Simplified Marginal Tax RatesTax up toBeginningof rangeEnd ofMarginalstart ofrangeraterange12,00020,00048,00095,000to0%12,00020,00048,000to15%1,2007,36021,46042,660to22%to30%40%148,000210,00095,000to148,000210,000to45%andabove70,56050%Sasha has annual gross income of $76,000 and works as a lawyer. What is the maximum disabilityinsurance coverage she can get, if she can qualify for 90% of her after tax income? (Use the tax tableabove and input the number only, to the nearest dollar.)Answer:Next page

Here is the answer for the above question.

Answered: What is the maximum disability

Business

Accounting

What is the maximum disability

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

WhyRU Company usually depreciates its equipment using straight line method for accounting purposes, but for tax purposes its sum-of-the-years method. WhyRU Company acquired the equipment through purchase amounting to P2,400,000 on January 1,2018. Assume a tax rate of 30%. Useful life is 4 years. WhyRU Company made the following income in its income tax return available through reports for 2018 – P800,000; 2019 – P890,0000; 2020 – P1,200,000; 2021 – P1,500,000 There is no other differences between WhyRU's accounting income and taxable income for years 2018, 2019, 2020 and 2021 other than for the difference in depreciation for the equipment described.
Pleas calculate the AVERAGE and MARGINAL TAX based on the tax bracket provided below. (Hint: every box in the table may NOT be used.) $0 $1,001 $3,001 Tax Bracket $10,001 $20,001 $40,001 $1,000 $3,000 $10,000 $20,000 $40,000 & Above Average Tax:__`17.729% Marginal Tax:__`25¹% Tax 5% 10% 15% 25% 30% 45% $ $ Taxable Income Amount Taxed type your ansv type your ansv type your ansv = type your ansv $16,500 $ $ $ $ Actual Tax Paid type your answe type your answe type your answe type your answe type your answe Amount Remaining $ $ $ $ type your answe type your answe type your answe type your answe
Marginal tax rates Using the tax rate schedule attached Perform the following: a. Find the marginal tax rate for the following levels of sole proprietorship earnings before taxes: $16,800; $59,500; $89,600; $151,000; $245,000; $451,200; $1,000,000 b. Plot the marginal tax rates (measured on the y-axis) against the pretax income levels (measured on the x-axis).
Marginal tax rates Using the tax rate schedule given here, perform the following: a. Find the marginal tax rate for the following levels of sole proprietorship earnings before taxes: $14,700; $59,500; $89,600; $156,000; $247,000; $456,600; and $1 million. b. Plot the marginal tax rates (measured on the y-axis) against the pretax income levels (measured on the x-axis).
Single Taxable Income Tax Brackets and Rates, 2017RateTaxable Income Bracket10%$0 to $9,32515%$9,325 to $37,95025%$37,950 to $91,90028%$91,900 to $191,65033%$191,650 to $416,70035%$416,700 to $418,40039.60%$418,400+ Use the following tax table to determine how much income tax is paid on 391500 of taxable income.
Use the following tax table to determine how much income tax is paid on 915000 of taxable income. Total Paid = $ Rate 10% 15% 25% 28% 33% 35% 39.60% Taxable Income Bracket $0 to $9,325 $9,325 to $37,950 $37,950 to $91,900 $91,900 to $191,650 $191,650 to $416,700 $416,700 to $418,400 $418,400+ Single Taxable Income Tax Brackets and Rates, 2017
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
Table 1.4 Use the following tax rates and income brackets to answer the following question(s). Tax Rate Individual Returns 10% $0 to $8,350 15% $8,351 to $33,950 $33,951 to $82,250 $82,251 to $171,550 $171,551 to $372,950 Over $372,951 25% 28% 33% 35% Joint Returns $0 to $16,700 $16,701 to $67,900 $67,901 to $137,050 $137,051 to $208,850 $208,851 to $372,950 $16,750 $18,836 $22,425 $25,116 Over $372,951 Josh earned $89,700 in taxable income and files an individual tax return. What is the amount of Josh's taxes for the year?
14. Leslie Inc. has correctly determined the following information related to operations for 2018: Revenue from sales Expenses Income before income taxes P7,000,000 4,000,000 P3,000,000 In reviewing the records, you discovered the following items: During 2018, the company discovered an error in depreciation in 2017. The correction of this error, which has not been recorded, will result in an increase in depreciation for 2017 of P200,000. During 2018, the company sustained a loss of P400,000 because of flood, which destroyed its inventory. The company charged retained earnings and credited inventory for P400,000.
For income tax purposes, what is the amount of gross income given the following amounts? Gross sales 4,000,000.00 Sales discounts, returns and allowances 100,000.00 Cost of sales 1,500,000.00 Itemized deductions 800,000.00 Group of answer choices P3,900,000.00 P1,600,000.00 P2,400,000.00 P1,700,000.00
a. Fill in the following table assuming MACRS depreciation rates (10 points) Year 0 1 2 3 4 5 6 Pretax income MACRS Taxable Depreciation income Tax owed After tax income Inflation adjustment factor Real after tax income b. If MARR = 18%, should you purchase this system based on your real after-tax income? Why or why not? (5 points)
7.8.25 Use table 7.13 to answer the following questions. a) compute the tax due in 2014 on a net taxable income of $80k. show your work. b) compute the effective tax rate for that income. c) check your answers with those in the spreadsheet graduatedtax.xlsx d) compute the effective tax rate a second time, as a weighted average of the rates in the various brackets, using as weights the amount of income subject to tax at each rate. you should get the same answer.