proposed taxes proportional taxes progressive taxes
Q: Paul has the following information: $ 155,000 $ 27,600 $ 31,400 $ 31,447 AGI for 2020 Withholding…
A: A. How much must Paul pay in estimated taxes to avoid a penalty? ESTIMATED TAXES TO AVOID A…
Q: Compare and contrast the pros and cons of implementing an ad valorem tax and a unit tax on the…
A: Ad valorem tax is imposed on the total value of an item. Therefore, higher the total value of the…
Q: Mr. Borbon had the following data for his income tax return for the current year: Sales Personal…
A: Tax base can be defined as the total value of assets, properties, or income on which tax is…
Q: Holly's Art Galleries recently reported $15.8 million of net income. Its EBIT was $25 million, and…
A: Here, Net Income is $15,800,000 EBIT is $25,000,000 Federal Tax Rate is 21%
Q: Last year, Marylynn opened Baron’s Appliance Sales and Service. Her tax accountant provided the…
A: a) Taxable income is derived by subtracting expenses and depreciation from gross income. Taxable…
Q: suppose a certain a government employee earns a cna of 18,000 290 1.0.9 at 13th month pay of 27891…
A: The Collected Negotiation Agreement (CNA) between the government and government…
Q: Holly’s Art Galleries recently reported $7.9 million of net income. Its EBIT was $13 mil-lion, and…
A: EBIT = $13 million Net income = $7.9 million Tax rate = 21%
Q: A corporation pays taxes at the flat rate of 39% and has operating profit of $1 million. It pays…
A: Taxes collected by government is as under -
Q: Anthony Noll’s gross earnings for the week were $3,000, his federal income tax withholding was $540,…
A: The Federal Insurance Contribution Act is a law made by U.S. government where employees and…
Q: How much tax is Bison Co.'s tax expense, if it has $365,000 in gross income realized, $10,000…
A: The company's aim will be to increase the profitability. The profitability of the company can be…
Q: Given the following tax structure, what minimum tax would need to be assessed on Shameika to make…
A: Tax Rate=Total TaxTotal Salary×100
Q: A certain state uses the following progressive tax rate for calculating individual income tax:…
A: Progressive tax is a tax in which tax rate increases as the base rate amount increases. Here the tax…
Q: If you live in a state that needs to collect $18 million in property taxes and has a tax rate of…
A: Taxable value here will be Taxable value =Tax amountTax rate
Q: You are the owner of Caché, a chain of women's clothing boutiques. Your state has a sales tax of 7%,…
A: Let, Sales Revenue = X Sales tax for City = 0.015X. Sales tax for State = 0.07X. Then, X + 0.015X +…
Q: What would be the effective marginal tax rate on your last dollar of earnings?
A: The effective marginal tax rate comprises of all the effective tax rates.
Q: Below is a graph of the Robinson's annual expenses. How much will the Robinsons pay in state/local…
A: Here, Gross Annual Income is $85,420 % of State and Local Taxes is 10%
Q: Mr. Borbon had the following data for his income tax return for the current year: Sales Personal…
A: The question is related to taxation. In case if the we optioned to taxed by 8% , the there will be…
Q: Dan has AGI of $50,000 and paid the following taxes during this tax year. State income…
A: Only state income tax withholding and state income tax estimated payments will be deductible as…
Q: Use the 2016 marginal tax rates in the above table to calculate the federal tax owed by a single man…
A: Adjusted gross Income = 40,000 - 1000 = $39,000 Tax rate 25%. (It lies in 29,701-71,950) Total…
Q: According to a professional analysis of one proposed federal tax cut (by the accounting firm…
A: PLEASE LIKE THE ANSWER (a): Absolute difference will be = $12,838 - $211 = $12,627 Savings % of…
Q: Lois's expected share of income from an S corporation is $900,000. Lois's marginal tax rate on…
A: Ordinary Income: Ordinary income is generally described as pay other than long-haul capital…
Q: State income tax withholding $ 1,250 State income tax estimated payments 700 Federal income tax…
A:
Q: How much tax is Bison Co's tax expense, if it has $365,000 in gross income realized, $10,000…
A: Given, Gross Income = $365,000 Interest on Municipal bonds = $8,000 Tax credits = $164,000…
Q: Let's say the following tax cut was applied to U.S. taxpayers who earned up to $55,000 per year. On…
A: Solution- A-Extra money Earned by a typical person earning $55000- =5% of 55000+$500 = $3250
Q: Tax Drill - General Business Credit Carlson's general business credit for the current year is…
A: Tax is a compulsory payment to the internal revenue service department of the federal government.…
Q: Evaluate the ethical issues related to the payment of income taxes. in other words, if there is a…
A: Tax saving is the option which the taxpayer uses in order to use the option and reduce the amount of…
Q: 3. When a taxpayer's income increases by $2,500 and the taxes owed increase from $13,899 to $14,399,…
A: Income tax refers to compulsory payment made to government with persons having higher income…
Q: As you know, Flabovia has adopted a Value Added Tax (VAT); the tax rate across the board is 15%. A…
A: A VAT (VAT) is a consumption tax placed on a product whenever value is additional at every stage of…
Q: If you would have to pay $5,000 in taxes on $50,000 taxable income and $8,000 in taxes on $60,000…
A: The tax on a taxable income is computed based on a tax rate. Generally, the tax rate is not same for…
Q: Suppose a tax is such that an individual with an income of $10,000 pays $2000 of tax, a person with…
A: The government of a nation can charge income tax based on regressive method, proportional method and…
Q: Administration Exemption level Tax Rate Years in Effect
A: given Administration Exemption level Tax Rate Years in Effect is
Q: Trudy's AGI last year was $366,000. Her Federal income tax came to $109,800, paid through both…
A: a.
Q: Refer to the following table to answer the following questions: 2012 Federal Income Tax Brackets…
A: Solution: Tax should be calculated slab wise = (10/100*8700)+ (15/100*26,650)+(25/100*31650) =…
Q: A retiree working part-time as a greeter had a gross income of $7925 last year. If his federal tax…
A: Under FICA Employee pays Social Security tax 6.2% (only the first…
Q: Sam Club earned $50,000 and paid taxes of $10,000. Samantha Heartearned $60,000 and paid taxes of…
A: Income of Sam Club= $50,000 Taxes of Sam Club= $10,000 Income of Samantha Heart= $60,000 Taxes of…
Q: Social Security is paid in with after-tax dollars but may be subject to tax if annual income exceeds…
A: Upto 85% of social security benefits are taxable for an individual with a combined gross income of…
Q: One of the initiatives of the Federal government in recent years was to increase the taxation paid…
A: A nonrefundable credit refers to the one which cannot be utilized to increase a taxpayer's tax…
Q: Given the following tax structure, what minimum tax would need to be assessed on Shamelka to make…
A: Given the following tax system, we need to compute that what is the least tax that should be imposed…
Q: You are the owner of Caché, a chain of women's clothing boutiques. Your state has a sales tax of 7%,…
A: State sales tax rate = 7% City sales tax rate = 1.50% Revenue = $705,250
Q: Jurisdiction B levies a flat 7 percent tax on the first $5 million of annual corporate income.…
A: Given : 7% tax on the first $ 5 million
Q: A VAT Taxpayer had the following data on sales and purchases of a month, value-added tax not…
A: In the Philippines, the Value-added Tax Rate is 12%. The Export sale is a Zero rated tax supply. The…
Q: 3. Jim Koslo earns $156,200 annually as a plant manager. He is married and supports 3 children. The…
A: Jim koslo is married Having 3 dependent. Earnings = $156,2000 State tax rate = 3.55%
Q: 4. In 2011, Canadian federal tax rates were 0% on the first $10,000 of gross income earned, 15% on…
A: Income tax is a direct tax that a government levies on the income of its citizens.
John Gates made $25,000 last year and paid $2,500 in taxes on this income. Jane Smith made $30,000 last year and paid $2,700 in taxes on this income. What type of tax is the government using?
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proportional taxes
progressive taxes
regressive taxes
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- Suppose that the income tax law exempts income of less than $8000 from the tax, taxes income between $8000 and $20,000 at a 25% rate, and taxes income greater than $20,000 at a 30% rate. Find the average tax rate and the marginal tax rate for someone earning $16,000 and for someone earning $30,000. The tax law is change so that income of less than $6000 is untaxed, income from $6000 to $20,000 is taxed at 20%,Suppose a tax is such that an individual with an income of $10,000 pays $2000 of tax, a person with an income of $20,000 pays $3000 of tax, a person with an income of $30,000 pays $4000 of tax, and so forth. What is each person’s average tax rate? Is this tax regressive, proportional, or progressive?Which of the following is tax credit or tax deduction or none: A reduction of the income subject to tax A reduction of the total amount a taxpayer owes to the government A reduction of individual income taxes based on last year’s taxes A reduction of corporate taxes based on last year’s profit
- The W-2 form is a form that tells you how much taxes you've paid in the last year based on how much you've earned. how much taxes you owe to the federal government. O how much taxes to withhold from your paycheck. O how often you will be paid.Sam Club earned $50,000 and paid taxes of $10,000. Samantha Heartearned $60,000 and paid taxes of $12,000. If these taxes were paid to thesame government agency, is the tax on income progressive, regressive, orproportional? How did you reach this conclusion?4.An individual made $85,000 for the year. Using the tax given , answer the following questions: A.What is this person's marginal tax rate? B.How much tax does this person owe? C.What is the effective tax rate?
- I am working on creating an excel sheet using tax brackets. Can you please assist me with an excel formula that would automatically calculate the tax with the following bracket: Cumulative Tax Income Less than 22,000 22,000 89,450 190,750 364,200 462,500 693,750 Rate 10% 12% 22% 24% 32% 35% 37% $2,200 10,294 32,580 74,208 105,664 186,602 My objective is to determine net income after taxes. I need to determine the formula so I can automatically calculate tax based on the respective tax rates when typing in their income. I have figured out the other part, but am not sure with the IF/Then formula. Thank you! Taxable Income 72,300 Federal Income Tax ??????Subject:accounting 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 Salary Muni-Bond Interest Total Tax Mihwah $ 25,000 $ 7,300 $ 2,125 Shameika $ 75,000 $ 37,5001. How can tax on Pfizer's income be negative? Does it mean Pfizer saved that much money or they received that much amount from the government in Cash? 2. What is the effective rate of tax for Pfizer? Can it be negative? Why? 3. Give us brief details of what sort of tax benefits and tax expenses impacted FY 2017's Provision/(benefit) for taxes on income?
- Use the following information to calculate the federal average tax rate (ignore tax credits) for a taxpayer who earned $115,000 from employment, and where bonds were sold for $20,000 during the year that originally cost $10,000: Taxable income Up to $47,630 On the next $47,629 On the next $52,408 On the next $62,704 Over $210,371 Select one: Tax Rate 15% 20.5% Based on the above, the average tax rate (ATR) is closest to: a. 19.15% b. 19,45% c. 20.5% d. 26.0% 26% 29% 33%One of the initiatives of the Federal government in recent years was to increase the taxation paid by high income earners, while at the same time, not instituting any “tax hikes”. One way this was accomplished was to reduce the basic personal tax credit for individuals with income greater than $151,978 up to an income level of $216,511. In the following situation, you the taxpayer have an income level of $200,709. calculate and present your reduced non-refundable personal tax credit amount below.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?