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- 2. Use the the marginal tax information in the table below to calculate the annual after tax income Greg should expect in his retirement. Greg expects $11201 annually from CPP, $6467 annually from OAS, and $99,000 from his RRIF. Assume that his OAS will be clawed back on any income above $76,000.(d) What is Kevone's taxable income? (e) Kevone paid $16,300 in taxes last year. Will Kevone get a refund? If so, how much? If not, how much does he owe?Suppose a taxpayer can time when they receive a $100,000 distribution from a pre-tax 401(k) retirement account (this tax year or next). If they wait until next year, they will earn 10% on the account. The distribution is fully taxable at the marginal tax rate of the taxpayer, which is 24% for this year. What would be the marginal tax rate NEXT YEAR to just make the distribution financially advantageous this tax year? Enter your response as a whole number percent without the "%" sign and using 5/4 rounding (25.67% = 26).
- 1. 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?Jamie receives a basic pay of P29,880 a month and a 2% commission on her sales. She sold P505,000 in December 2021. How much is her Taxable income? How much is her Tax due? PA surviving spouse with one dependent child has a gross income of 68,170 per year. If 3,000 is withheld from the taxpayers wages for federal income taxes, what is the amount of the taxpayers refund or tax due?
- 1. Ms. X operates a convenience store while she offers bookkeeping services to her clients. In 2020, her gross sales amounted to P800,000.00, in addition to her receipts from bookkeeping services of P300,000.00 and incurred costs and expenses of P300,000 and P100,000, respectively. How much is her tax due using the 8% tax rate? 2. In the illustration on number 1, Ms. X likewise earned P1,000,000 from employment with XYZ Company for whichP180,000 was tax withheld and remitted to the BIR. How much is her income tax due and payable?1. Ms. X operates a convenience store while she offers bookkeeping services to her clients. In 2020, her gross sales amounted to P800,000.00, in addition to her receipts from bookkeeping services of P300,000.00 and incurred costs and expenses of P300,000 and P100,000, respectively. How much is her tax due using the 8% tax rate? 2. In the illustration on number 1, Ms. X likewise earned P1,000,000 from employment with XYZ Company for whichP180,000 was tax withheld and remitted to the BIR. How much is her income tax due and payable? 3. Mr. ABC earned P3,000,000 on his practice of profession for the first three quarters of 2020 for which he filed quarterly income tax returns and availed of the 8% income tax rate, and on the fourth quarter, he earned P3,500,000. For the taxable year, he incurred cost of sales and operating expenses amounting to P3,000,000 and P1,440,000, respectively. How much is his tax due and tax still payable for taxable year 2020?This year Lloyd, a single taxpayer, estimates that his tax liability will be $13,000. Last year, his total tax liability was $17,0 He estimates that his tax withholding from his employer will be $9,700. Required: a. How much does Lloyd need to increase his withholding by (for the year), in order to avoid the underpayment penalty b. Assuming Lloyd does not make any additional payments, what is the amount of his underpayment penalty? Assume short-term rate is 5 percent. Note: Do not round intermediate calculations. Round your final answers to 2 decimal places. Complete this question by entering your answers in the tabs below. Required A Required B Assuming Lloyd does not make any additional payments, what is the amount of his underpayment penalty? Assume the federal short-term rate is 5 percent. Note: Do not round intermediate calculations. Round your final answers to 2 decimal places. Required Withholding Penalty Per Quarter Dates April 15th June 15th September 15th January 15th Total…
- Kara's annuity earned $1,000 of interest this year. When she files her income tax return for this year, she will have to report how much of that $1,000 as taxable income?An unmarried taxpayer with no dependents expects an adjusted gross income of $87,000 in a given year. His nonbusiness deductions are expected to be $7000. (a) What will his federal income tax be? (b) He is considering an additional activity expected to increase his adjusted gross income. If this increase should be $15,000 and there should be no change in nonbusiness deductions or exemptions, what will be the increase in his federal income tax?A single person has taxable income of $52,000 per year. He contributes $1,000 to his company’s flexible spending account (FSA), how much will this save him in federal income taxes?