50 $1,001 $3,001 Tax Bracket $10,001 $20,001 540,001 $1,000 $3,000 $10,000 $20,000 $40,000 & Above verage Tax:_17.729% Marginal Tax: 25% Tax 5% 10% 15% 25% 30% 45% Taxable Income = = Amount Taxed $ $ $ $ type your ansv type your ansv type your ansv type your ansv $16,500 $ $ $ $ $ Actual Tax Paid type your answe type your answe type your answe type your answe type your answe Amount Remaini $ $ $ S type your answ type your answ type your answ type your answ

50 $1,001 $3,001 Tax Bracket $10,001 $20,001 540,001 $1,000 $3,000 $10,000 $20,000 $40,000 & Above verage Tax:_17.729% Marginal Tax: 25% Tax 5% 10% 15% 25% 30% 45% Taxable Income = = Amount Taxed $ $ $ $ type your ansv type your ansv type your ansv type your ansv $16,500 $ $ $ $ $ Actual Tax Paid type your answe type your answe type your answe type your answe type your answe Amount Remaini $ $ $ S type your answ type your answ type your answ type your answ

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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Use the marginal tax rate chart to answer the question. Tax Bracket Marginal Tax Rate $0–$10,275 10% $10,276–$41,175 12% $41,176–$89,075 22% $89,076–$170,050 24% $170,051–$215,950 32% $215,951–$539,900 35% > $539,901 37% Determine the effective tax rate for a taxable income of $95,600. Round the final answer to the nearest hundredth
With the following data, compute the NET FUTA Tax. Gross FUTA Tax DUE $ 6,750 Credit against FUTA (assume applicable) $3,100 Group of answer choices $3,100 $7,000 $3,650 $6,750
Use the following tax table to determine how much income tax is paid on 732000 of taxable income. Taxable Income Bracket $0 to $9,325 Total Paid = $ Rate 10% 15% $9,325 to $37,950 25% $37,950 to $91,900 28% $91,900 to $191,650 33% $191,650 to $416,700 35% 39.60% $416,700 to $418,400 $418,400+ Single Taxable Income Tax Brackets and Rates, 2017
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.
K A tax rate schedule is given in the table. If x equals taxable income and y equals the tax due, construct a function y = f(x) for the tax schedule. f(x) = 0.11x +(x-D ☐+(×-D) If taxable income is over But not over 0 8,000 30,700 74,300 74,300 The tax is this amount 0.00 + 8,000 30,700 880.00 + 4,512.00 + 14,976.00 + if 0 74,300 Plus this % 11% 16% 24% 31% Of the excess over 0 8,000 30,700 74,300
Marginal tax rates Using the tax rate schedule attached Perform the following: a. Find the marginal tax rate for the following levels of sole proprietorship earnings before taxes: $16,800; $59,500; $89,600; $151,000; $245,000; $451,200; $1,000,000 b. Plot the marginal tax rates (measured on the y-axis) against the pretax income levels (measured on the x-axis).
Use the following tax table to determine how much income tax is paid on 915000 of taxable income. Total Paid = $ Rate 10% 15% 25% 28% 33% 35% 39.60% Taxable Income Bracket $0 to $9,325 $9,325 to $37,950 $37,950 to $91,900 $91,900 to $191,650 $191,650 to $416,700 $416,700 to $418,400 $418,400+ Single Taxable Income Tax Brackets and Rates, 2017
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)
Using the information below, calculate the individual income tax liability. (Use the following format $0,000.00) Tax Rate 10% $0 to $9,875 12% $9,876 to $40,125 22% $40,126 to $85,525 24% $85,526 to $163,300 32% $163,301 to $207,350 35% $207,351to $518,400 37%$518,401to For Single Individuals Taxable Income $85,000
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 =
2. Using the following Income Tax data, and given that your annual income is $ 85,000: a) Calculate the total tax (in $); b) The average tax rate (%); c) The marginal tax rate (%); and d) What is the classification of this taxation system? Income ($) Tax Rate (%) 0- 60 000 60 001 - 70 000 10 70 001 - 100 000 15 Over 100 000 17
Suppose you get a raise and your taxable income increases from $2,000 to $8,000, use the information below to calculate the MARGINAL tax rate on income of $8,000. (Do NOT include % sign in your answer) Total Taxable Income Total Taxes Paid $0 $0 $2,000 $4,000 $200 $600 $6,000 $1,200 $8,000 $2,000