Walter earned $85,000 taxable income last yearWhat is his effective tax rate (round to two decimal placesNOT INCLUDE % IT IS 9.87% WRITE 9.87)
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- The following table shows tax due for the given taxable income level for a single taxpayer. Taxable income Tax due $97,000 $97,050 $97,100 $97,150 $97,200 $21,913 $21,927 $21,941 $21,955 $21,969 (a) Show that the data in the table are linear. For every change of $50 in the taxable income there is constant change of $ 1.00 in the tax due. These data exhibit a constant rate of change and are linear. (b) How much additional tax is due on each dollar over $97,000? (Round your answer to the nearest cent.) per dollar (c) What would you expect for your tax due if you had a taxable income of $97,000? 24 What would you expect for your tax due if you had a taxable income of $98,000? $ (d) Find a linear formula that gives tax due T if your income is A dollars over $97,000. (Round equation parameters to two decimal places.) T =Michael has the following items of income and expense for the current year: Interest income Qualified dividend income Investment interest expense Investment counseling fee His marginal tax rate is 37% and his long-term capital gains rate is 20%. (a) $12,850 $10,570 $19,220 $2,160 How much of the investment interest expense can Michael deduct as an itemized deduction if no election is made to treat any of the qualified dividend income as investment income? Deduction $n each of the following cases, discuss how the taxpayers might respond to a tax rate increase in a manner consistent with the income effect. a. Mr. Edwards earns $32,000 a year as an employee, and Mrs. Edwards doesn’t work.b. Mr. Frank earns $22,000 a year as an employee, and Mrs. Frank earns $10,000 a year as a self-employed worker.c. Mr. George earns $22,000 a year as an employee, and Mrs. George earns $10,000 a year as an employee.
- A single person with taxable income of $36090 will have the first $9525 of that income taxed at 10%. Determine the taxes owed on just the first $9525.Paul is head of household with taxable income of $ 68500 He has a $ 7000 entitled tax credit His tax bracket is 15 % up to earning $ 50,800 Standard deduction is $ 9350 exemption is $ 4050 per person what is his tax owedFedor paid $13,125.50 in Income Tax last year. Use the following Income Tax Calculation table to determine Fedor's annual income last year. In the image. Round to the nearest penny. In the image.
- 28. Using the tax table provided, compute the income tax due for Susie and Josh Adams whose taxable income for the past year is $181,050. Income Tax Not Of the Amount Over The Tax is: Over Over $- $19,750 $0 10% $- + 19,750 80,250 1,975 12% 19,750 80,250 171,050 9,235 22% 80,250 + 171,050 326,600 29,211 + 24% 171,050 326,600 414,700 66,543 + 32% 326,600 414,700 622,050 94,735 + 35% 414,700 622,050 167,308 + 37.0% 622,050You received $5,000 in interest revenue during the year. Your federal marginal tax rate was 26% and average tax rate was 20%. How much federal income taxes did you pay? Select one: a. $1,300 b. $1,650 c. $950 d. $1,450 e. $3,300If you have a taxable income of $372,570.00, what is your total tax bill? $ average tax rate? %
- G15. Adela and James are married and file tax returns jointly. Last year Adela earned $45,500 and James earned $44,700 in wages.A dditional tax information for the year is as follows: Interest earned: $1,200, State and local income taxes paid: $4,230, mortgage interest: $6,200, contributions to charity: $1,400, contributions to retirement plans: $3,350.F rom this information, calculate their taxable income (in $).If the tax rates are 15% on the first $50,000 of taxable income, and 20% on the next $25,000, and 25% on the next $25,000, what is the tax liability for an individual with $80,000 of taxable income, what is the marginal tax rate, and what is the average tax rate ? a. $10,250, 15%, and 20% b. $25,122, 22%, and 16% c. $11,345, 15%, and 34% d. $13,750, 25%, and 17.19%13.E J owns some property that has an assessed value of $415,920. Calculate the tax due if the tax rate is 33.25 mills. (Round your answer to the nearest cent.) a.$13,725.36 b.$13,829.34 c.$16,636.80 d.$17,988.54
