A single person with taxable income of $36090 will have the first $9525 of that income taxed at 10%. Determine the taxes owed on just the first $9525.
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A single person with taxable income of $36090 will have the first $9525 of that income taxed at 10%. Determine the taxes owed on just the first $9525.
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- Lisa records nonrefundable Federal income tax credits of 65,000 for the year. Her regular income tax liability before credits is 190,000, and her TMT is 150,000. a. What is Lisas AMT? b. What is Lisas regular income tax liability after credits?Now consider another hypothetical tax code. Assume the tax rate on the first $15,000 of taxable income is 10% and the tax rate on any additional income is 18%. The standard deduction ($6,350) and personal exemption ($4,050) still apply. In other words: . For taxable income from $0 to $15,000, you pay 10% of your taxable income in taxes, plus . For taxable income above $15,000, you pay 18% of your taxable income. 1. If your total income before exemptions were $10,000 how much would you pay in taxes? 2. If your total income were $20,000 how much would you pay in taxes? 3. If your total income were $50,000 how much would you pay in taxes? 4. Write a function to model the total tax paid, T(x), with a total income of x dollars. 5. Create a graph that shows taxes paid as a function of total income for the total income between $0 and $60,000. 6. How many different slopes are on this graph?Suppose you made $92,747 of income from wages and $386 of taxable interest. You also made contributions of $6000 to a tax deferred retirement account. You have 1 dependents and file as single. The standard deduction is 11400 and the exemption is 3000 per exemption. What is your Adjusted Gross Income? Answer to the nearest dollar.
- A single person with taxable income of $117064 will have the first $9,525 of that income taxed at a different rate than the income between $9,525 and $38,700. The first bracket is taxed at 10%, the second is taxed at 12% Determine the taxes owed on just the second bracket.You are filling out your 1040 form for tax season. You find that you paid $3,296.44 in Federal Taxes. Using your taxable income and the tax table, you find you should have paid $3,016 in Federal Taxes. Do you get a refund or do you owe the government money? Why?What would be the average tax rate for a person who paid taxes of $6,435 on a taxable income of $40,780? (Enter your answer as a percent rounded to 2 decimal places.)
- Use the following information to calculate the federal average tax rate (ignore tax credits) for a taxpayer who earned $115,000 from employment, and where bonds were sold for $20,000 during the year that originally cost $10,000: Taxable income Up to $47,630 On the next $47,629 On the next $52,408 On the next $62,704 Over $210,371 Select one: Tax Rate 15% 20.5% Based on the above, the average tax rate (ATR) is closest to: a. 19.15% b. 19,45% c. 20.5% d. 26.0% 26% 29% 33%Suppose you made $98,296 of income from wages and $567 of taxable interest. You also made contributions of $4200 to a tax deferred retirement account. You have 2 dependents and file as single. The standard deduction is 12900 and the exemption is 3400 per exemption. What is your Gross Income? Answer to the nearest dollar.3. When a taxpayer's income increases by $2,500 and the taxes owed increase from $13,899 to $14,399, the marginal tax rate is percent. Taxpayer takes the standard deduction, and her tax return includes an Education Credit of $250.
- If you have a taxable income of $372,570.00, what is your total tax bill? $ average tax rate? %Suppose you made $70,390 of income from wages and $178 of taxable interest. You also made contributions of $6400 to a tax deferred retirement account. You have 2 dependents and file as single. The standard deduction is 3900 and the exemption is 5900 per exemption. What is your Taxable Income? Answer to the nearest dollar.Which of the following is true? The total tax due arising from each quarterly income tax return is only applicable to the taxable income for that quarter. The taxable compensation income of mixed-income earners are reported in each quarterly return. When an eligible taxpayer chooses the 8% optional tax, the P250,000 is deducted from the gross sales/receipts from business and other non-operating income in arriving at the tax base for the 8% rate. When a taxpayer who originally opted to be taxed at 8% breaches the VAT threshold at the middle of the year, he shall be liable to the graduated tax from the time it breaches the threshold. None of the other choices is true.
