An individual earns $62,900 per year. What is their marginal tax rate?
Q: Inc. has a shoes and a shirts division. The company reported the following segmented income…
A: Total net operating income with Shirts = $0 Total net operating income without Shirts =…
Q: During the year 2019, Mice Company acquired 10,000 ordinary shares of Easy Company for P250,000 plus…
A: If investment in equity shares are neither intended for trading nor such investment gives investor…
Q: 0,000, and accumulated amortization of P 60,000. The Patent is being amortized for its useful life…
A: Solution Opening balance of Patent = 120,000 Accumulated Amortization = 15,000 (120,000 / 8 years…
Q: From the following information given in the Receipts and Payments Account, show relevant in the…
A: Subscription means the small amount to be paid by the member of society on regular basis so that…
Q: Malit Corporation has a total shareholders' equity of P1,000,000, including retained earnings of…
A: Stockholders are the company's business owners who invest in the company's equity. As a return on…
Q: standard Product Cost Atlas Furniture Company manufactures designer home furniture. Atlas uses a…
A: In the Standard costing system, costs are allocated on the basis of a standard decided on past…
Q: The supplies account had a beginning balance of $4,085 and was debited for $7,810 for supplies…
A: Routine transactions, such as client billings and supplier invoicing, should not be recorded using…
Q: What are some limitations of internal controls?
A: Introduction:- Internal controls play vital role in every organization. This function to minimize…
Q: Kayak Company budgeted the following cash receipts (excluding cash receipts from loans received) and…
A: The cash budget is prepared to estimate the cash balance at end of the current period.
Q: What is the carrying value of the franchise at December 31, 2022? How much is the amortization…
A: As Per Ind As 38 and IAS 38 : - A. An intangible asset is an identifiable non-monetary asset without…
Q: CUIK-983 company manufactures three products from a common input in a joint processing operation.…
A: The decision of further processing of joint products is based in incremental analysis. If the…
Q: Culver Company produces a product in two departments: (1) Mixing and (2) Finishing. The company uses…
A: Process costing is used when the products produced are of the similar manner and passes through…
Q: Beyonce Company purchased 10,000 shares of Taylor company's ordinary shares at P80 per share in…
A:
Q: An entity reported the following information during the first year of operations: Pretax financial…
A: When a tax obligation is accumulated in one financial year but not paid until the following year, a…
Q: Required: Using excel, explain step by step on how you perform each questions below. a) What is the…
A: Calculate effective Interest rate using hit and trial method on: Date Amount 01-Jan-19…
Q: Reported in the ledger of Mayumi Company On December 31, 2017, is a Patent account with a balance of…
A: Balance of patent as on 31 December 2017 = P 120,000 Useful life of an asset = 8 years Amount of…
Q: Barkov Industries makes an electronic component in two departments, Machining and Assembly. The…
A: The income statement shows the net income or net loss that is calculated by deducting the expenses…
Q: During the year 2019, Bright company acquired 10,000 ordinary shares of Bloom Company for P231,000…
A: Unrealized loss on equity investment is recognized in profit or loss for the year 2021 :- Bloom…
Q: Harrison Forklift's pension expense includes a service cost of $27 million. Harrison began the year…
A: Introduction:- Journal entries used to record business transactions. which plays vital role in book…
Q: ID=P17,122.05 and N = P21,318.29, what is the value of E? Note: E Total Earnings D-Deduction N= Net…
A: Formula used : Net pay = Total earnings - Deductions
Q: Direct Materials and Direct Labor Variances At the beginning of June, Kimber Toy Company budgeted…
A: variance arises whenever there is difference arises in the standard set and the actual that takes…
Q: An entity reported the following assets and liabilities at year-end: Carrying amount Tax…
A: Deferred Tax Liability A liability for paying the taxes in the future is denoted by Deferred tax…
Q: Based on the preceding spreadsheet, prepare a statement of owner's equity for Elliptical Consulting.…
A: Statement of shareholder’s (Owner’s) equity refers to a financial statement which shows the shares…
Q: Partner A first contributed P50,000 of capital into an existing partnership on March 1, 2021. On…
A: Partnership means the two or more person of the agreement of buiness firm and profit and loss…
Q: What amount should RIS report as a liability at December 31, 2021? a. P 0 b. P 26,000
A: Liability is an obligation that has to be paid by sacrificing the assets of the company. It includes…
Q: On January 1, 2020, Riverbed Company sold 12% bonds having a maturity value of $850,000 for…
A: Formula: Amortization of bond premium = Interest payment - Interest expense where, Interest payment…
Q: Noora Company manufactures quality hair care product. The ingredients are combined in the mixing…
A: (a) The following is the physical flow schedule:- Physical flow schedule for the mixing…
Q: Them Company has a single investment property, which had original cost of P5,800,000 and estimated…
A: Lets understand the basics. As per IAS 40 "Investment property", investment property can be recorded…
Q: Estimated sales Sales Purchases Ending inventory Administrative salaries Marketing expense Sales…
A: Income Statement for the Month Revenues Sales $567,923 Total Revenue $567,923…
Q: A manufacturer is going to modify a material handling system. This modification will result in first…
A: The amount that could be justified now for system modification = Present value of all future savings
Q: At the end of the current year, $27,480 of fees have been earned but have not been billed to…
A: The adjustment entries are prepared to adjust the revenue and expenses of the current period. The…
Q: Franklin purchases 40 percent of Johnson Company on January 1 for $621,200. Although Franklin did…
A: Calculation of cost in excess of book value :- purchase price of stock is 621,200 book value…
Q: If Goodwill is understated on the financial statements: O a. Total Liabilities are understated O b.…
A: The correct answer for the above mentioned question is given in the following steps for your…
Q: Exciting Products transferred 18,000 units to one department. An additional 5,000 units were added…
A:
Q: Which is more valuable to you today--receiving $5,000 for each of the next 3 years OR receiving…
A: solution concept Time value of money This concept is related to the value of money that differs with…
Q: During the year 2021, Pal Company purchased 1,000 shares of Pak Company ordinary shares at P150 per…
A: It is pertinent to note that securities held for trading purposes are measured at fair value through…
Q: (P2,000 and P1,500). If the joint costs are allocated to by-products using the reversal cost method,…
A:
Q: Noora Company manufactures quality hair care product . The ingredients are combine in the mixing…
A: Equivalent units means number of units that is taken as completed for the calculation of cost per…
Q: Byrd Company produces one product, a putter called GO-Putter. Byrd uses a standard cost system and…
A: Calculation of predetermined Variable overhead rate :-
Q: The following data were accumulated for use in reconciling the bank account of Nakajima Co. for…
A: The balance sheet represents the financial position of the company. It involves the assets,…
Q: QUESTION 1 Jay Emm Ltd manufactures and sells only one product. The following information refers to…
A: Finished goods are those goods which are produced or turned out from a raw material to a valuable…
Q: During the year 2021, Pal Company purchased 1,000 shares of Pak Company ordinary shares at P150 per…
A: As per Accounting provisions, A held for trading share is purchased with the intention of short…
Q: Reported in the ledger of Mayumi Company On December 31, 2017, is a Patent account with a balance of…
A: As per the accounting standards the carrying value of patent is equal to the purchase cost of…
Q: The following information is available for Jasmine Company Supplies – 3500 Prepaid Insurance –…
A: An adjusting journal entry is a ledger statement made at the end of an accounting period to account…
Q: Gideon Company uses the allowance method of accounting for uncollectible accounts. On May 3, Gideon…
A: Note: Under the direct write-off method, bad debts expense are recorded when the company is sure…
Q: Required Information TES-417 Inc. is a retailer. Its accountants are preparing the company's 2nd…
A:
Q: The T-accounts for Equipment and the related Accumulated Depreciation-Equipment for Sheffield…
A: Cash flow from the sale of Equipment is calculated by substructing the loss on sale from the Net…
Q: On January 2, 2021, Mr Smith company leased a machine from Mrs Smith Company. The the following…
A: The formula to calculate the right to use asset is as below. Right to use asset = Lease liability +…
Q: A company working at 90% capacity is producing 13,500 units per year. It follows flexible budget…
A: The differential cost can refer to the difference in cost when there are two alternatives, it…
Q: A firm that sells a single product had a beginning inventory of 7,000 units with a total cost of…
A: As per LIFO method goods that comes in last are sold first, so the ending inventory is valued at the…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Use the 2019 U.S. federal tax rates in the table to calculate answers to the questions below. Give all answers to two decimals. Taxable Income Tax rate $0-$9,700 10% $9,701-$39,475 12 $39,476-$84,200 22 $84,201-160,725 24 $160,726-$204,100 32 $204,101-$510,300 35 Over $510,30O 37 8th attempt O See Hint If you have a taxable income of $363,020.00, what is your top marginal tax rate? 35 total tax bill?S average tax rate?人 Use the 2020 Federal Tax Rates for Individuals to calculate the estimated taxes for a taxable income of $22,700. Tax rate 10% 2020 Federal Tax Rates for Individuals Taxable Income Bracket $0 to $9875 12% $9876 to $40,125 22% $40,126 to $85,525 24% $85,526 to $163,300 32% $163,301 to $207,350 35% $207,351 to $518,400 37 % $518,401 or moreUse the 2019 U.S. federal tax rates in the table to calculate answers to the questions below. Give all answers to two decimals. If you have a taxable income of $289,980.00, what is your top marginal tax rate? % total tax bill? $ average tax rate? %
- Using the 2019 marginal tax rates provided in the table below, find the marginal and average tax rates for the incomes shown. Give all answers decimals. Taxable Incorne Tax rate $0-$9,700 10% $9,701-$39,475 12 $39,476-$84,200 22 $84,201-160,725 24 $160,726-$204,100 32 $204,101-$510,300 Over $510,300 37 1st attempt Part 1 What would be your federal income tax if your taxable income was $113,000.00? $ What is the average tax rate for $113,000.00 in taxable income? 58 Part 2. How much tax would you owe if your income increased by $25,000 to $138,000.00? $ What would be your average tax rate with $138,000.00 of taxable income? 90 NFederal Income Tax Rates For the Year 2022 From To AmountTax Rate Maximum Cummulative 50,197 50,197 15.0% 50,197 100,392 50,195 20.5% 100,392 155,625 55,233 26.0% 155,625 221,708 66,083 29.0% 221,708 infinity 33.0% Tax 7,529.55 10,289.98 14,360.58 19,164.07 Tax 7,529.55 17,819.53 32,180.11 51,344.18 Using the above tax rates, what is the amount of federal tax owed on an income of 74587? Answer to two decimals. Do not use commas or $ signs.Subject : Accounting Use the 2021 marginal tax rates to compute the tax owed by the person with the given filing status, taxable income, and tax credit. Single with a taxable income of $17,000 and a $2,000 tax credit Tax Rate Single 10% up to $9,950 15% $9,951 to $40,525 The tax owed is _____ dollars. (Type an integer or a decimal, Round to the nearest cent as needed.)
- Given that your gross income for 2020 was $180,000 and your taxable income was $140,000. Calculate: a. the marginal tax rate b. the average tax rate c. the effective tax rate. SHOW WORK1. Marginal tax brackets The amount of federal income taxes that you are required to pay is based on your filing status, your taxable income, and the IRS tax rate tables. The income tax tables are Y meaning the tax rates increase as taxable income increases. Each filing status has seven income ranges, or brackets, and the rates are 10%, 12%, 22 %, 24 %, 32 % , 35 % , and 37%. As your taxable income increases, you pay at a higher rate, but only on the Income that falls within a range. The 2019 tax brackets show how the tax in the IRS tax tables is calculated. Tax Bracket 10% 12% 22% 24% 32% 35% 37% 2019 Tax Brackets Single $0-$9,700 Married Filing Jointly $0-$19,400 $9,701-$39,475 $19,401-$78,950 $39,476-$84,200 $78,951-$168,400 $84,201-$160,725 $168,401-$321,450 $160,726-$204,100 $321,451-$408,200 $204,101-$510,300 $408,201-$612,350 $612,351+ $510,301+Use the following tax table to determine how much income tax is paid on 732000 of taxable income. Taxable Income Bracket $0 to $9,325 Total Paid = $ Rate 10% 15% $9,325 to $37,950 25% $37,950 to $91,900 28% $91,900 to $191,650 33% $191,650 to $416,700 35% 39.60% $416,700 to $418,400 $418,400+ Single Taxable Income Tax Brackets and Rates, 2017
- Chapter 3 Activity – Taxes Individual Income Tax Brackets (2021) Marginal Tax Rate Single, taxable income over: Joint, taxable income over: Head of Household, taxable income over: 10% $0 $0 $0 12% $9,950 $19,900 $14,200 22% $40,525 $81,050 $54,200 24% $86,375 $172,750 $86,350 32% $164,925 $329,850 $164,900 35% $209,425 $418,850 $209,400 37% $523,600 $628,300 $523,600 Standard Deduction Amounts (2021) Filing Status Deduction Amount Single $12,550 Married Filing Jointly $25,100 Head of Household $18,800 Long-term Capital Gains & Qualified Dividends (2021) Tax Rate Single Joint Head of Household 0% Under $40,000 Under $80,800 Under $54,100 15% $40,400 $80,800 $54,100 20% $445,850 $501,600 $473,750 Additional 3.8% Net Investment Income Tax for MAGI over $200,000 / $250,000 / $200,000 Calculate the federal income…1. What amount should Tokwa't Baboy Company report in its 2020 income statement as total provision for income tax? Assume a 30% tax rate.1. Marginal tax brackets The amount of federal income taxes that you are required to pay is based on your filing status, your taxable income, and the IRS tax rate tables. The income tax tables are meaning the tax rates increase as taxable income increases. Each filing status has seven income ranges, or brackets, and the rates are 10%, 12%, 22%, 24%, 32%, 35%, and 37%. As your taxable Income Increases, you pay at a higher rate, but only on the income that falls within a range. The following tax brackets show how the tax in the IRS tax tables is calculated. Tax Bracket Single 10% 12% $0-$11,000 $11,001-$14,725 Tax Brackets Married Filing Jointly $0-$22,000 22% $44,726-$95,375 $22,001-$89,450 $89,451-$190,750 24% $95,376-$182,100 $190,751-$364,200 32% $182,101-$231,250 $364,201-$462,500 35% $231,256-$578,125 $162,501-$693,750 37% $578,126+ $693,751+ Single Filers Taxable Income Tax $0-$11,000 of taxable income $11,001-$44,725 plus $44,726-$95,375 plus $95,376-$182,100 plus…