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- 1. Sergio is single and has a 12 year old daughter whom he supports and lives with him all year round. Sergio's salary is $135,000. His tax withholding is $19,750. His itemized deductions total $16,750. What is Sergio's tax refund or liability (how much does he owe to the IRS)? (explain answer) A. Owe $902 in tax. B. Owe $2,042 in tax C. Have a refund of $1,070 D. Have a refund of $2,042. 2. Nont's Piano Lessons Inc. is a calendar-year taxpayer using the accrual method of accounting. On October 1, 2020, the corporation received $1,200 for a one-year contract beginning on that date to provide 24 piano lessons. The company provided 6 lessons this year under the contract. How much income should the corporation recognize for next year (2021) if the remaining lessons are provided? (explain answer) A) $200 B) $360 C) $900 D) $1,200Campbell, a single taxpayer, earns $442,000 in taxable income and $4,100 in interest from an investment in State of New York bonds. (Use the U.S. tax rate schedule.) Required: a. How much federal tax will she owe? b. What is her average tax rate? c. What is her effective tax rate? d. What is her current marginal tax rate?Jorge and Anita, married taxpayers, earn $169,200 in taxable income and $44,800 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? (Do not round intermediate calculations. Round your answers to 2 decimal places.) Federal tax Average tax rate Effective tax rate Marginal tax rate % % %
- 1In 2021, Patricia (age 10) received $7,880 from a corporate bond. Patricia lives with her parents and she is claimed as a dependent in their tax return. Assuming her parent's marginal tax rate is 24%, what is Patricia's gross tax liability? 2021 Tax Rate Schedules.pdf O $0. $110. O $1473. O $999.Jorge and Anita, married taxpayers, earn $155,600 in taxable income and $41,400 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? Note: Do not round intermediate calculations. Round your answers to 2 decimal places. please do not provide solution in image format thank you!
- Campbell, a single taxpayer, earns $416,000 in taxable income and $2,800 in interest from an investment in State of New York bonds. (Use the U.S. tax rate schedule.) Required: a. How much federal tax will she owe? b. What is her average tax rate? c. What is her effective tax rate? d. What is her current marginal tax rate? Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D How much federal tax will she owe? Note: Do not round intermediate calculations. Round "Federal tax" to the nearest dollar. Federal tax Required AMy daughter earns a salary of $40,800 per year, payable monthly. She is married and claims four withholding allowances. What is her federal income tax? Gross monthly is $3400Chris and Heather are engaged and plan to get married. During 2023, Chris is a full-time student and earns $9,400 from a part-time job. With this income, student loans, savings, and nontaxable scholarships, he is self-supporting. For the year, Heather is employed and has wages of $72,600. Click here to access the standard deduction table to use. Click here to access the Tax Rate Schedules. If an amount is zero, enter, "0". Do not round your intermediate computations. Round your final answer to the nearest whole dollar. a. Compute the following: Gross income and AGI Standard deduction (single) Taxable income Income tax Chris Filing Single Heather Filing Single
- 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…Use the personal allowance table below. Personal Allowance Amount Single $2,000 Married 4,000 Each Dependent 2,000Kevin owns a small business with two employees. For one payroll period the total withholding tax for all employees was 1,536. The total employees Social security tax was $168 and the total employers social security tax was $251. The total employees Medicare tax was $110 How much John deposit as the employer's share of social security tax and Medicare tax? What is the total tax that must be deposited?
