Essentials Of Investments
11th Edition
ISBN: 9781260013924
Author: Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher: Mcgraw-hill Education,
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what would the average tax rate for a person who paid taxes of $6,435 on taxable income of $40,780?
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- hi! for the tax on taxable income, I used the attached tax table, and found 6415+22%(61422-55900)=7630. Isn't that the way we should calculate the tax?arrow_forwardWhat 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 % SIGNarrow_forwardWhat would be the marginal and average tax rates for a married couple with taxable income of $89,600? For an unmarried taxpayer with the same income? Use Table 3.7. (Do not round intermediate calculations. Enter the marginal tax rate as a percent rounded to 1 decimal place. Enter the average tax rate as a percent rounded to 1 decimal place.) a. What would be the marginal tax rate for a married couple with income of $89,600? Marginal tax rate for a married couple b. What would be the average tax rate for a married couple with income of $89,600? Average tax rate for a married couple % Marginal tax rate for an unmarried taxpayer c. What would be the marginal tax rate for an unmarried taxpayer with income of $89,600? % Average tax rate for an unmarried taxpayer % d. What would be the average tax rate for an unmarried taxpayer with income of $89,600? %arrow_forward
- What is the tax on a property with an assessed value of $88,700 if the tax rate is 4.5% of the assessed value? Property tax = $(Round to the nearest cent.)arrow_forwardChuck a single taxpayer earns $78,000.00 in taxable income and $13, 300.00 in interest from an investment in city of heflin bonds. How much federal tax will he owe? What is his average tax rate? What is his effective tax rate? What is his current marginal tax rate?arrow_forwardUse the tax table to determine each of the following values if your adjusted gross income is $20,000. Your tax liability if you are filing single using the standard deduction of $12,500 and have no adjustments, itemized deductions, or tax credits. Your tax liability if you are filing single using the standard deduction of $12,500, have a child tax credit of $500 and no other adjustments, deductions or credits.arrow_forward
- how do i compute federal income tax salary gross earnings is $1750.00arrow_forwardes Chuck, a single taxpayer, earns $77,800 in taxable income and $11,500 in interest from an investment in City of Heflin bonds. (Use the U.S tax rate schedule.) Required: a. How much federal tax will he owe? b. What is his average tax rate? c. What is his effective tax rate? d. What is his current marginal tax rate? Complete this question by entering your answers in the tabs below. Required A Required B Federal tax Required C How much federal tax will he owe? Note: Do not round intermediate calculations. Round "Federal tax" to nearest whole dollar amount. $ Required D 12,424arrow_forward. What is the 'low income tax offset' (LITO)? What is the maximum LITO amount payable toeligible taxpayers? PLEASE PUT 3 REFERENCESarrow_forward
- How do I calculate self employment taxes. For example Bob Dylan's self employment earnings are $50,600, what would be his 2021 total self-employment taxes?arrow_forwardYou just completed your taxes and had $3,790 withheld for income taxes and a final tax liability of $3,600. Would you be entitled to a/an (refund or additional amount due) and for what amount ?arrow_forwardThe 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 =arrow_forward
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