Suppose that Carson earns $80,000 per year. Now suppose that he must pay income taxes according to the tax schedule shown below. Income Tax Rate (%) $0 to $7,000 $7,001 to $33,000 $33,001 to $75,000 $75,001 to $142,000 10 15 25 30 Over $142,000 40 Instructions: Enter your answers rounded to the nearest whole number. a. According to the table, what type of income tax does Carson face? Progressive O b. Assume that Carson has no tax exemptions or deductions. How much in income taxes must Carson pay? $ 24,000 * What is Carson's marginal tax rate? 30 percent What is his average tax rate? 20 O percent

Suppose that Carson earns $80,000 per year. Now suppose that he must pay income taxes according to the tax schedule shown below. Income Tax Rate (%) $0 to $7,000 $7,001 to $33,000 $33,001 to $75,000 $75,001 to $142,000 10 15 25 30 Over $142,000 40 Instructions: Enter your answers rounded to the nearest whole number. a. According to the table, what type of income tax does Carson face? Progressive O b. Assume that Carson has no tax exemptions or deductions. How much in income taxes must Carson pay? $ 24,000 * What is Carson's marginal tax rate? 30 percent What is his average tax rate? 20 O percent

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Suppose your annual income is $29182 and there are two tax brackets: 10% for $0-$20,000 and 30% for everything above $20,000. What percentage of your income will you pay in taxes? Enter your answer in decimal.
Gabriela has the following income for the quarter: a. Professional income,P80,000 b. Income from her business, P30,000 c. Compensation income,P40,000 d. Interest income from bank deposit, P10,000. What amount ofincome will Gabriela report in her quarterly income tax return? P80,000P110,000P120,000P150,000
Income Tax rates will be changed to the following Marginal Tax Rates given by: T(I) = 40*I2/ I2+1000 T is the tax rate given as a percentage I is the income of the person in THOUSANDS of dollars What is the Person who makes $20,000 top marginal tax rate? (round the nearest hundredth of a percent)
Anna has the following income for the quarter: a. Professional income P80,000 b. Income from her business P30,000 c. Compensation income P40,000 d. Interest income from bank deposit P10,000. 1. What amount of income will Anna report in her quarterly income tax return? a. P80,000 b. P110,000 c. P120,000 d. P150,000 2. If Anna, opted to use 8% rate, how much is her income tax due in her quarterly ITR? a. P6,400 b. P8,800 c. P9,600 d. P12,000
Use the following information for the next two questions:Shirley is a sales clerk in a certain mall. She earned P410,000.00 in 2019.9. What is the tax rate based on the graduated tax schedule?a. 20% of the excess over P250,000b. P30,000 + 25% of the excess over P400,000c. P130,000 + 30% of the excess over P800,000d. P490,000 + 32% of the excess over P2,000,000 10.What is the tax due?a. 2,500b. 10,000c. 30,000d. 32,50
Consider a tax system where the first $40,000 of income is tax free, the next $40,000 is taxed at 10%, and all income above $80,000 is taxed at 20%. 1. Graph the total tax as a function of income. Be sure to label carefully. Тах Income 2. Graph the ATR(average) and MTR(marginal) rate. Label carefully. MTR, ATR 0.40 0.20 0.00 Income 3. Calculate the tax for individuals that earn: $20,000 Tax = ATR = %, MTR = $40,000 Tax = ATR = MTR = $60,000 Tax = ATR = MTR = $80,000 Tax = ATR = MTR = $100,000 Tax = ATR = MTR =
Given the following tax structure: Total tax Salary $ 10,000 $ 20,000 Тахрayer Mae $ 600 Pedro ??? a. What is the minimum tax that Pedro should pay to make the tax structure vertically equitable based on the tax rate paid? (Round your final answer to nearest whole dollar amount.) Minimum tax b. This would result in what type of tax rate structure? Tax rate structure Progressive
Based on your yearly income above, calculate the amount of tax each income bracket would pay under a regressive tax plan. Each row up to the total income amount should be filled in. For an example of a completed chart, go to Page 4 of Lesson 05.03 : Sharing with Uncle Sam.Proposed Regressive Plan Calculate the tax for $95,000. For example, $10,000x40%=$4,000 in tax. Show your work!! Calculate the tax for $25,000. For example, $10,000x40%=$4,000 in tax. Show your work!!40% on income up to $25,000 30% on income between $25,000 and $34,000 25% on income between $34,000 and $44,000 20% on income between $44,000 and $80,000 10% on taxable income over $80,000 TOTAL TAX PAID (sum of all rows):
I need step by step instructions for the problem e) what is the average income tax rate?** I know you have to divide total tax expense by the net income before taxes.So,For E) the income tax expense is $13,134Net Income before tax??Average Tax rate: ??Revenue : (sales) $144000(service) $28700All the taxes :depreciation tax $10400Interest expense $2400Income Tax expense. $13,134Supplies expense. $12,700F) if $18,500 of dividends had been declared and paid during year, what was the January 1 2016 balance of retained earnings?Retained Earnings Dec 31st : $59000Dividens declared: ???Retained Earnings January 1st: ???Please solve and explain thoroughly.
Using the Tax Schedule for Head of Household, calculate the tax for a head of household with a taxable income of $200,000. 2017 Tax Rate Schedules Schedule X-Single Schedule Z-Head of household If line 5 is: The tax is: of the Íí line 5 is: The tax is: of the junowe Jou In OVerー Ovar- ーノ10 ーBAO ーan0 $0+ 10% S9,325 $0+10% $13,350 9,325 37,950 932.50 + 15% 9,525 13,350 1,335+ 15% 13,350 37,950 5,226.25 + 25% 50,800 131,200 6,952.50+25% 50,800 191,650 16,713.75 + 28% 131,200 212,500 27,052.50 + 28% 131,200 49,816.50 + 33% 117,202.60 + 35% 212,500 416,700 191,650 416,70D 46,643.75 +33% 191,650 212,500. 416,700 416,700 444,550 and greater 416,700 418,400 120,910.25+35% 416,700 418,400 and greater 121,505.25 + 39.6% 418,400 444,550 126,950+39.6% 444,550 Schedule Y-2-Married filing separately Schedule Y-1-Married filing jointly or Qualifying widow(er) of the lf line 5 is: of the amount If line 5 is: The tax is: The tax is: But no! Over- ーノPAQ $9,325 Over- OVerーーJBA0 $18,650 $0 + 10% $0+10%…
(5) Applying the following hypothetical Federal Income Tax Rate Table, for a Single Tax-Filer earning $100,000 annually, calculate the following (Show your Calculations): a) Total Tax Due? b) Marginal Tax Rate? c) Effective Tax Rate?
Use the 2016 marginal tax rates to compute the tax owed by the following person. A head of household with a taxable income of $56,000 and a $8000 tax credit i 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.)