Given the following tax structure, what minimum tax would need to be assessed on Shameika to make the tax progressive withrespect to effective tax rates?Note: Round percentages to 1 decimal place. Round your final answer to nearest whole dollar amount.TaxpayerMihwahShameikaMinimum taxSalary:$ 25,000$ 65,000Muni-BondInterest$ 25,000$ 37,500Total Tax$ 2,250222

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

Answered: Given the following tax structure, what…

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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2abc. Help me answer the given question. Do not round off answers while solving, instead just the final answer will be rounded off to one decimal places.
If Ana chose to be taxed at an 8 percent rate, how much is her overall income tax? (based on the provided photo) P321,500 P342,500 P351,500 P358,000
Deductions from Adjusted Gross Income, Calculating Tax Liability (LO. 3, 5) Hongtao is single and has a gross income of $92,700. His allowable deductions for adjusted gross income are $4,200, and his itemized deductions are $18,350. The standard deduction for 2020 is $12,400. Round all final amounts to the nearest dollar. Refer to the Tax Rate Schedules to answer the following questions. a. Hangtao's taxable income is 70,150 v and his tax liability is $ for 2020. Feedback b. If Hongtao has $11,800 withheld from his salary during 2020 then Hongtao has a refund v of s Feedback c. Assume the same facts as in part a and part b, except that Hongtao is married. His wife's salary is $25,000, and she has $1,300 withheld from her paycheck. They file jointly. The standard deduction for 2020 is $24,800. Their taxable income is and their tax liability is $ for 2020. They will receive a refund v of $
Problem 1-51 (LO 1-5) (Algo) Given the following tax structure: Taxpayer Mae Salary $ 13,000 Pedro Venita $ 26,000 $ 13,000 What tax would need to be assessed on Venita to make the tax horizontally equitable? Tax Total Tax $ 650 $ 1,690 ???
Pleas calculate the AVERAGE and MARGINAL TAX based on the tax bracket provided below. (Hint: every box in the table may NOT be used.) $0 $1,001 $3,001 Tax Bracket $10,001 $20,001 $40,001 $1,000 $3,000 $10,000 $20,000 $40,000 & Above Average Tax:__`17.729% Marginal Tax:__`25¹% Tax 5% 10% 15% 25% 30% 45% $ $ Taxable Income Amount Taxed type your ansv type your ansv type your ansv = type your ansv $16,500 $ $ $ $ Actual Tax Paid type your answe type your answe type your answe type your answe type your answe Amount Remaining $ $ $ $ type your answe type your answe type your answe type your answe
2. Answer the given question. Do not round off answers while solving, instead just the final answer will be rounded off to two decimal places.
Given the following tax structure, what minimum tax would need to be assessed on Shameika to make the tax progressive with respect to average tax rates? Taxpayer Mihwah Shameika Minimum tax Salary $ 10,000 $ 50,000 Muni-Bond Interest $ 10,000 $ 30,000 Total Tax $ 600 ???
Given the following tax structure: Taxpayer Mae Pedro Venita Salary $ 22,500 $ 45,000 $ 22,500 What tax would need to be assessed on Venita to make the tax horizontally equitable? Total Tax $ 1,980 $ 4,635 ???
You are filling out your 1040 form for tax season. You find that you paid $3,296.44 in Federal Taxes. Using your taxable income and the tax table, you find you should have paid $3,016 in Federal Taxes. Do you get a refund or do you owe the government money? Why?
Using the tax table, determine the amount of taxes for the following situations: (Do not round intermediate calculations. Round your answers to 2 decimal places.) a. A head of household with taxable income of $59,500. Tax amount b. A single person with taxable income of $35,800. Tax amount c. Married taxpayers filing jointly with taxable income of $71,100. Tax amount
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How much tax is withheld from $36,200 if the tax rate is 4%?

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