The taxpayer is a resident citizen taxpayer. His net taxable income is 1,300,000. Compute for his income tax due and payable.
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The taxpayer is a resident citizen taxpayer. His net taxable income is 1,300,000. Compute for his income tax due and payable.
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- Do not use AiAccording to the contributions of Puerto Rico:Indicate the items of income that are part of the gross income.Indicates income exclusions.Calculate the adjusted gross income.Identifies if the taxpayer has interest income and explains what the tax treatment is in this regard.List the exemptions to which the taxpayer is entitled. Case 4: Berta JimenezBerta Jiménez is a secretary and is divorced. Her W2 shows a salary of $60,000 and tax withheld of $6,000. Berta is a college student and paid $5,000 for her bachelor's degree tuition. She has a son who was born on March 22, 2013. Berta is an Army Veteran.An individual resident citizen taxpayer who owns a ten (10)-door apartment with a monthly rental of P15,000.00 for each residential unit, sold this property to another individual taxpayer. The sale shall be subject to * a presumed capital gains tax. a percentage tax. the schedular tax on taxable income. an excise tax.
- Lacy is a single taxpayer. In 2022, her taxable income is $44,200. What is her tax liability in each of the following alternative situations? Use Tax Rate Schedule, Dividends and Capital Gains Tax Rates for reference. Note: Do not round intermediate calculations. Round your answer to 2 decimal places. Required: All of her income is salary from her employer. Her $44,200 of taxable income includes $1,200 of qualified dividends. Her $44,200 of taxable income includes $5,200 of qualified dividends.Cassy reports a gross tax liability of $1,190. She also claims $590 of nonrefundable personal credits, $795 of refundable personal credits, and $390 of business credits. What is Cassy's tax refund or tax liability due after applying the credits?Henrich is a single taxpayer. In 2022, his taxable income is $488,500. What are his income tax and net investment income tax liability in each of the following alternative scenarios? Use Tax Rate Schedule, Dividends and Capital Gains Tax Rates for reference. Note: Do not round intermediate calculations. Leave no answer blank. Enter zero if applicable. Round your final answers to 2 decimal places. Required: His $488,500 of taxable income includes $56,000 of long-term capital gain that is taxed at preferential rates. Assume his modified AGI is $520,000. Henrich has $199,250 of taxable income, which includes $51,700 of long-term capital gain that is taxed at preferential rates. Assume his modified AGI is $218,500.
- The unified estate and gift tax credit exempts people with taxable estates under $11.7 million from paying any estate taxes at all. Should the exemption be set higher? Or lower?K Marco calculated his 2015 taxable income to be $73,450. Using the 2015 federal income tax brackets and rates, how much federal income tax should he report? Taxable Income (Income tax brackets) $44,701 or less Over $44,701 up to $89,401 Over $89,401 up to $138,586 Over $138,586 Marco should report a federal income tax of S (Round to the nearest cont as needed.) Tax Rates 15% of taxable income less than or equal to $44,701; plus 22% of taxable income greater than $44,701 and less than or equal to $89,401; plus 26% of taxable income greater than $89,401 and less than or equal to $138,586 plus 29% of taxable income greater than $138,586 CHenrich is a single taxpayer. In 2019, his taxable income is $456,500. What is his income tax and net investment income tax liability in each of the following alternative scenarios? Use Tax Rate Schedule, Dividends and Capital Gains Tax Rates, Estates and Trusts for reference. (Do not round intermediate calculations. Round your answers to 2 decimal places. Leave no answer blank. Enter zero if applicable.) Estates and Trusts If taxable income is over: But not over: The tax is: $ 0 $ 2,600 10% of taxable income $ 2,600 $ 9,300 $260 plus 24% of the excess over $2,600 $ 9,300 $12,750 $1,868 plus 35% of the excess over $9,300 $12,750 $3,075.50 plus 37% of the excess over $12,750 Tax Rates for Net Capital Gains and Qualified Dividends Rate* Taxable Income Married Filing Jointly Married Filing Separately Single Head of Household Trusts and Estates 0% $0 - $78,750 $0 - $39,375 $0 - $39,375 $0 - $52,750 $0 - $2,650 15% $78,751 - $488,850 $39,376…
- Are the following required to file a federal income tax return? 17 yr od dependent receives income from a trust of $1,000Taylor, a single taxpayer, has $17,400 AGI. Assume the taxable year is 2023. Use Standard Deduction Table. Required: a. Compute taxable income if Taylor's AGI consists entirely of interest income. Taylor is 19 years old and a dependent of his parents for tax purposes. b. Compute taxable income if Taylor's AGI consists entirely of wage income. Taylor is 19 years old and is considered a dependent of his parents for tax purposes. c. Compute taxable income if Taylor's AGI consists entirely of interest income. Taylor is 70 years old and lives with his grown child who provides more than one-half of Taylor's financial support. Complete this question by entering your answers in the tabs below. Required A Required B Required C Compute taxable income if Taylor's AGI consists entirely of interest income. Taylor is 70 years old and lives with his grown child who provides more than one-half of Taylor's financial support. Taxable Income < Required B Required CPlease assist. Thank you much.
