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- What would be the marginal tax rate for a single person who has a taxable income of: a) $31,560 b) $58,150 c) $66,450 d) $100,580 DO NOT INCLUDE % SIGN3. When a taxpayer's income increases by $2,500 and the taxes owed increase from $13,899 to $14,399, the marginal tax rate is percent. Taxpayer takes the standard deduction, and her tax return includes an Education Credit of $250.A. Compute for the Net Taxable Income and Personal Income Tax. 1. A. Annual Basic Salary B. 13th Month Pay and Other Benefits C. Mandatory Contributions D. Annual Gross Income (A+B) E. Deductions and Exemptions (B+C) P 397,860.00 33,155.00 6,542.00 Net Taxable income (D-E) Personal Income Tax B. Compute for the 4 general deductions of the following employees: 1. A sales manager in Kopimo, Inc., a private company, earning P42,000 monthly with sales commission of P36,000 for the year. 2. A public school teacher earning P24,495 monthly with chalk allowance of P1,500, uniform allowance of P6,000 and performance bonus of P12,000. 3. An IT manager in Accentuate Corp., a private company, earning P55,000 monthly and laundry allowance of P15,000 for the whole year. C. Basic Applications. Solve for the following: 1. Conchita works as a service crew member in a fast-food chain in a mall. She has an hourly wage rate of P50. Her rest days are every Wednesday and Saturday. Consider the following…
- A single individual pays $7,813 on a taxable income of $47,810 and $7,838 on a taxable income of $47,910. What is the marginal tax rate? a. 16% b. 50% c. 25% d. 15%If you have a taxable income of $372,570.00, what is your total tax bill? $ average tax rate? %Used the 2016 FICA tax rates from below to answer the following question. if a taxpayer is not self-employed and earns $121,000 what are the taxpayers FICA taxes?
- If a taxpayer has interest income of $5,500 and investment interest expenses of $6,000 in itemized deductions, what amount can the taxpayer deduct in investment interest expenses? *If zero, enter "0". 5500The taxpayer's marginal federal and state tax rate is 25%. Which would the taxpayer prefer? a.$1.00 taxable income rather than $.75 tax-exempt income. b.$1.25 taxable income rather than $1.00 tax-exempt income. c.$1.40 taxable income rather than $1.00 tax-exempt income. d.$1.00 taxable income rather than $1.25 tax-exempt income.Given that your gross income for 2020 was $180,000 and your taxable income was $140,000. Calculate: a. the marginal tax rate b. the average tax rate c. the effective tax rate. SHOW WORK
- Use the Tax Rate Tables, Exhibit 18-3, to calculate the tax liability (in $) for the taxpayer. Name : Rua Filing Status : head of the household Taxable income : $185,400 what is the Tax Liablity ??Based on the following data, would Ann and Carl Wilton receive a refund or owe additional taxes? Note: Input the amount as a positive value. Tax Information Adjusted gross income Standard deduction Child care tax credit Federal income tax withheld Tax rate on taxable income. $ 47,060 $ 25,100 $ 100 $ 2,090 10 percent.Question 4: Based on the range of possible SUTA tax rates and thresholds, which of the following circumstances could occur? Answer: A. O An employee who has year-to-date earnings of $57,100 pays 5.2% SUTA tax on the current period taxable pay. An employee who has year-to-date earnings of $21,400 pays 22.5% SUTA tax on the current period taxable pay. C. O An employee who has year-to-date earnings of $26,300 pays 0% SUTA tax on the current period taxable pay. D. An employee who has year-to-date earnings of $4,300 pays 24.8% SUTA tax on the current period taxable pay. B.