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- Accounting 1.Jake pays $8,500 in deductible property taxes. His marginal tax rate is 31%, his effective tax rate is 26% and his nominal average tax rate is 28%. What is Jake's tax savings from paying the property tax? 2.Mike and Liz file a joint return in 2021. AGI is 64,000 and they have $27,000 of itemized deductions. Mike and Liz are both 65. What is their taxable income for 2021? a. $35,500 b. $36,200 c. $37,000 d. $38,900 e. None of the answers provided is correct.TABLE 3.6 Personal tax rates, 2022. Taxable Income ($) Single Taxpayers Married Taxpayers Filing Joint Returns Tax Rate (%) 0-9,950 0-19, 900 10 % 9,950-40, 525 19,900-81, and above 628, 300 and above 37% \\\ You have set up your tax preparation firm as an incorporated business. You took $80,000 from the firm as your salary. The firm's taxable income for the year (net of your salary) was $30,000. Assume you pay personal taxes as an unmarried taxpayer. Use the tax rates presented in Table 3.6. How much tax must be paid to the federal government, including both your personal taxes and the firm's taxes? By how much will you reduce the total tax bill if you cut your salary to $50,000, thereby leaving the firm with taxable income of $60,000? What allocation will minimize the total tax bill? Hint: Think about marginal tax rates and the ability to shift income from a higher marginal bracket to a lower one. Note: Do not round your intermediate calculations. Round your final answers to nearest…8. Larry is a mixed income earner. He is a self-employed resident citizen and currently the Finance Manager of Caterpillar Corporation. The following data were provided for 2018 taxable year. How much is her total income tax expense assuming he opted to be taxed at 8%? Compensation income 1,800,000 Sales 2,800,000 Cost of Sales 1,125,000 Business expense 650,000 Interest income from peso bank deposits 80,000 Interest income from bank deposits under FCDS 120,000 Gain on sale of land in the Philippines held as Capital Asset with cost P1,500,000 when zonal is P1,200,000 500,000 P321,500 P788,500 P808,000 P652,000
- Kamryn Brown is single and earns $65,000 in taxable income and will use the following tax rate schedule to calculate the taxes he owes. 0 - 10,275 10% 10,276-41,775 12% 41,776-89,075 22% 89,076-170,050 24% Calculate the dollar amount of taxes that Kamryn owes. Select one: O a. $2,737.66 O b. $9,916.66 O c. $10,000.00 O d. $17,587.66 Oe. $14,300How much is the total income tax of Ana assuming she opted to be taxed at 8%? Ana, a self-employed resident citizen provided the following data for 2018 taxable year: Sales P2,800,000 1,125,000 650,000 Cost of sales Business expenses Interest income from peso bank deposit Interest income from deposit under FCDS 80,000 120,000 Gain on sale of land in the Phils. held as capital asset 500,000 with cost P1.5M when zonal is P1.2M P321,500 O P342,500 O P351,500 O P358,000Assume Karen is 12 years old and her only income is $5,500 of interest income from a bank account with money her parents have given her to save for college. If Karen 's parent's tax rate is 35%, and Karen's portion of income is taxed at 10%, what is Karen's income tax liability? a. $1,650 b. $1,265 c. $550 d. $1,925
- Problem 7-21 (Algorithmic) Foreign Tax Credit (LO 7.6) Martha and Lew are married taxpayers with $2,000 of foreign tax withholding from dividends in a mutual fund. They have enough foreign income from the mutual fund to claim the full $2,000 as a foreign tax credit. Their tax bracket is 28 percent and they itemize deductions. Should they claim the foreign tax credit or a deduction for foreign taxes on their Schedule A? If required, round your answer to the nearest dollar. The foreign tax deduction will result in a s tax benefit where as claiming the foreign tax credit yields a $ tax benefit. Therefore, the taxpayers should2. Taxes paid for a given income level Deborah is getting ready to do her taxes. She is single and lives in Miami. Deborah earned $250,000 in taxable income in 2015. She reviews the following table, which shows the IRS tax rates for a single taxpayer in 2015. On Annual Taxable Income... Up to $9,225 From $9,225 to $37,450 From $37,450 to $90,750 From $90,750 to $189,300 From $189,300 to $411,500 From $411,500 to $413,200 Over $413,200 The Tax Rate Is... (Percent) 10.0 15.0 Deborah calculates that she owes 25.0 28.0 33.0 35.0 39.6 Based on the IRS table, Deborah calculates that her marginal tax rate is 33% when her annual taxable income is $250,000. Deborah then calculates that her average tax rate is in income taxes for 2015. , based on the annual income level and the amount of taxes she owes for 2015.Problem 4: Calculate net tax due Saji and Henry Lozano are married for all of 2022 and have an AGI of $130,000, taxable income of $120,000 and calculated income tax liability of $50,000. Their income tax liability in 2021 was $40,000, and they made the minimum amount of withholding and estimated income tax payments to ensure that they will not be subject to any estimated tax penalties. In addition, they had $5,700 withheld from their wages for their portion of Social Security and Medicare taxes and provided you with the following information: • They maintained a home for Saji's dependent 85 year old father. Henry spent $2,000 on qualified tuition pursuing his master's degree. Required: What is the Lozano's net tax due(refunded) for 2022?
- Problem 7-21 (Algorithmic) Foreign Tax Credit (LO 7.6) Martha and Lew are married taxpayers with $700 of foreign tax withholding from dividends in a mutual fund. They have enough foreign income from the mutual fund to claim the full $700 as a foreign tax credit. Their tax bracket is 35 percent and they itemize deductions. Should they claim the foreign tax credit or a deduction for foreign taxes on their Schedule A? If required, round your answer to the nearest dollar. The foreign tax deduction will result in a $ tax benefit where as claiming the foreign tax credit yields a $ tax benefit. Therefore, the taxpayers should claim the foreign tax credit. deduct the foreign taxes.1. Gomez maintains a law firm and registered as VAT taxpayer. For a particular client, the amount of professional fee imposed by Gomez is P300,000. Compute the business tax on this particular transaction. The taxable year is 2021. A. P3,000 percentage tax B. P9,000 percentage tax C. P36,000 output VAT D. zero 2. Ana invested P100,000 in domestic stocks. She sold them at a later date for P150,000 through the Philippine Stock Exchange. Ana is not a dealer of securities. Compute the business tax. A. zero B. P1,500 C. P900Paul is head of household with taxable income of $ 68500 He has a $ 7000 entitled tax credit His tax bracket is 15 % up to earning $ 50,800 Standard deduction is $ 9350 exemption is $ 4050 per person what is his tax owed