1. What is your combined (federal and provincial)marginal tax rate? A)32.5% B)25% C)30.5% D)24% E)38% 2. How much will you owe in personal income tax, rounded to the nearest whole number? A)$37,016 B)$56.240 C)$35,147 D)$41,155 E)$37.852 What is your average tax rate? A)25% B)32.5% C)24% D)30.5% E)26%
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You've just graduated and managed to find great job here in Alberta with a starting salary of $148.000.(lucky you !) you are eligible for deductions of $5,000 and you have unused tuition tax credits of $2.000 you plan to use this year in addition to your basic personal amount of $4.008. use the 2021 tax schedules from your notes in answer the following questions.
1. What is your combined (federal and provincial)marginal tax rate?
A)32.5% B)25% C)30.5% D)24% E)38%
2. How much will you owe in personal income tax, rounded to the nearest whole number?
A)$37,016 B)$56.240 C)$35,147 D)$41,155 E)$37.852
What is your average tax rate?
A)25% B)32.5% C)24% D)30.5% E)26%
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- please explain in step to step on how to get this answer. answer is 95,259.00 Jason graduated in 2017 and landed a job after graduation in Orlando for Finance. If his taxable income for 2019 is $68000, how much federal income tax will he owe given the 2019 federal income tax brackets below? 15% on the first $47,630 of taxable income, plus 20.5% on the next $47,629 of taxable income (on the portion of taxable income over 47,630 up to $95,259), plus 26% on the next $52,408 of taxable income (on the portion of taxable income over $95,259 up to $147,667), plus 29% on the next $62,704 of taxable income (on the portion of taxable income over 147,667 up to $210,371), plus 33% of taxable income over $210,3711. A, resident citizen, has the following income for year 2019: Compensation income of 1,000,000 and Other income of 200,000. What is the income tax due? 2.The minimum wage in Marawi City is 550 per day. A, a laborer, earns 900 per day. He worked for 280 days in 2019. How much is the ANNUAL income tax due of A? 3. Asta, non-resident citizen has the following income for 2019: Business income in USA of 7,000,000 and; Compensation income of 2,000,000 earned in the Philippines. How much is the income tax due of Asta?During 2019, Carl (a single taxpayer) has a salary of $91,500 and interest income of $11,000. Calculate the maximum contribution Carl is allowed for an educational savings account. $0 $400 $1,000 $2,000 Some other amount
- Required Information [The following Information applies to the questions displayed below.] Read the following letter and help Shady Slim with his tax situation. Please assume that his gross income is $173,210 (which consists only of salary) for purposes of this problem. December 31, 2023 To the friendly student tax preparer: HI, It's Shady Slim again. I just got back from my 55th birthday party, and I'm told that you need some more information from me in order to complete my tax return. I'm an open book! I'll tell you whatever I think you need to know. Let me tell you a few more things about my life. As you may recall, I am divorced from my wife, Alice. I know that it's unusual, but I have custody of my son, Shady Jr. The judge owed me a few favors and I really love the kid. He lives with me full time and my ex-wife gets him every other weekend. I pay the vast majority of my son's expenses. I think Alice should have to pay some child support, but she doesn't have to pay a dime. The…Data: In 2020, Elaine paid $2,160 of tuition and $900 for books for her dependent son to attend State University this past fall as a freshman. Elaine files a joint return with her husband - AGI $165,500. Question: What is the maximum American opportunity tax credit that Elaine can claim for the tuition payment and books ? Thx, StephanieWhich of the following statements is true regarding education tax credits? Group of answer choices The American Opportunity credit permits a maximum credit of 20% of qualified expenses up to $10,000 per year. The lifetime learning credit is available for qualifying tuition and related expenses incurred by students pursuing only graduate degrees. The American Opportunities Credit is only available for the first four-years of higher education. The American Opportunity Credit is calculated per return, while the lifetime learning credit is available per eligible student.
- K Ltd. paid an employee a tax-free travel allowance of $7, 700 based on 7,000 kilometres of out-of - town driving in 2023. What amount can K deduct for tax purposes? Please can you solve this based on the CRA thank you!You are filling out your 1040 form for tax season. You find that you paid $3,296.44 in Federal Taxes. Using your taxable income and the tax table, you find you should have paid $3,016 in Federal Taxes. Do you get a refund or do you owe the government money? Why?Use the following information to calculate the federal average tax rate (ignore tax credits) for a taxpayer who earned $115,000 from employment, and where bonds were sold for $20,000 during the year that originally cost $10,000: Taxable income Up to $47,630 On the next $47,629 On the next $52,408 On the next $62,704 Over $210,371 Select one: Tax Rate 15% 20.5% Based on the above, the average tax rate (ATR) is closest to: a. 19.15% b. 19,45% c. 20.5% d. 26.0% 26% 29% 33%
- D6) The 2021 standard deduction is $12,600 and deductions for state and local taxes are limited to $10,000. You are already choosing to itemize your deductions becaue of charitible contributions. You expect to pay $8,000 of state income taxes in 2021 and you are looking at the tax benefits associated with purchasing a single family home as your primary residence. You estimate that the mortgage interest in 2021 will be $15,000 and the property taxes will be $6,000. What is the tax benefit associated with homeownership if your marginal tax rate is 22%?Troy graduated in civil engineering from Concordia two years ago and decided to work in the remote area of northern Quebec. He is making great money and saving it all. What is Troy's average rate of tax if in 2021 he paid taxes of $58,232.74 on his gross income earned of $135,000? (ignore Non-Refundable Tax Credits, Quebec Abatement, and any employer withholdings) A 43.14% B 38.09% C 49.97% D 33.29% E 29.35%1. Consider the 2020 information for a single taxpayer without children: Situation A Situation B Wage Income Tax free intertest income Medical expenses paid State income taxes paid 85,000 105,000 2,200 2,200 7,950 3,800 450 3,800 Local property taxes paid Mortgage Interest paid Charitbale contributions 4,000 5,100 2,900 480 a. What is the total taxes owed under each scenario? b. In each scenario, what is the effective tax rate based on Taxable income? In each scenario, what is the marginal tax rate? C.