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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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
Transcribed Image Text:Using the tax table, determine the amount of taxes for the following situations: (Do not round
intermediate calculations. Round your answers to 2 decimal places.) a. A head of household
with taxable income of $62, 500. Tax amount b. A single person with taxable income of $
37,700. Tax amount c. Married taxpayers filing jointly with taxable income of $73,500. Tax
amount
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- Determine the tax llability for tax year 2021 In each of the following Instances. In each case, assume the taxpayer can take only the standard deduction. Use the approprlate Tax Tables and Tax Rate Schedules. a. A single taxpayer, not head of household. with AGI of $24,793 and one dependent. b. A single taxpayer, not head of household, with AGI of $189,309 and no dependents. Note: Round your Intermedlate computations to 2 decCimal places and final answer to the nearest dollar amount CA marrled couple filing Jointly with AGI of $41,245 and two dependents. d. A marrled couple filing Jolntly with AGI of $163,588 and three dependents. Note: Round your Intermedlate computations to 2 decimal places and final answer to the nearest dollar amount e. A marrled couple fillng Jolntly with AGI of $313.894 and one dependent. Note: Round your Intermediate computations to 2 decimal places and final answer to the nearest do EA taxpayer filing marrled filing separately with AGI of $70,296 and one…arrow_forwardThe 2020 Arizona graduated tax rate is given in the table below for those filing status is single or married filing separate. To use this table you will calculate the amount of money to be taxed at each level and theri sum up the amount for each given tax rate. Find the income tax for a person filing single and has a taxable income reported as $75.700. Round your answer to the nearest whole dollar amount. Income The income between $0 and $27.272 Tax Rate 2.59% The income between $27.272 and $54.544 3.34% The income between $54,544 and $163.632 4.17% The income above $163.632 Your Answer: 4.50%arrow_forwardCompute the 2019 tax liability and the marginal and average tax rates for the following taxpayers (use the 2019 Tax Rate Schedules in Appendix A for this purpose):a. Chandler, who files as a single taxpayer, has taxable income of $94,800.b. Lazare, who files as a head of household, has taxable income of $57,050.arrow_forward
- Example 4-2 To compute the tax using the percentage method, follow the steps illustrated below. Step 1 Determine the amount of gross wages earned, marital status, number of allowances, and frequency of pay. Note: If the wage ends in a fractional dollar amount, the wage may be rounded to the nearest dollar. However, in this text, exact wages are used. ➡ Wilson Goodman, single, claims two allowances and earns $915.60 semimonthly. Step 2 Multiply the number of allowances claimed by the amount of one allowance for the appropriate payroll period, as shown in the Table of Allowance Values in Figure 4.6. ➡ Table of Allowance Values for semimonthly payroll period shows $175.00. Multiply $175.00 × 2 = $350.00 Step 3 Subtract the amount for the number of allowances claimed from the employee’s gross pay to find the excess of wages over allowances claimed. ➡ Gross pay $915.60 Less: Allowances 350.00 Excess wages $565.60 Step 4…arrow_forwardanswer in text form please (without image)arrow_forwardHaresharrow_forward
- Determine the amount of the child tax credit in each of the following cases: > Answer is complete but not entirely correct. a. A single parent with modified AGI of $214,600 and one child age 4. b. A single parent with modified AGI of $79,200 and three children ages 7, 9, and 12. c. A married couple, filing jointly, with modified AGI of $409,133 and two children age 14 and 16. d. A married couple, filing jointly, with modified AGI of $133,255 and one child, age 13. Child Tax Credit Allowed $ $ $ $ 1,250 ✓✔ 9,600 X 3,544 x 3,000arrow_forwardJared Goff, of Los Angeles, determined the following tax information: gross salary, $85,000; interest earned, $2,500; IRA contribution, $4,500; and standard deduction, $12,200. Filing single, calculate Jared's taxable income and tax liability.arrow_forwardUse table to calculate Ed Robinsons income tax due on his $450,000 income, assuming that he files as a single taxpayers. Use table to calculate Ed Robinsons income tax due on his $450,000 income, assuming that he files as a single taxpayers. Use table to calculate Ed Robinsons income tax due on his $450,000 income, assuming that he files as a single taxpayers.arrow_forward
- Determine the Income Taxes Responsibility for this taxpayers, remember to present procedure in any taxpayer. Taxpayer(s) Filing Status Income Itemized Deductions income Taxes LiabilityArturo Single $29,239 $2,000 ___________Belize HOH $53,129 $14,500 ___________Carmine Qualifying Widow 89,000 $12,490 ___________Family Rivas MFJ $139,000 $23,000 ___________arrow_forwardUse the Tax Rate Tables, Exhibit 18-3, to calculate the tax liability for the following taxpayers. Name Filing Status Taxable Income Tax Liability 10. Rua Head of Household $175,800 $36,554 11. Dylewski Married, Jointly $52,500 ANSWER$5,919 12. Williams Single $61,300 blank 2 13. Cabral Married, Separately $185,188 ANSWER$40,949.66arrow_forwardThe table below shows a certain state's income tax rates for individuals filing a return. Complete parts (A) through (D below. SINGLE, MARRIED FILING SEPERATELY, OR HEAD OF HOUSEHOLD SINGLE, MARRIED FILING SEPERATELY, OR HEAD OF HOUSEHOLD Over $0 $12,500 $50,000 But Not Over $12,500. $50,000 Tax Due Is 4% of taxable income $500.00 plus 6.25% of excess over $12,500 $2843.75 plus 6.5% of excess over $50,000 (A) Write a piecewise definition for T(x), the tax due on a taxable income of x dollars. if 0≤x≤12,500 T(x)= if 12,500 x≤50,000 if 50,000 < x (Use integers or decimals for any numbers in the expressions.)arrow_forward
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