 15.0 13.8 $36,250 - $87,850 4,991.25 25.0 20.4 $87,850 - $183,250 17,891.25 28.0 24.3 $183,250 - $398,350 44,603.25 33.0 29.0 $398,350 - $400,000 115,586.25 35.0 29.0 Over $400,000 116,163.75 39.6...
Hello, I solved the following problem and got it wrong. I cannot seem to figure out what I did wrong. Can anyone help me? The answers I put are 27.72 and 24.12 (I did a typo on the first one because I actually got 27.71) is that the correct answer? For the second portion I keep getting the same answer I put and got wrong which was 24.12. Any help would be greatly appreciated! Chuck, a single taxpayer, earns $86,000...