Based on the following data, would Beth and Roger Simmons receive a refund or owe additional taxes? Adjusted gross income, $42,140 Credit for child Standard deduction, $24.800 and dependent Federal income tax withheld. $2.017 care Tax rate on taxable expenses, $400 income, 10 percent

Q: Arlene, who is single and itemizes deductions, reports taxable income for 2022 of $612,000.…

A: Alternative minimum tax An alternative minimum tax (AMT) sets the percentage of taxes that a…

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: Daniel Simmons arrived at the

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A: Income tax: - Income tax is the tax that has to be paid to the income tax department by the…

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A: For the year 2021, Tax rates differes based on filing status of person. For single payers, tax rate…

Q: Given the following information, would it be better for Illinois $52,400 Federal taxable income…

A: Itemized deductions are expenditures on eligible products, services or adjusted gross income to…

Q: eductions to determine net income $ 11,840     Federal income tax withheld $ 6,964     Total…

A: Calculate Ann's net income:income = Total income (line 23600) - Deductions  $50,650 - $11,840 =…

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A: The question is related to the taxation of single individual as per the tax slab given.

Q: for yourself: Gross Salary: $160,000 Interest Earned: $2,000 IRA Contribution: $5,000 Standard…

A: Taxable income The income on which tax is levied is referred to as taxable income. It contains some…

Q: Daniel Simmons arrived at the following tax information: Gross salary, $62,250 Dividend income, $140…

A: Lets understand the basics. Taxable income is a income of tax is needed to be calculated. When we…

Q: Determine the tax liability, marginal tax rate, and average tax rate (rounded to two decimal places)…

A: Case 1: Married taxpayers, taxable income of $36,162: Taxable income bracket Taxable Amount Tax…

Q: Ben Jefferson arrived at the following tax information: Gross salary, $41,780 Interest earnings,…

A: Taxable income is the part of the income of a firm which is subject to income tax. Taxes are levied…

Q: Maureen Smith is a single individual. She claims a standard deduction of $12,400. Her salary for the…

A: A tax rate is the rate at which the tax is levied on the taxable income. However, the taxable income…

Q: Ross Martin arrived at the following tax information: Gross salary, $56,145 Interest earnings,…

A: 1) Ross report as taxable income = Gross salary + Interest earnings + Dividend income - Adjustments…

Q: Explain and calculate the differences resulting from a $1,000 tax credit versus a $1,000 tax…

A: Answer:- Taxable income:- The amount of the gross income that is used to determine how much tax you…

Q: Based on the following data, will Ann Wilton receive a federal tax refund or owe additional taxes in…

A: Answer:- A tax refund seems to be a reimbursement given to the taxpayers for any surplus income tax…

Q: adjusted gross income is $18,000* Determine your tax liability if you are filing single using the…

A: Note : You Didn't mentioned about the year. So i m calculating the tax liability according to 2021…

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A: "Since you have asked a question with sub-parts more than three, as per guidelines, the first three…

Q: Corine is filing as head of household and has 2020 taxable income of $35,000 which includes $23.000…

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A: Net taxable income is the amount of money left over after all operational costs and itemized…

Q: iven your avatar's annual salary $48,050 how much will your avatar pay in federal income tax for…

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Q: Timmy Tappan is single and had $189,000 in taxable income. Use the rates from Table 2.3. a.…

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Q: Jared Goff, of Los Angeles, determined the following tax information: gross salary, $85,000;…

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Q: K Marco calculated his 2015 taxable income to be $73,450. Using the 2015 federal income tax brackets…

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Q: 4. Based on the following data, would Beth and Roger Simmons receive a refund or owe additional…

A: Calculation of taxable income and tax liability.   Adjusted gross income $42,140 Deductions:-…

Q: In 2021, which of the following children would have income taxed at the parent's rates? Oa. A…

A: Every country has its tax law and this law is updated every year. The individual, firms, company are…

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A: Income in second bracket =  38700-9525 = $ 29,175 Tax rate for second bracket = 12%

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A: MFS - Married Filing Separately MFJ - Married Filing Jointly HOH - Head of Household

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Q: During 2020, Joan Matel is a resident of Ontario and has calculated her Taxable Income to be$56,700.…

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Q: A single person with taxable income of $36090 will have the first $9525 of that income taxed at 10%.…

A: Income = $ 36090 Tax rate on first $ 9525 = 10%

Q: Determine the amount of the child tax credit in each of the following cases: Answer is complete but…

A: The child tax credit is available to take the tax benefit by the respective families while filing…

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.