Use the 2021 marginal tax rates
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Subject : Accounting
Use the 2021 marginal tax rates to compute the tax owed by the person with the given filing status, taxable income, and tax credit.
Single with a taxable income of $17,000 and a $2,000 tax credit
Tax Rate Single
10% up to $9,950
15% $9,951 to $40,525
The tax owed is _____ dollars. (Type an integer or a decimal, Round to the nearest cent as needed.)
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Solved in 3 steps
- es Required: Determine the amount of average income tax liability per tax return, for each income range provided, using the information in the below table. Taxable Income and Total Tax Liability are in thousands. Note: Enter your answers in whole dollars and not in thousands. Round the final answers to the nearest dollar value. Item Number of returns Taxable income Total tax liability Average tax rate* Ranges of Adjusted Gross Income $15,000 to under $30,000 27,410,421 $ 189,345,926 $ 15,590,244 Under $15,000 30,714,603 $ 5,388,125 $ 532,117 9.88% *The average tax rate is total tax liability divided by taxable income. Under $15,000 $15,000 to under $30,000 $30,000 to under $50,000 $50,000 to under $100,000 $100,000 to under $200,000 $200,000 or more $30,000 to under $50,000 to under $50,000 $100,000 37,547,454 28,926,296 $ 1,912,925,663 $ 639,289,718 $215,589,667 $56,077,985 8.23% 8.77% 11.27% $100,000 to under $200,000 24,180,226 $ 2,687,818, 279 $385,658,662 14.35% $200,000 or more…Determine the amount of average income tax liability per tax return, for each income range provided, using the information in the below table. Taxable Income and Total Tax Liability are in thousands. Note: Enter your answers in whole dollars and not in thousands. Round the final answers to the nearest dollar value. Ranges of Adjusted Gross Income Item Under $15,000 $15,000 to under $30,000 $30,000 to under $50,000 $50,000 to under $100,000 $100,000 to under $200,000 $200,000 or more Number of returns 30,714,103 27,409,921 28,925,796 37,546,954 24,179,726 11,615,632 Taxable income $ 5,378,125 $ 189,335,926 $ 639,279,718 $ 1,912,915,663 $ 2,687,808,279 $ 6,249,255,422 Total tax liability $ 534,617 $ 15,640,244 $ 56,577,985 $ 216,089,667 $ 386,158,662 $ 1,592,115,179 Average tax rate*Footnote asterisk 9.94% 8.26% 8.85% 11.30% 14.37% 25.48% *Footnote asteriskThe average tax rate is total tax liability divided by taxable income.Use the 2016 marginal tax rates to compute the tax owed by the following person. A head of household with a taxable income of $56,000 and a $8000 tax credit i Click the icon to view the 2016 marginal tax rates. The tax owed is $ (Type an integer or a decimal. Round to the nearest cent as needed.)
- Which equation could be used to identify one of the following levels of Federal Income Tax withholding? PERCENTAGE METHOD FOR FIT WITHHOLDING - SINGLE PERSON WEEKLY PAYROLL PERIOD Allowance Rate = $63.46 Weekly Taxable Wage Over The amount of FIT withholding is -- ch w If he But not over... y rin $1 $0.00 0.10(gross pay - $51) $14.40 + 0.15(gross pay - 195) $81.90 0.20(gross pay - $645) $195 195 645 645 1,482 Select one: O A. FIT = 14.4 + 0.15g; where g = gross pay in dollars. O B. FIT = 81.9g +.2(645); where g = gross pay in dollars. O C. FIT = 81.9(0.20) + (g - 645); where g = gross pay in dollars. O D. FIT = 0.15g 14.85; where g = gross pay in dollars.1. Marginal tax brackets The amount of federal income taxes that you are required to pay is based on your filing status, your taxable income, and the IRS tax rate tables. The income tax tables are Y meaning the tax rates increase as taxable income increases. Each filing status has seven income ranges, or brackets, and the rates are 10%, 12%, 22 %, 24 %, 32 % , 35 % , and 37%. As your taxable income increases, you pay at a higher rate, but only on the Income that falls within a range. The 2019 tax brackets show how the tax in the IRS tax tables is calculated. Tax Bracket 10% 12% 22% 24% 32% 35% 37% 2019 Tax Brackets Single $0-$9,700 Married Filing Jointly $0-$19,400 $9,701-$39,475 $19,401-$78,950 $39,476-$84,200 $78,951-$168,400 $84,201-$160,725 $168,401-$321,450 $160,726-$204,100 $321,451-$408,200 $204,101-$510,300 $408,201-$612,350 $612,351+ $510,301+Determine the tax liability, marginal tax rate, and average tax rate in each of the following cases. Use the Tax Tables and tax rate schedules to compute tax liability. Required: a. Single taxpayer, taxable income of $31,916. b. Single taxpayer, taxable income of $97,463. Note: For all requirements, round "Average tax rate" to 2 decimal places. a. b. Tax liability Marginal tax rate % % Average tax rate % %
- Using the graduated tax table, compute the income tax due and/or income tax payable (refundable) of the following given problems. Round off the total income tax due to the nearest whole number. What is the income tax due if the net taxable compensation income is P478,800? In the preceding problem, what if there is tax payments made in the previous quarter in the amount of P47,800, what is the income tax payable (refundable)? What is the income tax due if the net taxable business income is P1,108,600? In the preceding problem, what if there is tax payments made in the previous quarters in the amount of P187,800, what is the income tax payable (refundable)? What is the income tax due if the net taxable business income is P3,158,400? In the preceding problem, what if there is tax payments made in the previous quarters in the amount of P789,780, what is the income tax payable (refundable)?1. Marginal tax brackets The amount of federal income taxes that you are required to pay is based on your filing status, your taxable income, and the IRS tax rate tables. The income tax tables are meaning the tax rates increase as taxable income increases. Each filing status has seven income ranges, or brackets, and the rates are 10%, 12%, 22%, 24%, 32%, 35%, and 37%. As your taxable Income Increases, you pay at a higher rate, but only on the income that falls within a range. The following tax brackets show how the tax in the IRS tax tables is calculated. Tax Bracket Single 10% 12% $0-$11,000 $11,001-$14,725 Tax Brackets Married Filing Jointly $0-$22,000 22% $44,726-$95,375 $22,001-$89,450 $89,451-$190,750 24% $95,376-$182,100 $190,751-$364,200 32% $182,101-$231,250 $364,201-$462,500 35% $231,256-$578,125 $162,501-$693,750 37% $578,126+ $693,751+ Single Filers Taxable Income Tax $0-$11,000 of taxable income $11,001-$44,725 plus $44,726-$95,375 plus $95,376-$182,100 plus…Determine the tax liability, marginal tax rate, and average tax rate in each of the following cases. Use the tax tables and tax rate schedules to determine tax liability. Required: a. Single taxpayer, taxable income of $30,916. b. Single taxpayer, taxable income of $97,463. Note: For all requirements, round "Average tax rate" to 2 decimal places. a. b. Tax liability Marginal tax rate % % Average tax rate % %
- Required: Determine the average amount of taxable income per tax return, for each of the ranges of taxable income provided, using the information in the below table. Taxable Income and Total Tax Liability are in thousands. Note: Enter your answers in whole dollars and not in thousands. Round the final answers to the nearest dollar value. Item Number of returns Taxable income Total tax liability Average tax rate* $50,000 28,925,996 $50,000 to under $100,000 37,547,154 $15,000 to under Ranges of Adjusted Gross Income $30,000 to under Under $15,000 $30,000 30,714,303 $5,382,125 27,410,121 $189,339,926 $533,617 9.91% $15,620,244 8.25% $ 56,377,985 8.82% $ 639,283,718 $ 1,912,919,663 $ 215,889,667 11.29% $100,000 to under $200,000 24,179,926 $ 2,687,812,279 $ 385,958,662 14.36% $200,000 or more 11,615,832 $ 6,249,259,422 $ 1,591,915,179 25.47% *The average tax rate is total tax liability divided by taxable income. Under $15,000 $15,000 to under $30,000 $30,000 to under $50,000 $50,000 to…With the following data, compute the NET FUTA Tax. Gross FUTA Tax DUE $ 6,750 Credit against FUTA (assume applicable) $3,1001.2.11 Use the 2012 marginal tax rates to compute the tax owed by the following person. Round taxable income to the nearest dollar as needed ome of $296 000 and a $7000 tax credit
