What amount of income tax payable should be reported? a. P 385,000 b. P 498,000 c. P 425,000 d. P 305,000

Exercise 3-23 (Algorithmic) (LO. 6) Compute the 2023 tax liability and the marginal and average tax rates for the following taxpayers. Click here to access the 2023 tax rate schedule. If required, round the tax liability to the nearest dollar. When required, round the average rates to four decimal places before converting to a percentage (l.e., .67073 would be rounded to .6707 and entered as 67.07%). a. Chandler, who files as a single taxpayer, has taxable income of $157,600. Tax liability: Marginal rate: Average rate: 14,934 X 19.78 X % % b. Lazare, who files as a head of household, has taxable income of $72,000. Tax liability: Marginal rate: Average rate: % %

A9

in utilities in both cities? 7. Use the tax table on questions 7 and 8. Jenna is a part-time receptionist at the dentist's office. Her income last year was $9,125. Her tax status is single, she claims one exemption for herself, and she plans on taking the standard deduction. What is her taxable income? If line 43 And you are - (taxable income) is- At But Single least less than Your tax is- 83,000 83,000 83,050 16,967 13,131 17,379 83,050 83,100 16,981 13,144 17.393 83,100 83,150 16,995 13,156 17,407 83,150 83,200 17,009 13,169 17,421 13,181 17,435 13,194 17.449 83,200 83,250 17,023 83,250 83,300 17,037 83,300 83,350 17,081 83,350 83,400 17,065 13,206 17,463 13,219 17,477 13,231 17,491 13,244 17,505 13,256 17,519 13,269 17,533 13,281 17,547 13,294 17,561 83,400 83,450 17,079 83,450 83,550 17,093 83,500 83,550 17,107 83,550 83,600 17,121 83,600 83,650 17,135 83,650 83,700 17,149 83,700 83,750 17,163 83,750 83,800 17,177 83,800 83,850 17,191 83,850 83,900 17,205 83,900 83,950 17,219…

Question 8: Collectively, Social Security tax and Medicare tax are referred to as FICA taxes. Answer: A. O True В. O False

Find the amounts that are missing from this summary of an income tax return: a. Gross income $42,685 b. Adjustments to income $3,670 c. Adjusted gross income d. Deductions $8,978 e. Adjusted gross income less deductions f. Exemptions (4 $3,100) $12,400 g. Taxable income Vince Bottolito's adjusted gross income on his federal tax return was $53.748. He claimed the standard deduction of $4,850, and one exemption at $3,100. What was Vince's taxable income? The Valek's gross income last vear was $64.890. They had adjustments to income totaling S3.829. Their deductions totaled $12.502. and they had four exemptions at S3.100 each. Find their taxable income.

Chapter 3 Activity – Taxes   Individual Income Tax Brackets (2021) Marginal Tax Rate Single, taxable income over: Joint, taxable income over: Head of Household, taxable income over: 10% $0 $0 $0 12% $9,950 $19,900 $14,200 22% $40,525 $81,050 $54,200 24% $86,375 $172,750 $86,350 32% $164,925 $329,850 $164,900 35% $209,425 $418,850 $209,400 37% $523,600 $628,300 $523,600     Standard Deduction Amounts (2021) Filing Status Deduction Amount Single $12,550 Married Filing Jointly $25,100 Head of Household $18,800     Long-term Capital Gains & Qualified Dividends (2021) Tax Rate Single Joint Head of Household 0% Under $40,000 Under $80,800 Under $54,100 15% $40,400 $80,800 $54,100 20% $445,850 $501,600 $473,750   Additional 3.8% Net Investment Income Tax for MAGI over $200,000 / $250,000 / $200,000     Calculate the federal income…

How do I calculate the before-tax total amount if the tax is 40% and after-tax amount is 1255162.00? (I do not have any other information like revenue or expenses)

Exercise 16-10 (Algo) Calculate income tax amounts under various circumstances; financial statement effects [LO16-2, 16-3] Four independent situations are described below. Each involves future deductible amounts and/or future taxable amounts produced by temporary differences: ($ in thousands) Taxable income Future deductible amounts Future taxable amounts. Balance(s) at beginning of the year: Deferred tax asset Deferred tax liability The enacted tax rate is 25%. Required: Situation 1 2 3 4 $ 112 $ 244 $ 252 $ 344 16 20 20 16 16 56 2 16 8 2 For each situation, determine the following: Note: Enter your answers in thousands rounded to one decimal place (i.e. 1,200 should be entered as 1.2). Negative amounts should be indicated by a minus sign. Leave no cell blank, enter "O" wherever applicable. a. Income tax payable currently. b. Deferred tax asset-ending balance. c. Deferred tax asset-change. d. Deferred tax liability-ending balance. e. Deferred tax liability change. f. Income tax…