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- How much is the income tax payable assuming the taxable year is 2021? a. 330,000 b. 775,000 c. 800,000 d. 3,180,000Chuck, a single taxpayer, earns $75,000 in taxable income and $10,000 in interest from an investment in City of Heflin bonds. (Use the U.S tax rate schedule.) Required: a. How much federal tax will he owe? b. What is his average tax rate? c. What is his effective tax rate? d. What is his current marginal tax rate? Complete this question by entering your answers in the tabs below. Req A Req B Choose Numerator Req C What is his average tax rate? (Do not round intermediate calculations. Round total tax to nearest whole dollar amount.) 1 1 Req D Choose Denominator Average Tax Rate 02023 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 ernment Budget Fiscal Policy FILL IN THE BLANK UNIT TAX RATE 15.00% 20.50% 26.00% 29.32% 33.00% D) The average tax rate for someone making $120,000. 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%).
- How about if the question is How much is the income tax payable assuming the taxable year is 2021? a. 330,000 b. 775,000 c. 800,000 d. 3,180,000Employee contributions to their FSA that exceed Multiple Choice O O O $2,750 $3,050 $3,550 ****** RES NextWhat is the taxable income for the year 2020? A. P25,000 B. P75,000 C. P280,620 D. P300,000
- Chuck, a single taxpayer, earns $75,000 in taxable income and $10,000 in interest from an investment in City of Heflin bonds. (Use the U.S. tax rate schedule.) Required: a. If Chuck earns an additional $40,000 of taxable income, what is his marginal tax rate on this income? b. What is his marginal rate if, instead, he had $40,000 of additional deductions? (For all requirements, do not round intermediate calculations. Round percentage answers to 2 decimal places.) a. Marginal tax rate b. Marginal tax rate2021 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over:But not over: The tax is: $ 9,950 $ 40,525 $ 86,375 $ 164,925 $ 209,425 $ 523,600 $ 10% of taxable income $ 9,950 $ 40,525 $ 86,375 $ 164,925 $ 209,425 $ 523,600 $995 plus 12% of the excess over $9,950 $4,664 plus 22% of the excess over $40,525 $14,751 plus 24% of the excess over $86,375 $33,603 plus 32% of the excess over $164,925 $47,843 plus 35% of the excess over $209,425 $157,804.25 plus 37% of the excess over $523,600 Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over:But not over: The tax is: $ 19,900 $ 81,050 $ 172,750 $ 329,850 $ 418,850 $ 628,300 $ 10% of taxable income $ 19,900 $ 81,050 $ 172,750 $ 329,850 $ 418,850 $ 628,300 $1,990 plus 12% of the excess over $19,900 $9,328 plus 22% of the excess over $81,050 $29,502 plus 24% of the excess over $172,750 $67,206 plus 32% of the excess $95,686 plus 35% of the excess over $418,850 $168,993.50 plus 37% of the…Pete and his wife live in a home with their 13-year-old dependent son. This year, they had the following tax information. Pete's salary Wife's income as an independent contractor LT capital gains Deduction for % of self-employment tax State and local taxes Charitable Contributions Compute their adjusted gross income (AGI). #107 000 $ 60,000 95,000 2,800 6,712 9,200 3,500
- 2023 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 FILL IN THE BLANK TAX RATE 15.00% 20.50% 26.00% 29.32% 33.00% C) The total income tax burden if your salary is $85,000. 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%).How much is the total income tax expense recorded for the year ended December 31, 2019? a. P246,000 b. P270,000 c. P540,000 d. P786,0002018 Individual Tax Rates Single Individuals If Your Taxable Income Is Up to $9,525 $9,525 - $38,700 $38,700 - $82,500 $82,500 $157,500 $157,500 - $200,000 $200,000 $500,000 You Pay This Amount on the Base of the Bracket $0 If Your Taxable Income Is 952.50 4,453.50 14,089.50 32,089.50 45,689.50 150,689.50 Over $500,000 Standard deduction for individual: $12,000 Married Couples Filing Joint Returns Plus This Percentage on the Excess over the Base (Marginal Rate) 1,905.00 10.0 8,907.00 28,179.00 64,179.00 91,379.00 161,379.00 12.0 22.0 24.0 32.0 35.0 You Pay This Amount on the Base of the Bracket $0 37.0 Plus This Percentage on the Excess over the Base (Marginal Rate) 10.0 12.0 22.0 24.0 Average Tax Rate at Top of Bracket % 32.0 35.0 37.0 Up to $19,050 $19,050 - $77,400 $77,400 - $165,000 $165,000 - $315,000 $315,000 $400,000 $400,000 - $600,000 Over $600,000 Standard deduction for married couples filing jointly: $24,000 Quantitative Problem: Jenna is a single taxpayer. During 2018, she…
