Homework Answers
Tax payable (before credits and payments) is $29,858 which is calculated as under:
Use Table Y since that is the table to be used for Head of Household:
Under Table Y use Slab 4 - Over 84,200 but within 160,700 - Tax is 12,962 + 24% over 84200
The taxable Income for the person in this question is 154,600. Hence Tax is calculated as below:
12,962 + 24% (154,600-84,200) = 12,962 + 24% (70,400)
= 12,962 + 16,896 = $29,858
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Wages, salaries, tips, etc.
Taxable interest (+)
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I cant figure out how to do this question. These are the rates
we are using as well.
49. LO.8 During 2019, Chester (a married taxpayer filing a joint return) had the follow- niw ing transactions involving capital assets: Gain on the sale of an arrowhead collection (acquired as an investment at different times but all pieces have been held for more than 1 year) Loss on the sale of IBM Corporation stock (purchased 11 months ago as an investment)...
Please solve this for
me and fill the table. Show calculations
5. Use Tax Rate
Schedules. Carson Wentz, of Phildelphia, determined the following
tax information: salary, $144,000; interest earned, $2,000;
qualified retirement plan contribution, $6,000; itemized
deductions, $10,000. Filing single, calculate Carson's taxable
income and tax liability.
Wages, salaries, tips, etc.
Taxable interest (+)
Total income
Adjustments to income: IRA deduction
(-)
Adjusted gross income
Standard deduction (2019) or itemized
deductions (-)
Taxable income
Tax (use 2019 Tax Rate Schedules...
Tax Accounting
Tax Liability Calculation, Marginal and Average Tax Rates for Various Filing Status (LO. 1) A taxpayer has $93,080 of taxable income for the current year. Determine the total tax, the marginal tax rate, and the average tax rate if the taxpayer is a a. Single individual b. Married couple filing jointly c. Corporation Do not round Intermediate computations. Use the 2019 tax rate schedule. Do not round your intermediate calculations. Round your final answers to two decimal places...
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