Answered: Taxable Income 72,300 Federal Income… | bartleby

SWFT Individual Income Taxes

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter12: Alternative Minimum Tax

Section: Chapter Questions

Problem 5RP

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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 ??????

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I need step by step instructions for the problem e) what is the average income tax rate?** I know you have to divide total tax expense by the net income before taxes.So,For E) the income tax expense is $13,134Net Income before tax??Average Tax rate: ??Revenue : (sales) $144000(service) $28700All the taxes :depreciation tax $10400Interest expense $2400Income Tax expense. $13,134Supplies expense. $12,700F) if $18,500 of dividends had been declared and paid during year, what was the January 1 2016 balance of retained earnings?Retained Earnings Dec 31st : $59000Dividens declared: ???Retained Earnings January 1st: ???Please solve and explain thoroughly.
7.8.25 Use table 7.13 to answer the following questions. a) compute the tax due in 2014 on a net taxable income of $80k. show your work. b) compute the effective tax rate for that income. c) check your answers with those in the spreadsheet graduatedtax.xlsx d) compute the effective tax rate a second time, as a weighted average of the rates in the various brackets, using as weights the amount of income subject to tax at each rate. you should get the same answer.
Mf1. One way to select the input screen for interest income reported on Form 1099-INT is for the Tax Professional to: Select Add Forms and Schedules and choose the Income tab, and then check the box for other income. Choose the Info Docs tab on the Add Forms and Schedules screen, and then select Yes from the dropdown field for interest income. Type "1099" in the first field on the Common tab of the Add Forms and Schedules screen. Choose Yes or type "1" next to the Interest field on the Common tab on the Add Forms and Schedules screen.
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Use the following tax table to determine how much income tax is paid on 732000 of taxable income. Taxable Income Bracket $0 to $9,325 Total Paid = $ Rate 10% 15% $9,325 to $37,950 25% $37,950 to $91,900 28% $91,900 to $191,650 33% $191,650 to $416,700 35% 39.60% $416,700 to $418,400 $418,400+ Single Taxable Income Tax Brackets and Rates, 2017
Use the following tax table to determine how much income tax is paid on 915000 of taxable income. Total Paid = $ Rate 10% 15% 25% 28% 33% 35% 39.60% Taxable Income Bracket $0 to $9,325 $9,325 to $37,950 $37,950 to $91,900 $91,900 to $191,650 $191,650 to $416,700 $416,700 to $418,400 $418,400+ Single Taxable Income Tax Brackets and Rates, 2017
2. Using the following Income Tax data, and given that your annual income is $ 85,000: a) Calculate the total tax (in $); b) The average tax rate (%); c) The marginal tax rate (%); and d) What is the classification of this taxation system? Income ($) Tax Rate (%) 0- 60 000 60 001 - 70 000 10 70 001 - 100 000 15 Over 100 000 17
Using the information below, calculate the individual income tax liability. (Use the following format $0,000.00) Tax Rate 10% $0 to $9,875 12% $9,876 to $40,125 22% $40,126 to $85,525 24% $85,526 to $163,300 32% $163,301 to $207,350 35% $207,351to $518,400 37%$518,401to For Single Individuals Taxable Income $85,000
hi! for the tax on taxable income, I used the attached tax table, and found 6415+22%(61422-55900)=7630. Isn't that the way we should calculate the tax?
(5) Applying the following hypothetical Federal Income Tax Rate Table, for a Single Tax-Filer earning $100,000 annually, calculate the following (Show your Calculations): a) Total Tax Due? b) Marginal Tax Rate? c) Effective Tax Rate?
With the following data, compute the NET FUTA Tax. Gross FUTA Tax DUE $ 6,750 Credit against FUTA (assume applicable) $3,100 Group of answer choices $3,100 $7,000 $3,650 $6,750
Show the solution in good accounting form. Thank you! 1. What amount should be reported as current tax expense for the current year? a. ₱ 1,350,000 b. ₱ 2,250,000 c. ₱ 1,950,000 d. ₱ 1,050,000 2. What amount should be reported as total income tax expense? a. ₱ 2,250,000 b. ₱ 1,050,000 c. ₱ 1,350,000 d. ₱ 1,950,000 3. What amount of income tax payable should be presented at year-end? a. ₱ 1,050,000 b. ₱ 2,250,000 c. ₱ 1,350,000 d. ₱ 1,950,000

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