Income: 120,000 Federal Payroll Tax Rate: 15.3% State Tax Rate: 4 % * Round all answers to 2 decimal places* a) Compute the total tax paid b) What is the marginal tax rate? c) What is the average tax rate? Federal Income Tax: $0 to $15,000 $15,001 to $50,500 $50,501 to $165,000 8% 14% 23%
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- Government G levies an income tax with the following rate structure: Percentage Rate Bracket Income from -0- to $30,000 Income from $30,001 to $70,000 Required: 6% 10 20 28 Income from $70,001 to $200,000 Income in excess of $200,000 a. Taxpayer A's taxable income is $156,600. Compute A's income tax liability and average tax rate. What is A's marginal tax rate? b. Taxpayer B's taxable income is $486,100. Compute B's income tax liability and average tax rate. What is B's marginal tax rate? Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required A Required B Taxpayer A's taxable income is $156,600. Compute A's income tax liability and average tax rate. What is A's marginal tax rate? Note: Round your percentage answers to 2 decimal places and other answers to the nearest whole dollar amount. Taxpayer A Income tax $ 23,519 x Average tax rate Marginal tax rate 15.02 x % 20.00 %The tax rates are as shown below: Taxable Income Tax Rate $0 - 50,000 50,001 - 75,000 75,001 100,000 100,001 - 335,000 The taxable income is $80,500. How much additional tax will you owe if you increase your taxable income by $21,700? 15% 25% 34% 39%$695.00 ÷ 26 = $26.73 tax per pay period Practice Using the following graduated income tax rates, find the tax withheld per pay period. State Tax Rate 2.75% 3.25% 5.00% Annual Income Earned First $10,000 Next $15,000 Over $25,000 1. Annual salary: $38,550; personal exemptions: $4,400; paid biweekly. 2. Annual salary: $47,425; personal exemptions: $3,000; paid weekly. 3. Annual salary: $29,149; personal exemptions: $2,200; paid monthly. 4. Annual salary: $24,872; personal exemptions: $1,500; paid semimonthly. 5. Standardized Test Practice Mitchell Gomez is an auto mechanic. His annual gross salary is $35,500. He is married with 1 dependent, allowing him $3,700 in yearly personal exemptions. If his state income tax is based on the following graduated rate, how much is withheld from his semimonthly paycheck? State Tax Rate 3.25% 3.60% 4.90% A. $46.49 B. $54.04 Annual Income Earned First $15,000 Next $15,000 Over $30,000 C. $92.98 D. $1,115.70 Copyright by The McGraw-Hill Companies, Inc.…
- 1. What is the tax due and payable amount in fiscal year 20x1? Fiscal year June 20, 20x1 (5th year) 20x2 Sales 80,000,000 75,000,000 Cost of Sales 50,000,000 46,875,000 Allowable Deductions excluding NOLCO 32,000,000 25,000,000 2. Using the information above, how much is tax due in fiscal year 20x2?Subject : Accounting Use the 2021 marginal tax rates to compute the tax owed by the person with the given filing status, taxable income, and tax credit. Single with a taxable income of $17,000 and a $2,000 tax credit Tax Rate Single 10% up to $9,950 15% $9,951 to $40,525 The tax owed is _____ dollars. (Type an integer or a decimal, Round to the nearest cent as needed.)FEDERAL PAYROLL TAXES Bracket ($) 0-9,700 9,701 - 39,475 39,476-84,200 84,201 - 160,725 160,726 - 204,100 204,101 - 510,300 510,301 - Marginal Tax Rate 10% 12% 22% 24% 32% 35% 37% TABLE 1: 2019 single taxpayer brackets and rates Exercise 1: Suppose your taxable income is $50,000. Compute your federal income tax. Individual Taxpayers Income Tax Bracket ($) 0-9,700 9,701 - 39,475 39,476 - 84,200 84,201 - 160,725 160,726 - 204,100 204,101 - 510,300 510,301 - Taxes Owed 10% within bracket $970 + 12% within bracket $4,543 + 22% within bracket $14,382.50 +24% within bracket $32,738.50 +32% within bracket $46,628.50 +35% within bracket $153,798.50 +37% within bracket TABLE 2: 2019 tax brackets Exercise 2: Your taxable income is $50,000. Use Table 2 to recompute your federal income tax. Exercise 3: Your taxable income is $50,000. Compute your effective tax rate
- Use the table to the right to calculate the federal income tax due for a taxable income of $87,000 The income tax due is $ (Type an integer or a decimal) If your taxable income is Over- But not Over- 50 $9,275 $9,275 $37,650 $37,650 $91,150 $91,150 $190,150 $190,150 $413,350 $413,350 The tax is 10% $927.50+15% $5,183 75+25% $18,558.75+28% $46,278 75+33% $119.934 75+35% Save of the amount Over- $0 $9,275 $37,650 $91,150 $190,150 $413,3502023 TAXABLE INCOME FIRST $53,359 OVER $53,359 TO $106,717 OVER $106,717 TO $165,430 OVER $ $165,430 TO $237,675 OVER $235,675 Budget & Fiscal Policy FILL IN THE BLANK TAX RATE 15.00% 20.50% 26.00% 29.32% 33.00% A) The marginal rate of tax for someone making a salary of $52,000. type your text here Based on the Canadian Federal Income Tax Brackets for 2023 shown above, calculate and input the numeric answers to the questions below. Round off your answers to the nearest dollar. Do not use $, decimals or comma. For example, instead of $23,486.52, write 23487. For answers requiring a tax rate, enter only the numeric value with two decimal places, with "%" symbol. For example, 20.50%).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…
- What amount of current income tax liability should be reported at year end? a. ₱ 1,780,000 b. ₱ 2,280,000 c. ₱ 2,880,000 d. ₱ 2,580,000The total tax on an income of $256,600 is: Select one: a. $96,194 b. $113,900 c. $112,944 d. $128,544 e. $83,324 ???Refer to the following table to answer the following questions: 2012 Federal Income Tax Brackets Taxable Income Tax Rate 10 percent $0-$8,700 $8,701-$35,350 15 percent 25 percent $85,651-$178,650 28 percent $178,651-$388,350 33 percent 35 percent $35,351-$85,650 Over $388,350 Using the table, what is the total payroll tax bill (assume zero state and local income taxes) for someone who makes $67,000 per year? O $5.125.50 O $17.905.25 O $23,030.75 O $16.933.75 O $13.751.25