Calculate the tax liability, after-tax earnings, and average tax rates for the following levels of partnership earnings before taxes: $11,600; $78,900; $308,000; $499,000; $1.2 million; $1.7 million; and $2.1 million. Cound dollars to the nearest cent and round percentages to one decimal place.) Before-Tax Earnings $11.600 Data table Click the icon here in order to copy the contents of the data table below into a spreadsheet.) TABLE 1.2: Federal Income Tax Rates and Brackets for Individual Returns (2018) Taxes Tax Rates 10.0% 12.0% 22.0% 24.0% 32.0% 35.0% 37.0% Taxable Income $0 to $9,875 $9.876 to $40,125 $40,126 to $85,525 $85,526 to $163,300 $163,301 to $207,350 $207,351 to $518,400 Over $518,401 Print Tax Liability S 10% of taxable income $987.50, plus 12% of the amount over $9,875 $4,617.50, plus 22% of the amount over $40,125 $14,605.50 plus 24% of the amount over $85,525 $33,271.50, plus 32% of the amount over $163,300 $47,367.50, plus 35% of the amount over $207,350 $156,235.50, plus 37% of the amount over $518,400 Done - X After-Tax Earnings $ Average Tax Rate

Calculate the tax liability, after-tax earnings, and average tax rates for the following levels of partnership earnings before taxes: $11,600; $78,900; $308,000; $499,000; $1.2 million; $1.7 million; and $2.1 million. Cound dollars to the nearest cent and round percentages to one decimal place.) Before-Tax Earnings $11.600 Data table Click the icon here in order to copy the contents of the data table below into a spreadsheet.) TABLE 1.2: Federal Income Tax Rates and Brackets for Individual Returns (2018) Taxes Tax Rates 10.0% 12.0% 22.0% 24.0% 32.0% 35.0% 37.0% Taxable Income $0 to $9,875 $9.876 to $40,125 $40,126 to $85,525 $85,526 to $163,300 $163,301 to $207,350 $207,351 to $518,400 Over $518,401 Print Tax Liability S 10% of taxable income $987.50, plus 12% of the amount over $9,875 $4,617.50, plus 22% of the amount over $40,125 $14,605.50 plus 24% of the amount over $85,525 $33,271.50, plus 32% of the amount over $163,300 $47,367.50, plus 35% of the amount over $207,350 $156,235.50, plus 37% of the amount over $518,400 Done - X After-Tax Earnings $ Average Tax Rate

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter21: The Statement Of Cash Flows

Section: Chapter Questions

Problem 14RE

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