1. Ch03 Financial Planning Exercise 4Chapter 3Financial Planning Exercise 4Effect of tax credit vs. tax exemptionBy defining after-tax income, demonstrate the differences resulting from a $1,500 tax credit versus a $1,500 tax deduction for a single taxpayer in the 25% tax bracket with $41,000 of pre-tax income. Round your answers to two decimal places. (Use Exhibit 3.3.)Deduction $Credit$

A single taxpayer is a person who is unmarried and files income tax. The pre-tax income is the…

Answered: 1. Ch03 Financial Planning Exercise 4…

PFIN (with PFIN Online, 1 term (6 months) Printed Access Card) (New, Engaging Titles from 4LTR Press)

6th Edition

ISBN:9781337117005

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter3: Preparing Your Taxes

Section: Chapter Questions

Problem 7FPE

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Activity 5Answer the following questions below using the graduated tax table. Write your answer on the space provided after every questions.a. How much is the tax due on a taxable income of P150,000?Answer:b. How much is the tax due on a taxable income of P290,000?Answer:c. Ms. Carol earns compensation income of P3,230,000 during a taxable year. How much is the tax due of Ms. Carol? Answer:d. Mrs. Emily married earns compensation income of P460,000 during 2019. How much 1s the tax due of Mrs. Emily? Answer: Week 5 ACTIVITIES 5 29 Fundamentals of Accountancy, Business and Management 2e. The payslip of Mr. Budoy shows the following information:Basic salary P348,000SSS contribution 6,976PhilHealth contribution 4,500Pag-IBIG contribution 1,210How much is the tax due to Mr. Budoy?Answer:
Return to question Given the following tax structure: Salary $ 40,500 Taxpayer Total Tax $ 2,349 Pedro 000 ES $ a. What is the minimum tax that Pedro should pay to make the tax structure vertically equitable with respect to the amount of tax paid? X Answer is complete but not entirely correct. $3,074 b. This would result in what type of tax rate structure? Answer is complete and correct. Tax rate structure Regressive 5:03 AM x> ツ 10/26/2021 61°F to search N4
Section 12.2 Assessment QUICK CHECK Calculate Given the informa- tion above, use Form 1040EZ in Figure 12.4 on pages 394 and 395 and the corresponding tax table in Figure 12.5 on page 397 to determine whether Shirley will owe the government money or will obtain a refund. How much money will she owe, 1. Who must file a federal income tax return? 2. What are the three basic tax forms discussed in this section? 3. What documents do you need to begin to prepare your tax return? THINK CRITICALLY or how much will her refund be? 4. Briefly describe situations in which it would be advantageous to use Form 1040A instead of Form 1040EZ. When would you use Form 1040EZ? SOLVE MONEY PROBLEMS 6. Planning for Tax Time Poor Fred. Tax time is drawing near, and he does not know how to begin to prepare his income tax return. He has piles of forms and other paperwork, but he just cannot figure out what to do with them. Fred needs help, USE MATH SKILLS 5. A Taxing Question Last year, Shirley, a single…
Table 1.4 Use the following tax rates and income brackets to answer the following question(s). Tax Rate Individual Returns 10% $0 to $8,350 15% $8,351 to $33,950 $33,951 to $82,250 $82,251 to $171,550 $171,551 to $372,950 Over $372,951 25% 28% 33% 35% Joint Returns $0 to $16,700 $16,701 to $67,900 $67,901 to $137,050 $137,051 to $208,850 $208,851 to $372,950 $16,750 $18,836 $22,425 $25,116 Over $372,951 Josh earned $89,700 in taxable income and files an individual tax return. What is the amount of Josh's taxes for the year?
#14 Objective G-1-2 continued. 14. In prior years, the taxpayer's adjusted AMT and minimum tax credit were as follows: Minimum Tax Credit Year 2014. 2015. 2016. 2017. Adjusted AMT $25,000 $15,000 $10,000 $12,000 The taxpayer's minimum tax credit for 2018 (before any limitation) is: 14. o a $52,000 Ob $42,000 OC. $27,000 od. $17,000
Concept Review 3.1- Please turn to page 151 of the text and complete Financial Planning Problem 1. (Personal Finance, 13th ed., Kapoor, Dlabay) Computing Taxable Income: Ross Martin arrived at the following tax information… Gross salary: $56,145 Interest earnings: $205 Dividend income: $65 Standard deductions: $12,000 Itemized deductions: $11,250 Adjustments (subtractions) to income: $1,200 What amount would Ross report as taxable income?
Hello I’m using Cengage chapter 11 What is the social tax deduction on a gross pay of 720 dolars. Also do you provide entire answer keys ?
Question content area top Part 1 Determine how much the following individual will save in taxes with the specified tax credits or deductions. Rosa is in the 28% tax bracket and claims the standard deduction. How much will her tax bill be reduced if she makes a $500 contribution to charity?
Problem 4 Suppose tax = 0%. Consider an EITC program in which the maximum credit is $4000. An individual who has earned income between $10,000 and $15,000 receives the maximum credit (i.e.- someone who has earned income of $10,000 will have total income of $14,000 because of the tax credit). An individual who has earned income of $19,000 has total income of $19,250. What is the implicit tax rate that the individual who has earned income of $19,000 faces? (Express your answer as a percentage. Don't enter a percentage sign. Round your final answer to four decimal places if necessary. For example, if the tax rate is 99.9%, enter your answer as 99.9.)
Problem 3-26 Tax Rates (LO4) Using Table 3.6, calculate the marginal and average tax rates for a single taxpayer with the following incomes: (Do not round intermediate calculations. Round your answers to 1 decimal place.) SA a. $ b. $ C. $ d. $ Income 24,500 59,000 309,000 3,900,000 Marginal Tax Rate % % % % Average Tax Rate % % % %
Question 3 Kansas State Income Taxes rates for Singles are 3.1% I $30,000 4 pts Where I is taxable income and T is the tax rate for that income levels. Thus if someone has $20,000 in Taxable Income they would only pay 5.25% on the income between $15,000 and $20,000 and 3.1% on income up to $15,000 Kansas has a $3,000 Standard deduction (thus the first $3,000 of does not count toward taxable income). W Compute the how much income taxes are owed If the person has income of $38,300 in a year. Remember income and taxable income are NOT the same thing.
Concept Review 3.2- Ann and Carl Wilton (Personal Finance, 13th ed., Kapoor, Dlabay) Please turn to page 151 of the text and complete Financial Problem 6 Ann and Carl Wilton In addition to answering the question (do they get a refund or owe taxes?) also indicate the tax owed or the refund they would receive. Adjusted gross income: $42,686 Standard deduction: $24,000 Child care tax credit: $100 Federal income tax withheld: $1,490 Tax rate on taxable income: 10%

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