Jill lived and worked in North Carolina for the entire 2013 tax year. Her adjusted gross income was $70,000 and she qualifies for the standard deduction of $3000 and exemption of $2000. Use the following 2011-2013 NC tax rate schedule (taken from http://www.dor.state.nc.us/taxes/individual/rates.html) to calculate her 2013 NC tax. If your filing status is single; but not and taxable income is more than: your tax is: over: 6% OF THE NC TAXABLE INCOME AMOUNT ON FORM D- $0 $12,750 400 $12,750 $60,000 $765 + 7% OF THE AMOUNT OVER $12,750 $60,000 $4,072.50 +7.75% OF THE AMOUNT OVER $60,000

Jill lived and worked in North Carolina for the entire 2013 tax year. Her adjusted gross income was $70,000 and she qualifies for the standard deduction of $3000 and exemption of $2000. Use the following 2011-2013 NC tax rate schedule (taken from http://www.dor.state.nc.us/taxes/individual/rates.html) to calculate her 2013 NC tax. If your filing status is single; but not and taxable income is more than: your tax is: over: 6% OF THE NC TAXABLE INCOME AMOUNT ON FORM D- $0 $12,750 400 $12,750 $60,000 $765 + 7% OF THE AMOUNT OVER $12,750 $60,000 $4,072.50 +7.75% OF THE AMOUNT OVER $60,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Steve and Claire are married, and both lived and worked in North Carolina for the entire 2013 tax year. Their total adjusted gross income was $71,000 and they qualified for the standard deduction of $6000 and exemption of $2500 (per person). Use the following 2011-2013 NC tax rate schedule (taken from http://www.dor.state.nc.us/taxes/individual/rates.html) to calculate her 2013 NC tax. If your filing status is married, filing jointly or qualifying widow or widower; and taxable income is more than: but not over: your tax is: $ 0 $21,250 6% OF THE NC TAXABLE INCOME AMOUNT ON FORM D-400 $21,250 $100,000 $1275 + 7% OF THE AMOUNT OVER $21,250 $100,000 _______ $6,787.50 + 7.75% OF THE AMOUNT OVER $100,000 Steve and Claire's 2013 NC tax is: $(Round to the nearest dollar.)What is Steve and Claire's effective tax rate? [Tax paid divided by taxable income]%(Write as a percent, rounded to one decimal place.)
Carson Holiday has a federal tax levy of $4,119.90 against him. If Holiday is single with three personal exemptions and had a take-home pay of $1,020.00 this week, how much would his employer take from his pay to satisfy part of the tax levy?
Caroline is an unmarried single mother of a 14 year old son in 2020. Caroline's spouse and the son's father, Frank, died during 2018. Caroline's Adjusted Gross Income for 2020 is 54,000. Caroline's itemized deductions are $10,000. What is Caroline's computed Income Tax Liability for 2020 BEFORE CONSIDERING ANY TAX CREDITS? Enter your numerical answer under the following format: 1) DO NOT USE A DOLLAR SIGN; 2) DO NOT USE A COMMA SEPARATOR FOR THOUSANDS IF APPLICABLE; 3) DO NOT USE DECIMALS IN YOUR FINAL ANSWER. ROUND UP TO THE NEAREST DOLLAR ANY DECIMAL AMOUNT.
Compute the 2019 standard deduction for the following taxpayers. a. Ellie is 15 and claimed as a dependent by her parents. She has $800 in dividends income and $1,400 in wages from a part-time job. b. Ruby and Woody are married and file a joint tax return. Ruby is age 66, and Woody is 69. Their taxable retirement income is $10,000. c. Shonda is age 68 and single. She is claimed by her daughter as a dependent. Her earned income is $500, and her interest income is $125. d. Frazier, age 55, is married but is filing a separate return. His wife itemizes her deductions. Please use Microsoft Excel using functions and formulas as appropriate.
Sarika(35) is single. Her 2020 federal itemized deductions totaled $14,400, of which she claimed $1,000 of state income taxes paid in 2020. She filed her tax return on April 10, 2021, and on May 1, 2021, she received a $1,000 state income tax refund. How much of her 2020 state refund is taxable on her 2021 federal return? $0 $500 $1,000 $2,000
Jaclyn Biggs, who files as a head of household, never paid AMT before 2021. In 2021, her regular tax liability was $102,220 which included $39,900 capital gain taxed at 20 percent, and her AMTI in excess of her exemption amount was $422,500. Required: Compute Jaclyn's total income tax for 2021. Use Individual Tax Rate Schedules. Total income tax Individual Tax Rate Schedules Married Filing Jointly and Surviving Spouse If taxable income is Not over $19,900 Over $19,900 but not over $81,050 Over $81,050 but not over $172,750 Over $172,750 but not over $329,850 Over $329,850 but not over $418,850 Over $418,850 but not over $628,300 Over $628,300 Married Filing Separately If taxable income is Not over $9,950 Over $9,950 but not over $40,525 Over $40,525 but not over $86,375 Over $86,375 but not over $164,925 Over $164,925 but not over $209,425 Over $209,425 but not over $314,150 Over $314,150 Head of Household If taxable income is Not over $14,200 Over $14,200 but not over $54,200 Over…
Joyce, a single parent, lives in an apartment with her two minor children (ages 8 and 10), whom she supports. Joyce earns $33,000 during 2023. She uses the standard deduction and files as a head of household. Round all computations to the nearest dollar. Click to access Earned Income Credit and Phaseout Percentages Table and the Tax Rates Schedules. a. Calculate the amount, if any, of Joyce's earned income credit. 2,696 X b. During the year, Joyce is offered a new job that has greater future potential than her current job. If she accepts the job offer, her earnings for the year will be $40,400; however, she is afraid she will not qualify for the earned income credit. Determine the increase or decrease in Joyce's net cash flow if she accepts the new job. Since the child tax credit will be the same under either scenario, you can ignore it for purposes of this analysis. Use the Tax Rate Schedule when computing her income tax. Tax calculation: Salary Less: Standard deduction Taxable income…
If Jose had a filing status of Head of Household and a taxable income of $111,597 in the year 2015, how much did he owe for federal income tax? Do not round any intermediate computations. Round your answer to the nearest dollar. $
Pat and Jordan Beber are married and file a joint return in 2021. They live at 12345 Hemenway Avenue, Marlborough, MA 01752. Pat is a self-employed tax preparer whose SSN is 412-34-5670. Jordan is a software programmer whose SSN is 412-34-5671. Jordan had the following income and expenses for the year: Jordan's W-2: Gross wages Social security tax Medicare tax Federal withholding tax State withholding tax $ 100,776 6,248 1,461 18,735 4,800 Pat was the sole proprietor of NAMA Tax Service. The business is located at 123 Main Street, Marlborough, MA 01752, and the business code is 541213. Pat had the following revenue and expenses (Cash basis): Revenue Expenses: Advertising Insurance $ 80,000 1,200 3,200 2,400 18,000 Telephone Office rent Utilities Office supplies Depreciation 4,800 5,000 6,041 (must be allocated to She S 1231 assets listed next) Pat had the following business assets: Office furniture: Purchased for $4,950 on May 20, 2019. The equipment is being depreciated over…
Jane needs to lodge his income tax for 2020/21. Calculate her Total Assessable Income, Taxable Income, Tax Liability, Student loan (HECS), Medicare Levy, and Medicare Levy Surcharge if applicable, for the taxpayer with the information below:• Jane is a single and an Australian resident who plans to lodge tax for the tax year 2020 -2021• Her total taxable income is $100,000 (Including tax withheld)• She does not have private health insurance.• Jane has a student loan HECS outstanding for her previous study at Tasmania University of $43,000.• Her employer pays superannuation guarantee charge of 9.5% on top of her salary to her nominated fund.• Jane earned a passive income of $6,000 from the investments in shares in the same tax year. Calculate: Total Assessable incomeTotal taxable incomeUsing correct income tax rateMedicare LevyMedicare Levy SurchargeHELP repayment amount with using current threshold and rateTotal Tax LiabilityNet Tax Liability (Total Tax Liability less any applicable…
Taylor, age 16, is claimed as a dependent by her parents. For 2016, she records the following income: $5,200 in wages from a summer job, $1,430 interest from a money market account, and $1,875 interest from City of Boston bonds. 1. Compute Taylor's "net unearned income" for the purpose of the kiddie tax. 2. Assume that Taylor's tax rate is 10% and her parent's tax rate is 28%. If Taylor's parents file a joint return and report a taxable income of $130,000, then Taylor's tax is $___
Kana is a single wage earner with no dependents and taxable income of $168,700 in 2020. Her 2019 taxable income was $155,000 and tax liability was $31,375. Calculate Kana's 2020 income tax liability and the minimum required 2020 annual payment necessary to avoid any penalty. Round your answers to two decimal places. Click here to access the income tax rate schedules. Kana's 2020 income tax liability: Kana's minimum required 2020 annual payment necessary to avoid any penalty: