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- Melodie's taxable income is $39,000 and she pays income tax of $4,489. If Melodie's taxable income increases to $41,000, she would pay income taxes of $4,884. What is Melodie's marginal tax rate? 19.75 22.00 18.50 12.00 Some other amountAngelena files as a head of household. In 2021, she reported $54,900 of taxable income, including a $10,300 qualified dividend. What is her gross tax liability? (Round your answer to the nearest whole dollar amount.) (Use the tax rate schedules, long-term capital gains tax brackets.) Multiple Choice 24 of 31 Next OG $6.318 $5,188 $5,068 $6,571 BRUN < Prev JK The Lees, a family of two adults and two dependent children under age 16, had a gross annual income of $72,000.00 for 2020. Determine their standard deduction and child tax credit amounts, as well as their marginal and average tax rates, assuming their filing status is married filing jointly. Why is their average tax rate lower than their marginal rate? ... Assuming the Lees' filing status is married filing jointly spouse, their standard deduction for the 2020 tax year is $ deduction table: . (Enter the amount to the nearest cent.) Click the following link for a standard
- If Susie earns $750,000 in taxable income, how much tax will she pay as a single taxpayer for 2023? (Use tax rate schedule.) Multiple Choice $207,414 $277,500 $237,832 $189,625 None of the choices are correct.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. $21,000Accounting Andrea has a taxable income of $46,760 and does not have a spouse. What is Andrea's gross tax payable for the year ending 30 June 2022? Group of answer choices $46,760 $8,760 $7,864 $6,744 $5,664
- Marcus a single taxpayer has taxable income of $60,000. Using the US 2020 tax rate schedule. How much federal tax will he owe? Serena has taxable income of $123,000 and files head of household. How much income is subject to 24% tax? Lenny & Lisa file Married Filing Jointly and have $170,000 of taxable income. What is their marginal tax rate?The Tax Formula for Individuals, Filing Status and Tax Computation, The Standard Deduction (LO 1.3, 1.5, 1.8) Jonathan is a 35-year-old single taxpayer with adjusted gross income in 2020 of $47,000. He uses the standard deduction and has no dependents. Table for the standard deduction Filing Status Standard Deduction Single $12,400 Married, filing jointly 24,800 Married, filing separately 12,400 Head of household 18,650 Qualifying widow(er) 24,800 Click here to access the tax tables. a. Calculate Jonathan's taxable income.$fill in the blank b. When you calculate Jonathan's tax liability are you required to use the tax tables or the tax rate schedule? c. What is Jonathan's tax liability?$fill in the blankGeronimo files his tax return as a head of household for year 2021. If his taxable income is $76,600, what is his average tax rate? (Use tax rate schedule.) (Round your final answer to two decimal places) Multiple Choice O O 14:55 percent 16.56 percent 1102 percent 22.00 percent None of the choices are correct
- The gross income test for a dependent who is a qualifying relative mandates that the potential qualifying relative cannot have gross income over a certain amount. What is the gross income limit for Tax Year 2023? $0 $4,400 $4,700 $13,850The Tax Formula for Individuals, Filing Status and Tax Computation, Qualifying Dependents, The Standard Deduction (LO 1.3, 1.5, 1.6, 1.8) Jackson, age 35, and Peggy, age 34, are married and file a joint income tax return for 2020. Their salaries for the year total $85,000 and they have dividend income of $4,000. They have no deductions for adjusted gross income. Their itemized deductions are $24,900. Jackson and Peggy do not have any dependents. If an amount is zero, enter "0". a. What is the amount of their adjusted gross income? b. What is their deduction for personal exemptions? c. What is the amount of their taxable income?Question: a. Norm and Linda are married, file a joint return, and have one 5-year-old child. Their adjusted gross income is $436,000. What is their child credit for the year 2018?b. If Norm and Linda had a 3-year-old as well as the 5-year-old and an 18-year-old from Linda’s first marriage, what would their total child tax credit and other dependent credit be for the year 2018?
