and taxable income is ouang your tax is: than: over: 6% OF THE NC TAXABLE INCOME AMOUNT ON FORM D- $ 0 $21,250 400 $21,250 $100,000 $1275 + 7% OF THE AMOUNT OVER $21,250 $100,000 $6,787.50 + 7.75% OF THE AMOUNT OVER $100,000 Steve and Claire's 2013 NC tax is: $ (Round to the nearest dollar.) What is Steve and Claire's effective tax rate? [Tax paid divided by taxable income] (Write as a percent, rounded to one decimal place.)
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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?Steve and Claire are married, and both lived and worked in North Carolina for the entire 2013 tax year. Their total adjusted gross income was $71,000 and they qualified for the standard deduction of $6000 and exemption of $2500 (per person). Use the following 2011-2013 NC tax rate schedule (taken from http://www.dor.state.nc.us/taxes/individual/rates.html) to calculate her 2013 NC tax. If your filing status is married, filing jointly or qualifying widow or widower; and taxable income is more than: but not over: your tax is: $ 0 $21,250 6% OF THE NC TAXABLE INCOME AMOUNT ON FORM D-400 $21,250 $100,000 $1275 + 7% OF THE AMOUNT OVER $21,250 $100,000 _______ $6,787.50 + 7.75% OF THE AMOUNT OVER $100,000 Steve and Claire's 2013 NC tax is: $(Round to the nearest dollar.)What is Steve and Claire's effective tax rate? [Tax paid divided by taxable income]%(Write as a percent, rounded to one decimal place.)Jill lived and worked in North Carolina for the entire 2013 tax year. Her adjusted gross income was $70,000 and she qualifies for the standard deduction of $3000 and exemption of $2000. Use the following 2011-2013 NC tax rate schedule (taken from http://www.dor.state.nc.us/taxes/individual/rates.html) to calculate her 2013 NC tax. If your filing status is single; but not and taxable income is more than: your tax is: over: 6% OF THE NC TAXABLE INCOME AMOUNT ON FORM D- 400 $ 0 $12,750 $12,750 $60,000 $765 + 7% OF THE AMOUNT OVER $12,750 $60,000 $4,072.50 + 7.75% OF THE AMOUNT OVER $60,000 Jill's 2013 NC tax is: $ (Round to the nearest dollar.) What is Jill's effective tax rate? [Tax paid divided by taxable income] (Write as a percent, rounded to one decimal place.)
- Janet is getting ready to do her taxes. She is single and lives in Denver. Janet earned $110,000 in taxable income in 2015. She reviews the following table, which shows the IRS tax rates for a single taxpayer in 2015. On Annual Taxable Income... The Tax Rate Is... (Percent) Up to $9,225 10.0 From $9,225 to $37,450 15.0 From $37,450 to $90,750 25.0 From $90,750 to $189,300 28.0 From $189,300 to $411,500 33.0 From $411,500 to $413,200 35.0 Over $413,200 39.6 Based on the IRS table, Janet calculates that her marginal tax rate is when her annual taxable income is $110,000. Janet calculates that she owes in income taxes for 2015. Janet then calculates that her average tax rate is , based on the annual income level and the amount of taxes she owes for 2015. After figuring out what she owes in taxes in 2015, Janet decides to ask an accountant for tax advice. The accountant claims that he has found a legal way to shelter…Suppose that Ana is preparing to file her taxes. She is single and currently lives in Denver. Ana earned $110,000 in taxable income in 2022. She reviews the following table, which shows the IRS tax rates for a single taxpayer in 2022. On Annual Taxable Income... Up to $10,275 From $10,275 to $41,775 From $41,775 to $89,075 From $89,075 to $170,050 From $170,050 to $215,950 From $215,950 to $539,900 Over $539,900 The Tax Rate Is... (Percent) 10.0 12.0 Ana calculates that she owes 22.0 24.0 32.0 35.0 37.0 Based on the IRS table, Ana calculates that her marginal tax rate is in income taxes for 2022. when her annual taxable income is $110,000. Ana then calculates that her average tax rate is, based on the annual income level and the amount of taxes she owes for 2022. After figuring out what she owes in taxes in 2022, Ana decides to ask an accountant for tax advice. The accountant claims that he has found a legal way to shelter $2,000 of taxable income from the federal government. The…In 2018, Brenda has calculated her regular tax liability to be $32,500 and her tentative minimum tax (TMT) to be $36,300. Additionally, Brenda holds an alternative minimum tax credit of $6,200 from 2014. What is Brenda's total 2018 Federal income tax liability? Oa. $36,300. Ob. $30,100. Oc. $32,500. Od. $26,300.
- Jermaine and Alysha are married and have combined W-2 income of $87,466. They received a refund of $431 when they filed their taxes. How much income tax did their employers withhold during the year? Use the appropriate Tax tables or Tax rate schedules. Multiple Choice $6,547. $7,409. $10,468. Cannot be determined with the information provided.Joyce, a single parent, lives in an apartment with her two minor children (ages 8 and 10), whom she supports. Joyce earns $33,000 during 2023. She uses the standard deduction and files as a head of household. Round all computations to the nearest dollar. Click to access Earned Income Credit and Phaseout Percentages Table and the Tax Rates Schedules. a. Calculate the amount, if any, of Joyce's earned income credit. 2,696 X b. During the year, Joyce is offered a new job that has greater future potential than her current job. If she accepts the job offer, her earnings for the year will be $40,400; however, she is afraid she will not qualify for the earned income credit. Determine the increase or decrease in Joyce's net cash flow if she accepts the new job. Since the child tax credit will be the same under either scenario, you can ignore it for purposes of this analysis. Use the Tax Rate Schedule when computing her income tax. Tax calculation: Salary Less: Standard deduction Taxable income…Use the 2016 marginal tax rates to compute the tax owed by the following person. A married man filing separately with a taxable income of $143,000. Click the icon to view the 2016 marginal tax rates. The tax owed is $ (Type an integer or a decimal. Round to the nearest cent as needed.)
- Teresa is getting ready to do her taxes. She is single and lives in San Francisco. Teresa earned $50,000 in 2011. She reviews the following table, which shows the IRS tax rates for a single taxpayer in 2011. On Annual Taxable Income... The Tax Rate Is... (Percent) Up to $8,500 10 From $8,500 to $34,500 15 From $34,500 to $83,600 25 From $83,600 to $174,400 28 From $174,400 to $379,150 33 Over $379,150 35 Based on the IRS table, Teresa calculates that her marginal tax rate is when her annual income is $50,000. Teresa calculates that she owes in income taxes for 2011. Teresa then calculates that her average tax rate is , based on the annual income level and the amount of taxes she owes for 2011. After figuring out what she owes in taxes in 2011, Teresa decides to ask an accountant for tax advice. The accountant claims that he has found a legal way to shelter $1,000 of taxable income from the federal government. The…Arabella Cunningham is 24 years old and single, lives in an apartment, and has no dependents. Last year she earned $37,500 as a sales representative for Planning Associates; $2,625 of her wages was withheld for federal income taxes. In addition, she had interest income of $90. The standard deduction in 2018 was $12,000 for single. The appropriate tax rate schedule is shown below: EXHIBIT 3.3 Sample Tax Rate Schedules Tax rates levied on personal income vary with the amount of reported taxable income and the taxpayer's filing status. 2018 Tax Rate Schedules Single Taxable Income Tax Rate $0—$9,525 10% of taxable income $9,526—$38,700 $952.50 plus 12% of the amount over $9,525 $38,701—$82,500 $4,453.50 plus 22% of the amount over $38,700 $82,501—$157,500 $14,089.50 plus 24% of the amount over $82,500 $157,501—$200,000 $32,089.50 plus 32% of the amount over $157,500 $200,001—$500,000 $45,689.50 plus 35% of the amount over $200,000 $500,001 or more…