Based on the following data, will Ann Wilton receive a federal tax refund or owe additional taxes in 2019? (Input the amount as a positive value. Round your intermediate calculations and final answer to 2 decimal places. Omit the "$" sign in your response.) Taxable Income 0-$47,630 $47,630-$95,259 $95,259-$147,667 $147,667-$210,371 Tax Rate 158 20.58 268 298 Net income (line 23600) Deductions to determine net income Federal income tax withheld Total non-refundable tax credit amounts, excluding medical expenses Medical expenses Refund $ 8149.85$ $50,690 $11,570 $ 7,009 $12,144 $ 2,800

Based on the following data, will Ann Wilton receive a federal tax refund or owe additional taxes in 2019? (Input the amount as a positive value. Round your intermediate calculations and final answer to 2 decimal places. Omit the "$" sign in your response.) Taxable Income 0-$47,630 $47,630-$95,259 $95,259-$147,667 $147,667-$210,371 Tax Rate 158 20.58 268 298 Net income (line 23600) Deductions to determine net income Federal income tax withheld Total non-refundable tax credit amounts, excluding medical expenses Medical expenses Refund $ 8149.85$ $50,690 $11,570 $ 7,009 $12,144 $ 2,800

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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George is preparing tax filings for 2022. Assume the following personal tax rate table is applicable: Taxable Income Up to $9,950 $9,950-$45,000 $45,000-$86,000 $86,000-$165,000 $165,000-$209,000 $209,000-$523,600 Over $523,600 Tax Rate 10% 12 22 24 32 35 37 George has a taxable income of $157,500 in 2022. What is his average tax rate? O a. 17.8% O b. 21.6% O c. 18.3% O d. 19.9%
27. Mr. Gusion filed his 2019 income tax return and paid the tax shown thereon in the amount of P10,000 on July 15, 2021. The total amount payable is a. P10,000 b. P12,500 c. P13, 999 d. P15,000
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The 2020 Arizona graduated tax rate is given in the table below for those filing status is single or married filing separate. To use this table you will calculate the amount of money to be taxed at each level and then sum up the amount for each given tax rate. Find the income tax for a person filing single and has a taxable income reported as $81,600. Round your answer to the nearest whole dollar amount. Proper units on worksheet but: Do not include the $ sign in your answer here. Income Tax Rate The income between $0 and $27,272 2.59% The income between $27,272 and $54,544 3.34% The income between $54,544 and $163,632 4.17% The income above $163,632 4.50%
Give typing answer with explanation and conclusion Based on the 2021 tax brackets, If Brian and his wife have a taxable income of $70,000 and they receive a $7200 child credit (because they have 2 children under the age of 5), what is their total income tax liability? a. $6280 b. $802 c. $21,000
Using the percentage method, what is the amount of Oklahoma income tax withheld under each of these scenarios using 2022 tables? 5. Single 6. Married $10,500 wages 7. Married $428 wages $4428 wages semi-monthly 2 allowances semi-monthly 4 allowances weekly O allowances 8. Single $2000 wages weekly 1 allowance
Ms. White has net tax owing for 2017 of $4,500, net tax owing for 2018 of $8,000, and estimated net tax owing for 2019 of $7,500. If she wishes to pay the minimum total amount of instalments for the 2019 taxation year, her first payment on March 15 will be for what amount? Nil. $1,125.00 $1,875.00 $2,000.00
The 2020 Arizona graduated tax rate is given in the table below for those filing status is single or married filing separate. To use this table you will calculate the amount of money to be taxed at each level and theri sum up the amount for each given tax rate. Find the income tax for a person filing single and has a taxable income reported as $75.700. Round your answer to the nearest whole dollar amount. Income The income between $0 and $27.272 Tax Rate 2.59% The income between $27.272 and $54.544 3.34% The income between $54,544 and $163.632 4.17% The income above $163.632 Your Answer: 4.50%
Use the graduated tax table if applicable: GRADUATED TAX TABLE UNDER TRAIN LAW (January 1, 2018 to December 31, 2022) Over But not over The tax shall be Plus Of excess over 250,000 0 0 - P 250,000 400,000 0 20% P 250,000 400,000 800,000 30,000 25% 400,000 800,000 2,000,000 130,000 30% 800,000 2,000,000 8,000,000 490,000 32% 2,000,000 8,000,000 2,410,000 35% 8,000,000 Nicanor is a professional Architect and at the same time an employee of ABC Corp. He made available the following information: Gross receipts Php 2,000,000 Cost of service Php 1,000,000 Other valid expenses 200,000 Gross compensation Php 1,000,000 Non-taxable compensation Php 200,000 Compute the annual income tax due if Nicanor will opt for graduated tax rate. Group of answer choices Php 370,000 Php 430,000 Php 350,000 Php 290,000
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3. Mr. So filed his 2022 income tax return on June 30, 2023. The BIR discovered a deficiency income tax on August 15, 2024. When should the deficiency tax assessment be served? a. On or before August 15, 2027 b. On April 15, 202 c. On or before June 30, 2026 d. On or before April 15, 2026
Which one of the following amounts represents the maximum amount that you may deduct for moving expenses on your 2020 personal income tax return? A) $ 8,800. B) $ 9,700. C) $10,200. D) $11,250.