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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Concept explainers

Deferred Tax

Deferred tax is an estimated future tax which is made while preparing accounts. It is estimated as a result of past and present transactions in the financial statements. It is not the actual tax which needs to be paid or refundable from the revenue authority, it is an accounting entry. It exists because of the difference between accounting profits and taxable profits.

Question

Pleas calculate the AVERAGE and MARGINAL TAX based on the tax bracket provided below. (Hint: every box in the table may NOT be used.)
$0
$1,001
$3,001
Tax Bracket
$10,001
$20,001
$40,001
$1,000
$3,000
$10,000
$20,000
$40,000
& Above
Average Tax:__`17.729%
Marginal Tax:__`25¹%
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 Remaining
$
$
$
$
type your answe
type your answe
type your answe
type your answe

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