Charlotte has an effective tax rate of 22%. This year she reported the following: salary of $175,000, investment income of $4000, expenses of $15,000, and a standard deduction of $12,000. Approximate federal income taxes are closest to:
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Charlotte has an effective tax rate of 22%. This year she reported the following: salary of $175,000, investment income of $4000, expenses of $15,000, and a standard deduction of $12,000. Approximate federal income taxes are closest to:
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- Lisa records nonrefundable Federal income tax credits of 65,000 for the year. Her regular income tax liability before credits is 190,000, and her TMT is 150,000. a. What is Lisas AMT? b. What is Lisas regular income tax liability after credits?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%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?
- Suppose that you are an individual taxpayer who is self-employed. For the year, you projected a 10% increase from last year's gross receipts of P2,000,000. There is also an 8% increase in total cost and expenses of P900,000. In the first quarter of the year, would you signify your intention to be taxed at 8% optional gross income tax (OGIT)? Justify your answer 2. Debbie Corporation (DC) is one of the leading domestic manufacturers in the country. For the year, it has gross sales of P800,000,000, cost of sales of P160,000,000, and other expenses of P120,000,000. It also earns P500,000 interest income from the bonds it holds in Myanmar. Suppose that you are the Chief Financial Officer (CFO) of DC. Now, choose one (1) action you will take to manage the tax of DC and discuss itLast year, Marylynn opened Baron’s Appliance Sales and Service. Her tax accountant provided the year’s results. Gross income = $320,000 Business expenses = $149,000 MACRS depreciation = $95,000 Average federal tax rate = 18.5% Average state tax rate = 6% City and county flat tax rates combined = 4.5%Determine the following for Marylynn.a. Taxable income.b. Exact amount of federal income taxes.c. Estimate of percent of the GI needed to pay all income taxes—federal, state, city and county.Tammie pays federal income taxes at the incremental rate of 22% and state income taxes at the incremental rate of 3.4%. What is her combined incremental income tax rate?
- Last year Diana's annual income was $31,305. Use the following Income Tax relationship to calculate how much Diana paid last year in income tax. Round your answer to the nearest dollar. Only enter the number. Do not enter the dollar sign. For example: 11,526 The file Income Tax Calculations can be opened and printed. Income Tax Calculations Annual Income: Total Amount of Income Tax: Maximum Total Maximum Amount of Income Within Each Bracket Amount of Actual Income Within Marginal Tax Maximum Amount of Tax Within Each Amount of Actual Maximum Total Income for Each Rate per Tax Within Each Bracket Amount of Tax Bracket Each Bracket $100 earned Within Each Bracket Bracket more than $37 tax more than $518,400 $153,225 no more than $311,050 $35 tax $105,857.50 no more than $518,400 $153,225 no more than $44,050 $32 tax $14,096 $207,350 no more than $47,367.50 no more than $77,775 $24 tax $18,666 $163,300 no more than $33,271.50 no more than $45,400 $22 tax $9,988 $85,525 no more than…4.An individual made $85,000 for the year. Using the tax given , answer the following questions: A.What is this person's marginal tax rate? B.How much tax does this person owe? C.What is the effective tax rate?Congress would like to increase tax revenues by 5.5 percent. Assume that the average taxpayer in the United Staes earns $56,000 and pays an average tax rate of 20 percent. If the income effect is in effect for all taxpayers, what average tax rate will result in a 5.5 percent in tax revenues?
- Maxwell's annual financial statements show operating profit before interest and tax of $415,386 thousand, net income of $254,418 thousand, provision for income taxes of $73,016 thousand and net nonoperating expense before tax of $87,593 thousand.Assume Maxwell's statutory tax rate for the year is 37%. What is Maxwell's tax shield?:Suppose a tax is such that an individual with an income of $10,000 pays $2000 of tax, a person with an income of $20,000 pays $3000 of tax, a person with an income of $30,000 pays $4000 of tax, and so forth. What is each person’s average tax rate? Is this tax regressive, proportional, or progressive?You received $5,000 in interest revenue during the year. Your federal marginal tax rate was 26% and average tax rate was 20%. How much federal income taxes did you pay? Select one: a. $1,300 b. $1,650 c. $950 d. $1,450 e. $3,300
