PFIN (with PFIN Online, 1 term (6 months) Printed Access Card) (New, Engaging Titles from 4LTR Press)
6th Edition
ISBN: 9781337117005
Author: Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher: Cengage Learning
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Chapter 3, Problem 1FPE
Calculating marginal tax rates. Piper Wells is single and received the items and amounts of income shown below during 2015, as shown below. Determine the marginal tax rate applicable to each item. Note that if the item is not taxable, the marginal rate is 0.
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Chapter 3 Solutions
PFIN (with PFIN Online, 1 term (6 months) Printed Access Card) (New, Engaging Titles from 4LTR Press)
Ch. 3 - Discuss the basic principles of income taxes and...Ch. 3 - Prob. 2LOCh. 3 - Prob. 3LOCh. 3 - Explain who needs to pay estimated taxes, when to...Ch. 3 - Know where to get help with your taxes and how...Ch. 3 - Implement an effective tax planning strategy.Ch. 3 - Calculating marginal tax rates. Piper Wells is...Ch. 3 - ESTIMATING TAXABLE INCOME, TAX LIABILITY, AND...Ch. 3 - Prob. 3FPECh. 3 - Prob. 4FPE
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- Calculating marginal tax rates. Lacey Hansen is single and received the items and amounts of income shown below during 2018, as shown below. Determine the marginal tax rate applicable to each item. Note that if the item is not taxable, the marginal rate is 0.arrow_forwardUse the 2016 marginal tax rates to compute the tax owed by the following couple. A married couple filing jointly with a taxable income of $244,000 and an $8000 tax credit. View the 2016 marginal tax rates. The tax owed is $________. (Type an integer or a decimal. Round to the nearest cent as needed.)arrow_forwardUse the 2016 marginal tax rates to compute the tax owed by a single woman with a taxable income of $64,000.arrow_forward
- K Marco calculated his 2015 taxable income to be $73,450. Using the 2015 federal income tax brackets and rates, how much federal income tax should he report? Taxable Income (Income tax brackets) $44,701 or less Over $44,701 up to $89,401 Over $89,401 up to $138,586 Over $138,586 Marco should report a federal income tax of S (Round to the nearest cont as needed.) Tax Rates 15% of taxable income less than or equal to $44,701; plus 22% of taxable income greater than $44,701 and less than or equal to $89,401; plus 26% of taxable income greater than $89,401 and less than or equal to $138,586 plus 29% of taxable income greater than $138,586 Carrow_forwardUse the 2016 marginal tax rates to compute the tax owed by the following couple. A married couple filing jointly with a taxable income of $289,000 and a $8000 tax credit Click the icon to view the 2016 marginal tax rates. The tax owed is $ (Type an integer or decimal. Round to the nearest cent as needed.)arrow_forwardUse the 2012 marginal tax rates to compute the tax owed by the following person. Round taxable income to the nearest dollar as needed. A manied couple filing jointly with a taxable income of $296,000 and a $7000 tax credit Click the icon to view the 2012 marginal tax rates. The tax owed is $ (Round to the nearest cent as needed.)arrow_forward
- Duela Dent is single and had $181,600 in taxable income. Using the rates from Table 2.3, calculate her income taxes. What is the average tax rate? What is the marginal tax rate? Note: Do not round intermediate calculations and round your income tax answer to 2 decimal places, e.g., 32.16. Enter the average and marginal tax rate answers as a percent, rounded 2 decimal places, e.g., 32.16. Income taxes Average tax rate Marginal tax rate 39,801.50 X 22.00 × % % 32.00arrow_forwardBetty calculated her 2015 taxable income to be $90,050. Using the 2015 federal income tax brackets and rates, how much federal income tax should she report? Taxable Income (Income tax brackets) $44,701 or less $44,701 to $89,401 $89,401 to $138,586 Tax Rates 15% of taxable income less than or equal to $44,701; plus 22% of taxable income greater than $44,701 and less than or equal to $89,401; plus 26% of taxable income greater than $89,401 and less than or equal to $138,586; plus 29% of taxable income greater than $138,586 Over $138,586 Betty should report a federal income tax of $ 23,413. (Round to the nearest cent as needed.)arrow_forwardUse the 2016 marginal tax rates to compute the tax owed by the following person. A head of household with a taxable income of $56,000 and a $8000 tax credit i Click the icon to view the 2016 marginal tax rates. The tax owed is $ (Type an integer or a decimal. Round to the nearest cent as needed.)arrow_forward
- Determine the tax liability, marginal tax rate, and average tax rate in each of the following cases. Use the tax tables to determine tax liability. Required: Married taxpayers, taxable income of $97, 463. Married taxpayers, taxable income of $66,829. Note: For all requirements, round "Average tax rate" to 2 decimal places.arrow_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_forwardTimmy Tappan is single and had $189,000 in taxable income. Use the rates from Table 2.3. a. Calculate his income taxes. (Do not round intermediate calculations.) b. What is the average tax rate? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) c. What is the marginal tax rate? (Do not round intermediate calculations.) Answer is complete but not entirely correct. $ a. Income taxes b. Average tax rate c. Marginal tax rate 47,843 X 478.43 X % 32 %arrow_forward
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