go.01 Mrs. Cox, a head of household, earned a $313,000 salary and recognized a $29,300 net long-term capital gain this year. Use Individualtax rate schedules and Tax rates for capital gains and qualified dividends.Required:Compute the income tax on the gain if:Note: Do not round intermediate calculations. Round your final answers to nearest whole dollar amount.a. None of the gain is collectibles gain or unrecaptured Section 1250 gain.b. $10,000 is collectibles gain.c. $15,500 is unrecaptured Section 1250 gain.d. $1,700 is collectibles gain and $22,000 is unrecaptured Section 1250 gain.a. Income tax on gainb. Income tax on gainc. Income tax on gaind. Income tax on gainAmount

a. Step 1: Calculate taxable incomeTaxable income = Salary + Net long-term capital gainTaxable…

Answered: Mrs. Cox, a head of household, earned a…

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter26: Tax Practice And Ethics

Section: Chapter Questions

Problem 31P

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-S Using the tax table, determine the amount of taxes for the following situations: (Do not round intermediate calculations. Round your answers to 2 decimal places.) a. A head of household with taxable income of $58,000. Tax amount b. A single person with taxable income of $36,200. Tax amount c. Married taxpayers filing jointly with taxable income of $72,600. Tax amount
A derived its income from its self-operated talpakan business. The details of his business for 2021 are as follows: Gross Receipts - P100,000.00 Operating Expenses - P50,000.00 Income taxes withheld in general - P10,000.00 Question: Where is the income taxes withheld be credited? Group of answer choices Tax payable Tax credit None of the above Taxable income
A derived its income from its self-operated talpakan business. The details of his business for 2021 are as follows: Gross Receipts - P100,000.00 Operating Expenses - P50,000.00 Income taxes withheld in general - P10,000.00 Question: Assuming that the tax rate is 25%, what is the income tax payable of A? Group of answer choices P2,500.00 P12,500.00 P25,000.00 P15,000.00
Timmy Tappan is single and had $189,000 in taxable income. Use the rates from Table 2.3. a. Calculate his income taxes. (Do not round intermediate calculations.) b. What is the average tax rate? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) c. What is the marginal tax rate? (Do not round intermediate calculations.) Answer is complete but not entirely correct. $ a. Income taxes b. Average tax rate c. Marginal tax rate 47,843 X 478.43 X % 32 %
Using the tax table, determine the amount of taxes for the following situations: (Do not round intermediate calculations. Round your answers to 2 decimal places.) a. A head of a household with a taxable income of $62,000. b. A single person with a taxable income of $37,800. c. Married taxpayers filing jointly with taxable income of $73,400
Assuming that Mimaropa is a corporate taxpayer, compute the taxable income. Mr. Mimaropa reported the following data in 2021. Sales Cost of Sales Gain on Sale of Equipment Interest Income from Bank Deposits Deductible Expenses Non-deductible Expenses Your answer P 1,000,000 600,000 60,000 40,000 300,000 200,000 m
Use the 2012 marginal tax rates to compute the tax owed by the following person. Round taxable income to the nearest dollar as needed. a single male, no dependents. Gross income: $84,000 Deductions: $31,000 mortgage interest $4795 property taxes $4000 charitable contributions Adjustments: $3000 Tax credit: none Click the icon to view the 2012 marginal tax rates. The income tax owed is $ (Round to the nearest cent as necessary.) Mati
I. Final Income taxation is characterized by: 1. Full taxes are withheld by the income payor at source. 2. Recipient receives the income net of tax 3. Payor is the one required by law to remit the tax to government 4. Recipient need not file an income tax return 5. Tax withheld constitutes full tax due and deemed final payments EXAMPLE: Mr. C is a depositor of W bank and earns an interest income of P8,000 in a 6-month time deposit on year 2020. This interest income is subject to 20% final tax or P1,600. Requirements: Discuss final income tax using the names and amounts given. For example, In final income taxation, Mr. receives the income of P6,400 net of tax.
Michael has the following items of income and expense for the current year: Interest income Qualified dividend income Investment interest expense Investment counseling fee His marginal tax rate is 37% and his long-term capital gains rate is 20%. (a) $12,850 $10,570 $19,220 $2,160 How much of the investment interest expense can Michael deduct as an itemized deduction if no election is made to treat any of the qualified dividend income as investment income? Deduction $
This term refers to an asset sold for more than its original value. Using taxable income, it is based on tax tables or tax rate schedules. During this transaction, you can exclude the first $250,000 ($500,000 for married taxpayers) of gain on sale. This term refers to passive income offset. This term essentially includes all income subject to federal tax.
What is this individual's gross personal cash flow available for debt service if an individual's personal tax returns list: Wages and salaries are $80,000; Non-taxable amount of retirement distribution is $4,000; Taxable amount of retirement distribution is $21,000; Net profit from a sole proprietorship is $8,000; Depreciation within the sole proprietorship is $7,000; Annual living expenses on the individual's personal financial statements are $16,000.

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