[The following information applies to the questions displayed below.] In 2010 Casey made a taxable gift of $5.7 million to both Stephanie and Linda (a total of $11.4 million in taxable gifts). Required: Calculate the amount of gift tax due this year and Casey's unused exemption equivalent under the following alternatives. (Refer to Exhibit 25-1 and Exhibit 25-2;) (Enter your answers in dollars, not millions of dollars. Leave no answer blank. Enter zero if applicable.) a. This year Casey made a taxable gift of $1 million to Stephanie. Casey is not married, and the 2010 gift was the only other taxable gift he has ever made. Gift tax due $ Unused exemption equivalent
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- EXHIBIT 25-1 Unified Transfer Tax Rates* Tax Base Equal to or Over Not Over Tentative Tax Plus of Amount Over $ 0 $10,000 $ 0 18% $ 0 10,000 20,000 1,800 20 10,000 20,000 40,000 3,800 22 20,000 40,000 60,000 8,200 24 40,000 60,000 80,000 13,000 26 60,000 80,000 100,000 18,200 28 80,000 100,000 150,000 23,800 30 100,000 150,000 250,000 38,800 32 150,000 250,000 500,000 70,800 34 250,000 500,000 750,000 155,800 37 500,000 750,000 1,000,000 248,300 39 750,000 1,000,000 345,800 40 1,000, EXHIBIT 25-2 The Exemption Equivalent Year of Transfer Gift Tax Estate Tax 1986 $500,000 $500,000 1987–1997 600,000 600,000 1998 625,000 625,000 1999 650,000 650,000 2000–2001 675,000 675,000 2002–2003 1,000,000 1,000,000 2004–2005 1,000,000 1,500,000 2006–2008 1,000,000 2,000,000 2009–2010* 1,000,000 3,500,000 2011 5,000,000 5,000,000 2012 5,120,000 5,120,000 2013 5,250,000 5,250,000 2014 5,340,000 5,340,000 2015…EXHIBIT 25-1 Unified Transfer Tax Rates* Tax Base Equal to or Over Not Over Tentative Tax Plus of Amount Over $ 0 $10,000 $ 0 18% $ 0 10,000 20,000 1,800 20 10,000 20,000 40,000 3,800 22 20,000 40,000 60,000 8,200 24 40,000 60,000 80,000 13,000 26 60,000 80,000 100,000 18,200 28 80,000 100,000 150,000 23,800 30 100,000 150,000 250,000 38,800 32 150,000 250,000 500,000 70,800 34 250,000 500,000 750,000 155,800 37 500,000 750,000 1,000,000 248,300 39 750,000 1,000,000 345,800 40 1,000,000 *The applicable credit and exemption is zero for estates that opted out of the estate tax in 2010. EXHIBIT 25-2 The Exemption Equivalent Year of Transfer Gift Tax Estate Tax 1986 $500,000 $500,000 1987–1997 600,000 600,000 1998 625,000 625,000 1999 650,000 650,000 2000–2001 675,000 675,000 2002–2003 1,000,000 1,000,000 2004–2005 1,000,000 1,500,000 2006–2008 1,000,000 2,000,000 2009–2010* 1,000,000 3,500,000 2011 5,000,000…In 2010 Casey made a taxable gift of $5.7 million to both Stephanie and Linda (a total of $11.4 million in taxable gifts). Required: Calculate the amount of gift tax due this year and Casey's unused exemption equivalent under the following alternatives. (Refer to Exhibit 25-1 and Exhibit 25-2.) (Enter your answers in dollars, not millions of dollars. Leave no answer blank. Enter zero if applicable.) a. This year Casey made a taxable gift of $1 million to Stephanie. Casey is not married, and the 2010 gift was the only other taxable gift he has ever made. Gift tax due $ Unused exemption equivalent
- Total deductible income tax credit would be P80,000 P60,000 P20,000 P0 None of the above Income tax still due and payable per ITR. P170,000 P250,000 P120,000 P130,000 None of the above The total final tax would be P22,000 P25,000 P10,000 P12,000 None of the aboveChuck, a single taxpayer, earns $75,000 in taxable income and $10,000 in interest from an investment in City of Heflin bonds. (Use the U.S. tax rate schedule.) Required: a. If Chuck earns an additional $40,000 of taxable income, what is his marginal tax rate on this income? b. What is his marginal rate if, instead, he had $40,000 of additional deductions? (For all requirements, do not round intermediate calculations. Round percentage answers to 2 decimal places.) a. Marginal tax rate b. Marginal tax rate2021 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over:But not over: The tax is: $ 9,950 $ 40,525 $ 86,375 $ 164,925 $ 209,425 $ 523,600 $ 10% of taxable income $ 9,950 $ 40,525 $ 86,375 $ 164,925 $ 209,425 $ 523,600 $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 $157,804.25 plus 37% of the excess over $523,600 Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over:But not over: The tax is: $ 19,900 $ 81,050 $ 172,750 $ 329,850 $ 418,850 $ 628,300 $ 10% of taxable income $ 19,900 $ 81,050 $ 172,750 $ 329,850 $ 418,850 $ 628,300 $1,990 plus 12% of the excess over $19,900 $9,328 plus 22% of the excess over $81,050 $29,502 plus 24% of the excess over $172,750 $67,206 plus 32% of the excess $95,686 plus 35% of the excess over $418,850 $168,993.50 plus 37% of the…
- Chuck, a single taxpayer, earns $75,000 in taxable income and $10,000 in interest from an investment in City of Heflin bonds. (Use the U.S tax rate schedule.) Required: a. How much federal tax will he owe? b. What is his average tax rate? c. What is his effective tax rate? d. What is his current marginal tax rate? Complete this question by entering your answers in the tabs below. Req A Req B Choose Numerator Req C What is his average tax rate? (Do not round intermediate calculations. Round total tax to nearest whole dollar amount.) 1 1 Req D Choose Denominator Average Tax Rate 0Exhibit 19-6 Estate tax law changes The Tax Cuts and Jobs Act of 2017 and the Economic Growth and Tax Relief Reconciliation Act of 2001 brought important and significant changes to the federal estate, gift, and generation-skipping transfer (GST) taxes. Estate Highest Exemption Estate Unified or Тах Gift Credit GST Tax Exemption Amount ($ ($ million) million) Rate Exemption ($ million) Notes Tax Year (%) 2001 55 0.675 0.675 0.675 2002 50 1.00 1.00 1.00 Estate tax exemption raised to $1 million; top estate tax cut to 50%. 2003 49 1.00 1.00 1.00 Top estate tax cut to 49%. 2004 48 1.00 1.50 1.50 Estate tax exemption rises to $1.5 million; top estate tax rate cut to 48%. 2005 47 1.00 1.50 1.50 Top estate tax cut to 47%. 2006 46 1.00 2.00 2.00 Exemption rises to $2 million; top rate declines to 46%. 2007 45 1.00 2.00 2.000 Top rate declines to 45%. 2008 45 1.00 2.00 2.00 No change. 2009 45 1.00 3.50 3.50 Exemption rises to $3.5 million. 2010 1.00 Repeal Repeal Estate tax completely repealed.…2023 TAXABLE INCOME FIRST $53,359 OVER $53,359 TO $106,717 OVER $106,717 TO $165,430 OVER $ $165,430 TO $237,675 OVER $235,675 Budget & Fiscal Policy FILL IN THE BLANK TAX RATE 15.00% 20.50% 26.00% 29.32% 33.00% A) The marginal rate of tax for someone making a salary of $52,000. type your text here Based on the Canadian Federal Income Tax Brackets for 2023 shown above, calculate and input the numeric answers to the questions below. Round off your answers to the nearest dollar. Do not use $, decimals or comma. For example, instead of $23,486.52, write 23487. For answers requiring a tax rate, enter only the numeric value with two decimal places, with "%" symbol. For example, 20.50%).
- Chapter 3 Activity – Taxes Individual Income Tax Brackets (2021) Marginal Tax Rate Single, taxable income over: Joint, taxable income over: Head of Household, taxable income over: 10% $0 $0 $0 12% $9,950 $19,900 $14,200 22% $40,525 $81,050 $54,200 24% $86,375 $172,750 $86,350 32% $164,925 $329,850 $164,900 35% $209,425 $418,850 $209,400 37% $523,600 $628,300 $523,600 Standard Deduction Amounts (2021) Filing Status Deduction Amount Single $12,550 Married Filing Jointly $25,100 Head of Household $18,800 Long-term Capital Gains & Qualified Dividends (2021) Tax Rate Single Joint Head of Household 0% Under $40,000 Under $80,800 Under $54,100 15% $40,400 $80,800 $54,100 20% $445,850 $501,600 $473,750 Additional 3.8% Net Investment Income Tax for MAGI over $200,000 / $250,000 / $200,000 Calculate the federal income…2023 TAXABLE INCOME FIRST $53,359 OVER $53,359 TO $106,717 OVER $106,717 TO $165,430 OVER $ $165,430 TO $237,675 OVER $235,675 ernment Budget Fiscal Policy FILL IN THE BLANK UNIT TAX RATE 15.00% 20.50% 26.00% 29.32% 33.00% D) The average tax rate for someone making $120,000. type your text here Based on the Canadian Federal Income Tax Brackets for 2023 shown above, calculate and input the numeric answers to the questions below. Round off your answers to the nearest dollar. Do not use $, decimals or comma. For example, instead of $23,486.52, write 23487. For answers requiring a tax rate, enter only the numeric value with two decimal places, with "%" symbol. For example, 20.50%).d cion The table given below shows the absolute tax amounts under five different tax policies for respective income levels. Table 19.2 Annual Pretax Income Tax Policy Alpha O Gamma. Alpha. SO $0 $0 $0 $0 $10,000 $1,000 $1,000 $1,000 $1,000 $1,000 $50,000 $5,000 $6,000 $4,000 $1,000 $900 $100,000 $10,000 $15,000 $6,000 $1,000 $800 Beta. O Eta. Refer to Table 19.2. The tax structure which leads to maximum income inequality is: Delta. Tax Policy Beta Question 18 Tax Policy Gamma 27 Tax Policy Delta Tax Policy Eta $0 tv 9 N 4.nts. N