Answered: Farrah earns

Business

Accounting

Farrah earns

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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Question

Farrah earns $180,000 this year (2023) from a small unincorporated business. What is her self- employment tax and additional Medicare tax liability (if any)? O $27,540 O $24,686 O $25,433 1.8 pts O None of these are correct

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Q. 1
Scott and Bonnue, married taxpayers, earn $258,000 in taxable income and $7,700 in interest from an investment in City of Tampa bonds. If instead Scott and Bonnie earn an additional $150,000 of taxable income, what is their marginal tax rate on this income? Use the 2023 tax rate Blank 1 Use the 2023 tax rate
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Whitney received $77,200 of taxable income in 2021. All of the income was salary from her employer. What is her income tax liability in each of the following alternative situations? IndividualsSchedule X-Single If taxable income is over: But not over: The tax is: $ 0 $ 9,950 10% of taxable income $ 9,950 $ 40,525 $995 plus 12% of the excess over $9,950 $ 40,525 $ 86,375 $4,664 plus 22% of the excess over $40,525 $ 86,375 $ 164,925 $14,751 plus 24% of the excess over $86,375 $ 164,925 $ 209,425 $33,603 plus 32% of the excess over $164,925 $ 209,425 $ 523,600 $47,843 plus 35% of the excess over $209,425 $ 523,600 — $157,804.25 plus 37% of the excess over $523,600 a. She files under the single filing status. b. She files a joint tax return with her spouse. Together their taxable income is $77,200. c. She is married but files a separate tax return. Her taxable income is $77,200. d. She files as a head of household.
Subject - account Please help me. Thankyou.
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Whitney received $77,000 of taxable income in 2022. - she is married but file a separate tax return. Her taxable income is $77,000. What is the income tax liability?