A Single Taxpayer In US Has The Following Information: Item US$ Gross Income 500,000 Exclusions 50,000 Deductions For Gross Income 100,000 Itemized Deductions 5,000 Standard Deduction 6,100 Personal Exemptions 3,900 Dependency Exemptions 3,900 Prepayments 75,000   Required: Compute The Tax Due Assuming the Tax Rate Is 20%.

Q: For the person​ below, calculate the FICA tax and income tax to obtain the total tax owed. Then find…

A: FICA Tax: FICA stands for Federal insurance contribution act. It is mandatory as per U.S law in…

Q: Gros

A: 9.     Mr. Jordon is a resident citizen :-   In this case his income in…

Q: Business Income-Philippines 1,000,000.00 Business Income-Abroad 500,000.00 Rent Income on property…

A: The taxability of income in Philippines is based on the following rules:- Source of Income…

Q: Matteo, a single taxpayer has taxable income of $90,000.  Using the US 2020 tax rate schedule.  How…

A: Federal income tax is the tax levied by IRS (Internal Revenue service) on the annual taxable income…

Q: Taxpayer Q has net taxable income of $30,000 from Country Y which imposes a 40 percent income tax.…

A: Foreign tax credit is a refundable tax credit that can be availed by individuals working in foreign…

Q: 1. :An employer in the U.S. Virgin Islands, employs two individuals, whose taxable earnings to date…

A: Federal Unemployment Taxes (FUTA) Federal unemployment taxes which are provided for the benefit for…

Q: A taxpayer calculated federal tax of $25,712 prior to their non-refundable tax credits. The credits…

A: Non-refundable tax credits are such that can be set off from federal tax payable, directly. Excess…

Q: Suppose that a nation decides to introduce a new income tax system with the tax brackets shown in…

A: Tax is an important source of revenue to the government.There are two types of taxes namely, direct…

Q: Allowable Deducti Taxable Income Option Income Tax Due Gross Income Taxpayer Philadelphia 100,000…

A: As per our protocol we provide solution to the first three sub-parts but you have provided multiple…

Q: A VAT Taxpayer had the following data on sales and purchases of a month, value-added tax not…

A: VAT refundable states that the taxpayer has paid in excess amount of money during the tax period as…

Q: Tax rate is 20 % STCG is 320000 Salary income is 150000 Maximum exemption is $ 170000

A: Formula: Tax payable amount = Taxable income x Tax rate

Q: ident citizen provid ar:

A: Income tax is the tax levied on the total income generated during the accounting period by the state…

Q: Maia had a gross income of $91,084 in 2010 What was her net income in 2010? Use the income tax table…

A: Gross income is the total amount you earn and net income is your actual business profit after…

Q: Calculate the state income tax owed on a $60,000 per year salary. tax = $[ ?] %3D

A: Tax is the liability calculated on the income earned paid to the government.

Q: Business Income-Philippines 1,000,000.00 Business Income-Abroad 500,000.00 Rent Income on property…

A: Particulars  Amount  Amount Income from Business           Business income- Philippines…

Q: what income tax savings could he expect by accelerating $8,000 of deductible expenditures planned…

A: Calculate tax liability for Danny: Tax liability = $14,605.16 + ($125,000 - $85,526) * 24% Tax…

Q: O O O O b. Taxable income of $120,000. (Do not round intermediary calculations. Only round the…

A: The Federal income tax is a tax imposed by the United States federal government on individuals and…

Q: Given the following tax structure, what minimum tax would need to be assessed on Sham with respect…

A: In a progressive tax, the tax rate rises as taxable income increases.People with greater salaries…

Q: The table below shows an income tax schedule for the imaginary country of Republica. Kermit is a…

A: Tax compliance is a mandatory financial charge or other type of levy imposed on a taxpayer by a…

Q: Given the following tax structure, what minimum tax would need to be assessed on Shameika to make…

A: The tax rate can be determined using the tax liability and the taxable income. The average tax rate…

Q: According to Progressive tax system in a country an individual are exempted for the first OMR 30,000…

A: Given that: Tax on first OMR 30,000 = $0 Tax on next OMR 45,000 (75,000 - 30,000) = 15% Tax on above…

Q: An unmarried individual in California with a taxable income of about $75,000 has a federal…

A: Combined incremental tax rate means the sum of federal incremental tax rate and state incremental…

Q: Priceton Salary income is $ 150000, STCG is $ 320000, Tax@20 % , Exemption from Income $ 170000…

A: Formula: Tax amount = Taxable income x Tax rate

Q: Campbell, a single taxpayer, earns $400,000 in taxable income and $2,000 in interest from an…

A: Lets understand the basics.US follows progressive tax system so with the increase in taxable income,…

Q: Calculate his self-employment tax.

A: Given information is: Darius' net income from self-employment reported on Schedule C is $25,000.

Q: Maria is a resident Citizen, non vat tax payer. taxable period:2020   Gross sales php 2,500,000…

A: Optimal Tax - It is the amount of tax calculation for the maximum income earned during the year to…

Q: Given the following tax structure, what minimum tax would need to be assessed on Shameika to make…

A: In a progressive tax, the tax rate raises as taxable income increases. People with greater salaries…

Q: The 2009 U.S. tax rates for a single person are shown below f taxable icome is over- But not over-…

A: Exemptions and deductions both reduces the taxable income, but are not considered the same thing. A…

Q: US Tax System 2021 Jessie is a single taxpayer and has taxable income of $195,000 for 2020. If…

A: Gross income: Those incomes which are earned all source of income and under this income, not the…

Q: 1:An employer in The U.S. Virgin Islands employs two individuals, whose taxable earnings to date…

A: Explanation1. Calculation for the U.S. Virgin IslandsStep 1: Calculate the total taxable earnings…

Q: Match the appropriate parts of tax for the following purchase. You purchase a new pair of shoes for…

A: Tennessee State Sales Tax The sale of goods and services inside the state of Tennessee is subject to…

Q: Using the TRAIN ACT TAX CODE below how much annual tax will be paid by Juan who earns Php. 45,000 a…

A: The Tax Reform for Accelaration & Inclusion Law [ TRAIN]…

Q: Country A has a tax rate of 5% on the first $20,000 of taxable income, then 20% on the next $30,000,…

A: Taxation According to IRS while computing net taxable amount to taken up the deduction in proper…

Q: For a corporate taxpayer, how much additional tax savings is generated by a $1,000 tax credit as…

A: In the realm of taxation, we often come across the terms tax credit and tax deduction. Tax credit is…

Q: If it opts to claim the tax paid abroad as deduction from gross income, Compute for its income tax.…

A: Taxable income is the portion of a person's or organization's total income that is subject to taxes…

Q: A woman is in the 15% tax bucket and itemizes her deductions. How much will her tax bill be reduced…

A: Given: A woman is in the 15% tax bucketTax deductible contribution to charity=$200

Q: If you live in a state that needs to collect $18 million in property taxes and has a tax rate of…

A: Property tax amount = $18,000,000 Tax rate = 2.77%

Q: Given the following information, determine the total average tax rate for a BC resident ear Tax…

A: Average rate of tax means on average what amount of tax has been paid on given amount of income.

Q: US Tax System Ellen, a single taxpayer, has $160,000 of taxable income plus $30,000 income from…

A: Compute the total tax for Person E as follows: Note: The tax bracket for single year 2020 has been…

Q: Suppose a graduate student earned a gross income of $60,000 in the year 2022 and is a resident of…

A: Federal Tax CalculationFirst $49,020 at 15%:49,020×0.15=7,353Next $10,980 (the amount over $49,020…

Q: 6. A married couple are calculating their federal income tax using the tax rate tables: Then…

A: Taxable income = $ 202,000Please examine the tax rate slab given in the question. Please start…

Q: US Tax Law Taxpayer is single and has the following items: state taxes withheld, $7,500; property…

A: Tax Deduction: It implies to a reduction or decrease in the taxable income of taxpayer as being an…