Marginal Tax Rate Chart Marginal Tax Rate Tax Bracket $0-$10,275 10% $10,276-$41,175 12% $41,176-$89,075 22% $89,076-$170,050 24% $170,051-$215,950 32% $215,951-$539,900 35% > $539,901 37% Determine the amount of taxes owed on a taxable income of $38,520. O $3,852.00 $4,416.90 $4,622.40 $8,474.40
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- Proposed Regressive Plan (Regressive Tax) Calculate the tax for $95,000 . For example, $10,000x40%=$4,000 in tax. Show your work!! 40% on income up to $25,000 30% on income between $25,000 and $34,000 25% on income between $34,000 and $44,000 20% on income between $44,000 and $80,000 10% on taxable income over $80,000 TOTAL TAX PAID (sum of all rows):Assume the following: Revenue = $1,500; COGS = $450; SGA = $300; EBIT = $600; Taxable income = $525; Net Income = $315. What is Taxes? 29% 8% 14% 40%Federal Income Tax Summary (2018) Top 1% Top 5% Top 10% Top 25% Top 50% Bottom 50% All Taxpayers Number of Returns 1,443,179 7,215,893 14,431,787 36,079,467 72,158,933 72,158,933 144,317,866 Adjusted Gross Income ($ millions) $2,420,025 $4,217,996 $5,511,117 $7,969,121 $10,221,814 $1,342,069 $11,563,883 Share of Total Adjusted Gross Income 20.9% 36.5% 47.7% 68.9% 88.4% 11.6% 100.0% Income Taxes Paid ($ millions) $615,716 $926,367 $1,096,343 $1,336,041 $1,491,041 $45,137 $1,536,178 Share of Total Income Taxes Paid 40.1% 60.3% 71.4% 87.0% 97.1% 2.9% 100.0% Income Split Point $540,009 $217,913 $151,935 $87,044 $43,614 $43,614 Average Tax Rate 25.4% 22.0% 19.9% 16.8% 14.6% 3.4% 13.3% Note: numbers above are for taxpayers, not households… i.e. “the top 25% of taxpayers,” not “households”. 3. The top 1% of taxpayers make at least…
- Description FY10 FY11 FY12 FY13 FY14 Financial Statements GBP m GBP m GBP m GBP m GBP m Income Statements Revenue 4,390 3,624 3,717 8,167 11,366 Profit before interest & taxes (EBIT) 844 700 704 933 1,579 Net Interest Payable (80) (54) (98) (163) (188) Taxation (186) (195) (208) (349) (579) Miniorities (94) (99) (105) (125) (167) Profit for the year 484 352 293 296 645 Balance Sheet Fixed Assets 3,510 3,667 4,758 10,431 11,483…10. Nu Company reported the following pretax data for its first year of operations. Net sales 2,800 Cost of goods available for sale 2,500 Operating expenses 880 Effective tax rate 25 % Ending inventories: If LIFO is elected 820 If FIFO is elected 1,060 What is Nu's net income if it elects FIFO? a. 480 b. 360 c. 1360 d. 180Sales = $1000 and costs = $500. Interest expense = $100 and depreciation = $100. The tax rate is 30%. Net income? A. $210B. $300C. $90D. $270
- Selected ratios formulars Unilever 2021 BOPP 2021 ROCE PBIT / net assets * 100 (32,424/39,406 *100 = - 82% 102,154 / 192,758 *100 =53% Net Assets Turnover Revenue / Net Assets 526,912 / 39,406 = 13 times 214,174 / 192,758 = 1 time Gross Profit Margin Gross profit / revenue *100 97,046 / 526,912 *100 18.4% 115,462 / 214,174 * 100 54% Net Profit Before Tax PBT / revenue * 100 (35,005) / 526,912* 100 = -6.6% 104,778 / 214,174* 100 =48.9% Current Ratio Current assets / current liabilities 214,665/341,171 = 0.5 139,104 / 30,368 = 4.5 Quick Ratio Current assets – inventory / current liabilities 214,665-91,627 /341,171 = 0.4 139,104 -13,248/ 30,368 = 4.1 Inventory Days Inventory / cost of sales * 365 days 91,627/ 429,866 *365 = 77 days 13,248 / 101,397 *365 = 47 days Receivable Days Receivables / cost of sales * 365 days 24,515 / 429,866 *365 =20 days 92,860 / 101,397 *365 =334 days Payable Days…For income tax purposes, what is the amount of gross income given the following amounts? Gross sales 4,000,000.00 Sales discounts, returns and allowances 100,000.00 Cost of sales 1,500,000.00 Itemized deductions 800,000.00 Given the amount, how much is the minimum corporate income tax? Group of answer choices P78,000.00 P34,000.00 P32,000.00 P48,000.00Calculate (A) actual sales and (B) sales tax liability:Total sales: $23,152.81 (includes a 5% tax.) (Round your answers to the nearest cent.) A. Actual sales B. Sales tax liability
- Single Taxable Income Tax Brackets and Rates, 2017RateTaxable Income Bracket10%$0 to $9,32515%$9,325 to $37,95025%$37,950 to $91,90028%$91,900 to $191,65033%$191,650 to $416,70035%$416,700 to $418,40039.60%$418,400+ Use the following tax table to determine how much income tax is paid on 391500 of taxable income.With the following data, compute the NET FUTA Tax. Gross FUTA Tax DUE $ 6,750 Credit against FUTA (assume applicable) $3,100 Group of answer choices $3,100 $7,000 $3,650 $6,750I need help with required 2 please. Problem 16-8 (Algo) Multiple differences; taxable income given; two years; balance sheet classification; change in tax rate [LO16-1, 16-2, 16-3, 16-5, 16-6, 16-8] [The following information applies to the questions displayed below.] Arndt, Inc. reported the following for 2021 and 2022 ($ in millions): 2021 2022 Revenues $ 936 $ 1,028 Expenses 792 848 Pretax accounting income (income statement) $ 144 $ 180 Taxable income (tax return) $ 108 $ 214 Tax rate: 25% Expenses each year include $54 million from a two-year casualty insurance policy purchased in 2021 for $108 million. The cost is tax deductible in 2021. Expenses include $2 million insurance premiums each year for life insurance on key executives. Arndt sells one-year subscriptions to a weekly journal. Subscription sales collected and taxable in 2021 and 2022 were $55 million and $71 million, respectively. Subscriptions…