The tax rates are as shown below:Taxable Income Tax Rate$0 - 50,00050,001 - 75,00075,001100,000100,001 - 335,000The taxable income is $80,500. How much additional tax will you owe if you increase your taxable income by $21,700?15%25%34%39%

Tax liability refers to an amount that is paid to the government by an individual, corporation, etc…

Answered: The tax rates are as shown below:…

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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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?
What is the tax on a property with an assessed value of $88,700 if the tax rate is 4.5% of the assessed value? Property tax = $(Round to the nearest cent.)
Use the marginal tax rate chart to answer the question. Tax Bracket Marginal Tax Rate $0–$10,275 10% $10,276–$41,175 12% $41,176–$89,075 22% $89,076–$170,050 24% $170,051–$215,950 32% $215,951–$539,900 35% > $539,901 37% Determine the effective tax rate for a taxable income of $95,600. Round the final answer to the nearest hundredth
If you would have to pay $5,000 in taxes on $50,000 taxable income and $8,000 in taxes on $60,000 taxable income, then the marginal tax rate on the additional $10,000 of income is A.- 15 percent, and the average tax rate is 30 percent at the $60,000 income level. B.- 30 percent, and the average tax rate is about 13 percent at the $60,000 income level. C.- 30 percent, but average tax rates cannot be determined from the information given. D.- 30 percent, and the average tax rate is 20 percent at the $50,000 income level.
If your gross salary is $273 000 and your taxable income is $73 000 and your tax rate is 25% how much is your net income?
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Question2: Income tax The taxable income of Ahmed, Badriya and Sameer is $20,000, $45,000, $100,000 respectively. Use the following tax rates: 5% for income from 0 - $20,000 10% for income from $20,001 - $50,000 15% for income above $50,000 Calculate the tax payable by each person. Explain the type of taxation system applicable in this situation. Is this system of taxation fair? Explain why this system is being criticised?
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?
41 Using the 2019 marginal tax rates provided in the table below, find the marginal and average tax rates for the incomes shown. Give all answers to two decimals. Part 1 What would be your federal income tax if your taxable income was $108,000.00? $ What is the average tax rate for $108,000.00 in taxable income? % Part 2 How much tax would you owe if your income increased by $25,000 to $133,000.00? $ What would be your average tax rate with $133,000.00 of taxable income? % Skip Start Solving Exit Exit Training M
Jeremy (unmarried) earned $101, 000 in salary and $6, 100 in interest income during the year. Jeremy's employer withheld $10,000 of federal income taxes from Jeremy's paychecks during the year. Jeremy has one qualifying dependent child (age 14) who lives with him. Jeremy qualifies to file as head of household and has $25,000 in itemized deductions. b. Assume that in addition to the original facts, Jeremy has a long-term capital gain of $4,080. What is Jeremy's tax refund or tax due including the tax on the capital gain?Schedule Z - Head of Household
If Hulk has taxable income = $94,000, how much will it pay in taxes? Select one: a. $16,750 b. $13,500 c. $20,210 d. $11,750 e. $10,050 ???
What is the tax owed ?

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The tax rates are as shown below: Taxable Income Tax Rate $0 - 50,000 50,001 - 75,000 75,001 100,000 100,001 - 335,000 39% The taxable income is $80,500. How much additional tax will you owe if you increase your taxable income by $21,700 15% 25% 34%