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- Lisa 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?7. Katie Haddad earns $394 per week. She is married and claims 3 children as dependents. The state tax rate in Haddad's state is 2% of taxable income. What amount is withheld from her weekly pay for state income tax? Cha6. Travis Jamison earns $42,500 annually as a new staff attorney. He is single. The state tax rate in his state is 3.5% of taxable income. What amount is withheld from his monthly pay for state income tax?
- Use the personal allowance table below. Personal Allowance Amount Single $2,000 Married 4,000 Each Dependent 2,0008. Antwan Campbell earns $494 per week. He is married and claims 1 child as a dependent. The state tax rate is 2.25% of taxable income. What amount is withheld from his weekly pay for state income tax? Chapter 2Use the personal allowance table below. Personal Allowance Amount Single Married $2,000 4,000 Each Dependent 2,000
- 5. Jorge and Anita, married taxpayers, earn $150,000 in taxable income and $40,000 in interest from an investment in City of Heflin bonds. Using the U.S. tax rate schedule for married filing jointly, how much federal tax will they owe? What is their average tax rate? What is their effective tax rate? What is their current marginal tax rate? (Round your answers to 2 decimal places.) 6. Jorge and Anita, married taxpayers, earn $150,000 in taxable income and $40,000 in interest from an investment in City of Heflin bonds. (Use the U.S. tax rate schedule for married filing jointly). If Jorge and Anita earn an additional $100,000 of taxable income, what is their marginal tax rate on this income? What is their marginal rate if, instead, they report an additional $100,000 in deductions? 7. Scot and Vidia, married taxpayers, earn $240,000 in taxable income and $5,000 in interest from an investment in City of Tampa bonds. Using the U.S. tax rate schedule for married filing jointly, how much…Bernadette files as head of household and claims her two children, both under age 16. Her 2021 AGI is $44,500. Which credit is most likely to INCREASE if she lowers her AGI by $1,000? A. Earned Income Tax Credit. B. Child and Dependent Care Credit. C. Child Tax Credit. D. Advance payments of the Child Tax Credit.Scott and Bonnue, married taxpayers, earn $258,000 in taxable income and $7,700 in interest from an investment in City of Tampa bonds. If instead Scott and Bonnie earn an additional $150,000 of taxable income, what is their marginal tax rate on this income? Use the 2023 tax rate Blank 1 Use the 2023 tax rate
- 1)Jorge and Anita, married taxpayers, earn $150,000 in taxable income and $40,000 in interest from an investment in City of Heflin bonds. Using the U.S. tax rate schedule for married filing jointly, how much federal tax will they owe? What is their average tax rate? What is their effective tax rate? What is their current marginal tax rate? (Round your answers to 2 decimal places.)Jorge and Anita, married taxpayers, earn $150,000 in taxable income and $40,000 in interest from an investment in City of Heflin bonds. (Use the U.S. tax rate schedule).2)If Jorge and Anita earn an additional $100,000 of taxable income, what is their marginal tax rate on this income?b.What is their marginal rate if, instead, they report an additional $100,000 in deductions?Karen Most has a federal tax levy of $2,100.50 against her. If Most is single with two personal exemptions and had a take-home pay of $499.00 this week, how much would her employer take from her pay to satisfy part of the tax levy?Round your intermediate calculations and answer to the nearest cent.$_________34.For 2020, the maximum percentage of Social Security benefits that could be included in a taxpayer’s gross income is: 0% 25% 50% 75% 85% 36. Dana and Larry are married and live in Texas. Dana earns a salary of $45,000 and Larry has $25,000 of rental income from his separate property. If Dana and Larry file separate tax returns, what amount of income must Larry report? $0 $22,500 $25,000 $47,500 None of the above