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- Melodie's taxable income is $39,000 and she pays income tax of $4,489. If Melodie's taxable income increases to $41,000, she would pay income taxes of $4,884. What is Melodie's marginal tax rate? 19.75 22.00 18.50 12.00 Some other amountLisa records nonrefundable Federal income tax credits of 65,000 for the year. Her regular income tax liability before credits is 190,000, and her TMT is 150,000. a. What is Lisas AMT? b. What is Lisas regular income tax liability after credits?. Explain and calculate the differences resulting from a $1,000 tax credit versus a $1,000 tax deduction for a single taxpayer with $40,000 of pre-tax income that takes a standard deduction of $12,000. Be sure to show your work. Taxable income is: Taxable Income Not Over: $9,700 $39,475 $84,200 $160,275 $0 $9,701 $39,476 $84,201 Tax Due Is: 10% of the taxable income $1,940 plus 12% of the excess over $19,400 $9,086 Plus 22% of the excess over $78,950 $28,765 plus 24% of the excess over $168,400
- 1) Nancy has cumulative earnings of $104,500 and earns $7,800 during the current pay period.If the FICA rate is 4.2 percent for Social Security, with a limit of $106,800, and 1.45 percent forMedicare, applied to all earnings, calculate the total FICA tax to be withheld for this pay period.a. $440.70.b. $209.70.c. $113.10.d. $96.60.e. $231.00. 2) Ernie White has $6,800 cumulative earnings during the calendar year and earned $950 duringthe current pay period. If the state unemployment tax is 5.4 percent of the first $7,000, the federalunemployment tax is 0.6 percent of the first $7,000, the FICA Social Security tax is 6.2 percent ofthe first $106,800, and FICA Medicare tax is 1.45 percent on all earnings, the amounts placed inthe Taxable Earnings columns of the payroll register are: a. state unemployment, $0; federal unemployment, $0; Social Security, $850; Medicare,$850.b. state unemployment, $950; federal unemployment, $950; Social Security, $950; Medicare,$950.c. state unemployment,…Based on the following data, would Ann and Carl Wilton receive a refund or owe additional taxes? Note: Input the amount as a positive value. Tax Information Adjusted gross income Standard deduction Child care tax credit Federal income tax withheld Tax rate on taxable income. $ 47,060 $ 25,100 $ 100 $ 2,090 10 percent.4.An individual made $85,000 for the year. Using the tax given , answer the following questions: A.What is this person's marginal tax rate? B.How much tax does this person owe? C.What is the effective tax rate?
- What is the after-tax cost in the following situations if the taxpayer has additional deductions as stated? Assume the taxpayer is in the 24% marginal tax bracket. (a) Deductible expense paid of $33,000. After-tax cost $The taxpayer's marginal federal and state tax rate is 25%. Which would the taxpayer prefer? a.$1.00 taxable income rather than $.75 tax-exempt income. b.$1.25 taxable income rather than $1.00 tax-exempt income. c.$1.40 taxable income rather than $1.00 tax-exempt income. d.$1.00 taxable income rather than $1.25 tax-exempt income.Based on the following data, would Beth and Roger Simmons receive a refund or owe additional taxes? What is the amount? (Do not round any intermediate calculations. Enter the amount as a positive value rounded to 2 decimal places.) Adjusted gross income Credit for child and dependent care expenses The result is a of $ 52,750 $ 480 Standard deduction Federal income tax withheld Tax rate on taxable income $ 24,800 $ 6,820 15 percent
- 1. Consider the 2020 information for a single taxpayer without children: Situation A Situation B Wage Income Tax free intertest income Medical expenses paid State income taxes paid 85,000 105,000 2,200 2,200 7,950 3,800 450 3,800 Local property taxes paid Mortgage Interest paid Charitbale contributions 4,000 5,100 2,900 480 a. What is the total taxes owed under each scenario? b. In each scenario, what is the effective tax rate based on Taxable income? In each scenario, what is the marginal tax rate? C.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 £3001. Determining a Refund or Taxes Owed. Based on the following data, will Ann Wilton receive a federal tax refund or owe additional taxes in 2019? LO2 Net income, $48,190 Deductions to determine net income, $11,420 Federal income tax withheld, $6,784 Total non-refundable tax credit amounts, excluding medical expenses, $12,069 Medical expenses, $2,300