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- What taxes would an individual pay if he were self-employed and the business is not incorporated?Question 6 Here is a hypothetical income tax schedule expressed in nominal terms for the year 2015: Annual tax bracket Tax rate (%) Tax paid ($) Less than or equal to $3,620 $3,621 to $6,033 $6,034 to $7,240 $7,241 to $9,654 $9,655 to $21,722 More than $21,722 a. Compute only (a) in the income tax schedule for Sarah, whose annual income is $25,000. 15 25 |(a) 35 40 42 |(b) b. Compute only (b) in the income tax schedule for Rasha, whose annual income is $100,000.Calculate Your Taxes To find your net pay, you'll need to first calculate your taxes. Start period 02 | 01|2019 End period 02 | 15| 2019 Find the tax percentages for each type of tax on your pay stub and insert them here. Then, press the calculate button when you're ready. Gross Pay $1,837.00 Earnings Taxes Deductions FEDERAL % of $1,837.00 $1,837.00 Federal (8.24%) FICA Medicare (1.45%) FICA MEDICARE % of $1,837.00 FICA Social Security (6.20%) FICA SOCIAL SECURITY % of $1,837.00 State - OK (3.86%) STATE % of $1,837.00 Total Disclaimer: Tax numbers are for illustrative purposes only. Net Pay Calculate
- Use the table to answer the questions. In relation to taxes, Ramone will be filing as married filing jointly. Ramone is making $156,141.00 this year as an employee of Rust-Eze; he has no other income. Do not consider any deductions or expenses in this question. Married filing jointly or Married filing separ Single S0-$8,350 $8,351-S33,950 $33.951-$82,250 | $82,251-$171,550| |$171,551-$372,950| $372,951+ Tax rate qualified widow(er) SO-$16,700 $16,701-$67,900 S67,901-$137,050 $137,051-$208.850 $208,851-$372,950 $372,951+ S0-$8,350 SO-$11,950 S11,951-$45,500 S45,501-$117,450 $117,451-$190,200 10% $8,351-$33,950 $33,951-S68,525 S68,526-$104,425 | 25% 28% 33% 35% S104,426-$186,475 $190,201-S372,950 $186,476+ $372,951+ Use the table to calculate how much money Ramone will owe in taxes under a progressive tax program. Calculate how much money Ramone will owe in taxes under a proportional tax (flat tax) rate of 30%30. Steve earned $50 in income last year and the current tax brackets are 20% for the first $10 of income, 30% for the next $10 of income, and 50% for all additional income. In addition there is a $20 deduction that exempts that amount of income from taxation. Steve’s total taxes are _____.Mary is single and has a taxable income of $75,000. How much does she owe for federal income taxes for the year 2018?
- Use the below table to calculate the amount of federal income tax that Kristen should report if she earned a taxable income of $87,011 in 2017? Federal Tax Rates for 2017 15% on the first $44,784 of taxable income, plus 19% on the next $45,594 of taxable income, plus 26.5% on the next $50,628 of taxable income, plus 32% on any further taxable income Income tax = $ hsBased on the following data: Taxable income ($) Total tax ($) 1500 5 2500 110 3000 200 4500 400 5000 600 6000 900 Please answer the next questions. 1. What kind of tax is illustrated, i.e, structural, perverse, proportional or progressive. Explain. 2. If your taxable income is $5000, what is your average tax rate? 3. If your taxable income increases from $5000 to $6000, what is your marginal tax rate?Which tax is paid on individual income from sales of assets? a-sales tax b-excise tax c-estate tax d-capital gains tax
- Calculating Taxable Income Taxable income $0 $9,525 $9,526 $38,700 $38,701 - $82,500 $82,501 $157,500 $157,501 - $200,000 $200,001 - $500,000 $500,001 or more Rate 10.0% 12.0% 22.0% 24.0% 32.0% 35.0% 37% Using the previous tax table, compute the tax liability for the individual in the scenario presented, rounding the liability to the nearest dollar. In addition, use the dropdown lists to identify the marginal tax rate and average tax rate for the individual in the scenario. Yakov's Tax Scenario Yakov is a young professional with taxable income of $133,500 as an advertising account executive. What is Yakov's total tax liability? What is Yakov's top marginal tax rate? 24.00% What is Yakov's average tax rate? (Note: Round your answer to the nearest cent, if necessary.)If GNPFC is $1900 million and net indirect taxes are $110 million Find GNPMPReferring to the following table for the question Taxable Income Marginal Tax rate 0-$10,000 10% $10,000 $30.000 15% over $30,000 20% How much is the total income tax bill if the taxable income is $26,999? [Enter your answer in 2 decimal places