The following table shows tax due for the given taxable income level for a single taxpayer.Taxable incomeTax due$97,000$97,050$97,100$97,150$97,200$21,913$21,927$21,941$21,955$21,969(a) Show that the data in the table are linear.For every change of $50 in the taxable income there is constantchange of $ 1.00in the tax due.These data exhibit a constantrate of change and arelinear.(b) How much additional tax is due on each dollar over $97,000? (Round your answer to the nearest cent.)per dollar(c) What would you expect for your tax due if you had a taxable income of $97,000?24What would you expect for your tax due if you had a taxable income of $98,000?$(d) Find a linear formula that gives tax due T if your income is A dollars over $97,000. (Round equation parameters to two decimal places.)T =

The following table shows tax due for the given taxable income level for a single taxpayer. Taxable income Tax due $97,000 $97,050 $97,100 $97,150 $97,200 $21,913 $21,927 $21,941 $21,955 $21,969 (a) Show that the data in the table are linear. For every change of $50 in the taxable income there is constant change of $ 1.00 X in the tax due. These data exhibit a constant rate of change and are vv linear. (b) How much additional tax is due on each dollar over $97,000? (Round your answer to the nearest cent.) $ per dollar (c) What would you expect for your tax due if you had a taxable income of $97,000? $4 What would you expect for your tax due you had a taxable income of $98,000? (d) Find a linear formula that gives tax due T if your income is A dollars over $97,000. (Round equation parameters to two decimal places.) T =

The following table shows tax due for the given taxable income level for a single taxpayer. Taxable income Tax due $97,000 $97,050 $97,100 $97,150 $97,200 $21,913 $21,927 $21,941 $21,955 $21,969 (a) Show that the data in the table are linear. For every change of $50 in the taxable income there is constant change of $ 1.00 X in the tax due. These data exhibit a constant rate of change and are vv linear. (b) How much additional tax is due on each dollar over $97,000? (Round your answer to the nearest cent.) $ per dollar (c) What would you expect for your tax due if you had a taxable income of $97,000? $4 What would you expect for your tax due you had a taxable income of $98,000? (d) Find a linear formula that gives tax due T if your income is A dollars over $97,000. (Round equation parameters to two decimal places.) T =

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Using the graduated tax table, compute the income tax due and/or income tax payable (refundable) of the following given problems. Round off the total income tax due to the nearest whole number. What is the income tax due if the net taxable compensation income is P478,800? In the preceding problem, what if there is tax payments made in the previous quarter in the amount of P47,800, what is the income tax payable (refundable)? What is the income tax due if the net taxable business income is P1,108,600? In the preceding problem, what if there is tax payments made in the previous quarters in the amount of P187,800, what is the income tax payable (refundable)? What is the income tax due if the net taxable business income is P3,158,400? In the preceding problem, what if there is tax payments made in the previous quarters in the amount of P789,780, what is the income tax payable (refundable)?
Determine the amount of average income tax liability per tax return, for each income range provided, using the information in the below table. Taxable Income and Total Tax Liability are in thousands. Note: Enter your answers in whole dollars and not in thousands. Round the final answers to the nearest dollar value. Ranges of Adjusted Gross Income Item Under $15,000 $15,000 to under $30,000 $30,000 to under $50,000 $50,000 to under $100,000 $100,000 to under $200,000 $200,000 or more Number of returns 30,714,103 27,409,921 28,925,796 37,546,954 24,179,726 11,615,632 Taxable income $ 5,378,125 $ 189,335,926 $ 639,279,718 $ 1,912,915,663 $ 2,687,808,279 $ 6,249,255,422 Total tax liability $ 534,617 $ 15,640,244 $ 56,577,985 $ 216,089,667 $ 386,158,662 $ 1,592,115,179 Average tax rate*Footnote asterisk 9.94% 8.26% 8.85% 11.30% 14.37% 25.48% *Footnote asteriskThe average tax rate is total tax liability divided by taxable income.
Use the table and find the income tax for an income of 279,000
es Required: Determine the amount of average income tax liability per tax return, for each income range provided, using the information in the below table. Taxable Income and Total Tax Liability are in thousands. Note: Enter your answers in whole dollars and not in thousands. Round the final answers to the nearest dollar value. Item Number of returns Taxable income Total tax liability Average tax rate* Ranges of Adjusted Gross Income $15,000 to under $30,000 27,410,421 $ 189,345,926 $ 15,590,244 Under $15,000 30,714,603 $ 5,388,125 $ 532,117 9.88% *The average tax rate is total tax liability divided by taxable income. Under $15,000 $15,000 to under $30,000 $30,000 to under $50,000 $50,000 to under $100,000 $100,000 to under $200,000 $200,000 or more $30,000 to under $50,000 to under $50,000 $100,000 37,547,454 28,926,296 $ 1,912,925,663 $ 639,289,718 $215,589,667 $56,077,985 8.23% 8.77% 11.27% $100,000 to under $200,000 24,180,226 $ 2,687,818, 279 $385,658,662 14.35% $200,000 or more…
Using the following table, calculate the taxes for an individual with taxable income of $25,800. 10% Up to $9,875 12% $9,876–$40,125 22% $40,126–$85,525 24% $85,526–$163,300 32% $163,301–$207,350 35% $207,351–$518,400 37% Over $518,401
Consider gross earnings of $86,000. The standard deduction is $12,000 and itemized deduction is $8,000. Social security tax rate is 6.2%; Medicare tax rate is 1.45%. How much is the taxable income (for federal income tax)? Give typing answer with explanation and conclusion
Use the table to the right to calculate the federal income tax due for a taxable income of $87,000 The income tax due is $ (Type an integer or a decimal) If your taxable income is Over- But not Over- 50 $9,275 $9,275 $37,650 $37,650 $91,150 $91,150 $190,150 $190,150 $413,350 $413,350 The tax is 10% $927.50+15% $5,183 75+25% $18,558.75+28% $46,278 75+33% $119.934 75+35% Save of the amount Over- $0 $9,275 $37,650 $91,150 $190,150 $413,350
What would be the average tax rate for a person who paid taxes of $6,435 on a taxable income of $40,780? (Enter your answer as a percent rounded to 2 decimal places.)
You earned $50,140 taxable income last year. What is your effective tax rate using the Single Filer Tax Bracket below (round percentage to two decimal places) {DO NOT INCLUDE % SIGN}? Type your response
Required: Determine the average amount of taxable income per tax return, for each of the ranges of taxable income provided, using the information in the below table. Taxable Income and Total Tax Liability are in thousands. Note: Enter your answers in whole dollars and not in thousands. Round the final answers to the nearest dollar value. Item Number of returns Taxable income Total tax liability Average tax rate* $50,000 28,925,996 $50,000 to under $100,000 37,547,154 $15,000 to under Ranges of Adjusted Gross Income $30,000 to under Under $15,000 $30,000 30,714,303 $5,382,125 27,410,121 $189,339,926 $533,617 9.91% $15,620,244 8.25% $ 56,377,985 8.82% $ 639,283,718 $ 1,912,919,663 $ 215,889,667 11.29% $100,000 to under $200,000 24,179,926 $ 2,687,812,279 $ 385,958,662 14.36% $200,000 or more 11,615,832 $ 6,249,259,422 $ 1,591,915,179 25.47% *The average tax rate is total tax liability divided by taxable income. Under $15,000 $15,000 to under $30,000 $30,000 to under $50,000 $50,000 to…
A single individual pays $7,813 on a taxable income of $47,810 and $7,838 on a taxable income of $47,910. What is the marginal tax rate? a. 16% b. 50% c. 25% d. 15%
Marginal tax rates Using the tax rate schedule attached Perform the following: a. Find the marginal tax rate for the following levels of sole proprietorship earnings before taxes: $16,800; $59,500; $89,600; $151,000; $245,000; $451,200; $1,000,000 b. Plot the marginal tax rates (measured on the y-axis) against the pretax income levels (measured on the x-axis).