chedule X-Single taxable income is over: But not over: $ 0 $ 9,950 S 40,525 $ 9,950 $ 40,525 $ 86,375 $ 86,375 $ 164,925 $ 209,425 S 164,925 $ 209,425 S523,600 The tax is: 10% of taxable income $995 plus 12% of the excess over $9,950 | $4,664 plus 22% of the excess over $40,525 $14,751 plus 24% of the excess over $86,375 $33,603 plus 32% of the excess over $164,925 $47,843 plus 35% of the excess over $209,425
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- Required information Skip to question [The following information applies to the questions displayed below.] Emily, who is single, has been offered a position as a city landscape consultant. The position pays $143,000 in cash wages. Assume Emily has no dependents. Emily deducts the standard deduction instead of itemized deductions, she is not eligible for the qualified business income deduction, and she did not make any charitable donations. (Use the tax rate schedules.) a. What is the amount of Emily’s after-tax compensation (ignore payroll taxes)? (Round your intermediate calculations and final answers to the nearest whole dollar amount.) 2021 Tax Rate Schedules IndividualsSchedule X-Single If taxable income is over: But not over: The tax is: $ 0 $ 9,950 10% of taxable income $ 9,950 $ 40,525 $995 plus 12% of the excess over $9,950 $ 40,525 $ 86,375 $4,664 plus 22% of the excess over $40,525 $ 86,375 $ 164,925 $14,751 plus 24% of the excess…Lionel is an unmarried law student at State University Law School, a qualified educational institution. This year Lionel borrowed $28,500 from County Bank and paid interest of $1,710. Lionel used the loan proceeds to pay his law school tuition. Calculate the amounts Lionel can deduct for higher education expenses and interest on higher-education loans under the following circumstances: (Leave no answer blank. Enter zero if applicable.) Problem 6-31 Part-a (Algo) a. Lionel's AGI before deducting interest on higher-education loans is $50,000. Higher education expenses Interest deduction! Required information Problem 5-56 (LO 5-2) (Algo) [The following information applies to the questions displayed below.] Grady received $8,600 of Social Security benefits this year. Grady also reported salary and interest income this year. What amount of the benefits must Grady include in his gross income under the following five independent situations? Note: Leave no answer blank. Enter zero if applicable. Problem 5-56 Part d (Algo) d. Grady files married joint and reports salary of $44,000 and interest income of $800. Amount to be included in gross income
- Problem 6-19 (Algorithmic) Special Rules for High-Income Taxpayers (LO 6.8) Rachel is single and has wages of $173,750 and dividend income of $104,250. She has no investment expenses. Calculate the amount of the 3.8 percent net investment income tax she must pay. Round your answer to the nearest whole dollar. 10,564 xProblem 3-39 (LO 3-2, LO 3-3) (Algo) Isabel, a calendar-year taxpayer, uses the cash method of accounting for her sole proprietorship. In late December she received a $50,000 bill from her accountant for consulting services related to her small business. Isabel can pay the $50,000 bill anytime before January 30 of next year without penalty. Assume her marginal tax rate is 37 percent this year and next year, and that she can earn an after-tax rate of return of 10 percent on her investments Required: a. What is the after-tax cost if Isabel pays the $50,000 bill in December? b. What is the after-tax cost if Isabel pays the $50,000 bill in January? Use Exhibit 31. Note: Round your answer to the nearest whole dollar amount. c. Based on requirements a and b, should Isabel pay the $50,000 bill in December or January? Complete this question by entering your answers in the tabs below. Required A Required B Required C What is the after-tax cost if Isabel pays the $50,000 bill in December?…Required information [The following information applies to the questions displayed below.] Emily, who is single, has been offered a position as a city landscape consultant. The position pays $147,800 in cash wages. Assume Emily has no dependents. Emily deducts the standard deduction instead of itemized deductions, she is not eligible for the qualified business income deduction, and she did not make any charitable donations. (Use the tax rate schedules.) ng job offer of $139,000 in cash compensation and nontaxable b-1. Suppose Emily receives a con (excluded) benefits worth $8,800. What is the amount of Emily's after-tax compensation for the competing offer? (Round your intermediate calculations and final answers to the nearest whole dollar amount.) Description Amount (1) Gross income (2) For AGI deductions (3) Adjusted gross income $ (4) Standard deduction (5) Taxable income (6) Income tax liability After-tax compensation
- Please answer all parts (a, b, c, and d) Indicate the amount (if any) that Josh can deduct as an ordinary and necessary business deduction in each of the following situations. (Leave no answers blank. Enter zero if applicable.) Problem 9-47 Part-a (Algo)a. Josh borrowed $83,000 from First State Bank using his business assets as collateral. He used the money to buy City of Blanksville bonds. Over the course of a year, Josh paid interest of $12,000 on the borrowed funds, but he received $11,600 of interest on the bonds. Deductible amount__ b. Josh purchased a piece of land for $85,500 in order to get a location to expand his business. He also paid $7,000 to construct a new driveway for access to the property. Deductible amount__ c. This year Josh paid $18,200 to employ the mayor’s son in the business. Josh would typically pay an employee with these responsibilities about $15,400, but the mayor assured Josh that after his son was hired, some city business would be coming his way.…Exercise 12-25 (Algorithmic) (LO. 7) Compute the additional Medicare tax for the following taxpayers. If required, round your answers to the nearest dollar. a. Mario, who is single, earns wages of $490,200. His additional Medicare tax is $ b. George and Shirley are married and file a joint return. During the year, George earns wages of $298,100, and Shirley earns wages of $447,150. Their additional Medicare tax is $ c. Simon has net investment income of $56,880 and MAGI of $284,400 and files as a single taxpayer. Simon's additional Medicare tax is $! Required information [The following information applies to the questions displayed below.] Emily, who is single, has been offered a position as a city landscape consultant. The position pays $147,800 in cash wages. Assume Emily has no dependents. Emily deducts the standard deduction instead of itemized deductions, she is not eligible for the qualified business income deduction, and she did not make any charitable donations. (Use the tax rate schedules.) a. What is the amount of Emily's after-tax compensation (ignore payroll taxes)? (Round your intermediate calculations and final answers to the nearest whole dollar amount.) Description Amount (1) Gross income (2) For AGI deductions (3) Adjusted gross income (4) Standard deduction (5) Taxable income (6) Income tax liability After-tax compensation
- LO4 Explain why each of the following expenditures is or is not deductible: a. Lumbar, Inc., pays 12,000 as its share of its employees Social Security tax. The 12,000 is deductible. b. Leroy pays a cleaning service 250 per month to clean his real estate office. The 250 is deductible. c. Janice pays a cleaning service 75 per month to clean her personal residence. The 75 is not deductible. d. Leyh Corporation purchases land to use as a parking lot for 35,000. The 35,000 is not deductible. e. Martin spends 50 per month on gasoline for the car he uses to drive to his job as a disc jockey. The 50 is not deductible.Exercise 12-19 (LO. 7) Compute the additional Medicare tax for the following taxpayers. If required, round your answers to the nearest dollar. a. Mario, who is single, earns wages of $440,000.His additional Medicare tax is $fill in the blank 1. b. George and Shirley are married and file a joint return. During the year, George earns wages of $138,000, and Shirley earns wages of $210,000.Their additional Medicare tax is $fill in the blank 2. c. Simon has net investment income of $38,000 and MAGI of $223,000 and files as a single taxpayer.Simon's additional Medicare tax is $fill in the blank 3.Self-Study Problem 2.13 A taxpayer (payor ex-spouse) is required to pay an ex-spouse (recipient ex-spouse) alimony of $12,000 per year. Determine how much alimony is deductible by the payor ex-spouse and how much alimony is recognized as income by the recipient ex-spouse based on the following information: If an answer is zero, enter "0". Details a. The payments are made in 2021 as part of a divorce decree executed in 2018. The divorce decree is modified in 2021 to explicitly apply the provisions of the TCJA. b. The payments are made in 2021 as part of a divorce decree executed in 2016. c. The payments are made in 2021 as part of a divorce decree executed in 2021. Deductible by payor Includable by recipient 00 00