How much would be the tax credit if the amount of donation is $2,500 in 2023? Taxable income is $80,000.
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- What if someone made 130,000 in 2019 what is their total fica wages to be taxed?Which one of the following amounts represents the maximum amount that you may deduct for moving expenses on your 2020 personal income tax return? A) $ 8,800. B) $ 9,700. C) $10,200. D) $11,250.Assuming Carding uses the OSD, how much is the total income tax due on his income in 2021? a. 202,000 b. 246,000 c. 265,000 d. 268,000
- 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 WORKIf you live in a state that needs to collect $18 million in property taxes and has a tax rate of 2.77%, what is that states taxable valueD6) The 2021 standard deduction is $12,600 and deductions for state and local taxes are limited to $10,000. You are already choosing to itemize your deductions becaue of charitible contributions. You expect to pay $8,000 of state income taxes in 2021 and you are looking at the tax benefits associated with purchasing a single family home as your primary residence. You estimate that the mortgage interest in 2021 will be $15,000 and the property taxes will be $6,000. What is the tax benefit associated with homeownership if your marginal tax rate is 22%?
- In 2022, an individual received a salary of $50,000. Deducted from the salary were income taxes of $10,000, the maximum Canada pension plan (CPP) and employment insurance (EI) contributions of $3,441 of which $349 was the enhanced CPP contribution, and charitable donations of $450. What would be the individual's total federal tax (federal tax less credits) in 2022? Group of answer choices 4,676 6,881 4,774 None of these 6,835"Your company will generate $470,000 in taxable income for 2020. Assume that your state tax rate is 7% and your federal tax rate is 21%. How much federal tax do you owe?"An individual has taxable general income of £70,000 (before deducting the personal allowance). He also has savings income of £1,000. How much Income Tax will be payable on the savings income? £0 £200 £400 £300
- 15. If you're single and your 2022 income is going to be $60,000 and you take the standard deduction, what would be your marginal federal tax rate? a) 0 b) 12% c) 22% d) None of the above1. Suppose you currently earn taxable income of $100,000 per year. You are subject to an MTR of 50 percent. Currently, your ATR is 35 percent. Calculate your annual tax. Calculate the extra tax that you would pay per year if your annual income increased to $110,000. What is your ATR when your annual income is $110,000?What is Thomas's proportional tax rate for 2023? His information is below: 2022 Tax Rate 20% 2023 Tax Rate 30% Average Tax Rate 25 % 2022 Tax Base $ 100,000 2023 Tax Base $130,000 2023 Tax Base Average $125,000