1)You were single and had taxable income of $114085 in 2019. What is your marginal tax rate?...
Question:
1)You were single and had taxable income of $114085 in 2019. What is your marginal tax rate?
Schedule X. 2019 Tax Rate Schedule for Single Filers | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
If your taxable income is: | ||||||||||||
Over: | But not more than: | You will owe: | Taxable income over: | |||||||||
| $ | 0 | $ | 9,700 | 10% of | $ | 0 | ||||||
| $ | 9,700 | $ | 39,475 | $ | 970 + 12% of | $ | 9,700 | |||||
| $ | 39,475 | $ | 84,200 | $ | 4,543 + 22% of | $ | 39,475 | |||||
| $ | 84,200 | $ | 160,725 | $ | 14,383 + 24% of | $ | 84,200 | |||||
| $ | 160,725 | $ | 204,100 | $ | 32,749 + 32% of | $ | 160,725 | |||||
| $ | 204,100 | $ | 510,300 | $ | 46,629 + 35% of | $ | 204,100 | |||||
| $ | 510,300 | + | $ | 153,799 + 37% of | $ | 510,300 | ||||||
Schedule Y-1. 2019 Tax Rate Schedule for Married Filing Jointly | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
If your taxable income is: | ||||||||||||
Over: | But not more than: | You will owe: | Taxable income over: | |||||||||
| $ | 0 | $ | 19,400 | 10% of | $ | 0 | ||||||
| $ | 19,400 | $ | 78,950 | $ | 1,940 + 12% of | $ | 19,400 | |||||
| $ | 78,950 | $ | 168,400 | $ | 9,086 + 22% of | $ | 78,950 | |||||
| $ | 168,400 | $ | 321,450 | $ | 28,765 + 24% of | $ | 168,400 | |||||
| $ | 321,450 | $ | 408,200 | $ | 65,497 + 32% of | $ | 321,450 | |||||
| $ | 408,200 | $ | 612,350 | $ | 93,257 + 35% of | $ | 408,200 | |||||
| $ | 612,350 | + | $ | 164,710 + 37% of | $ | 612,350 | ||||||
22
10
12
24
2)You are in the 24 percent marginal tax bracket and itemize deductions. What impact will an additional $800 of itemized deductions have on your federal income taxes owed?
It will increase my taxes owed by $192.
It will have no effect on my taxes owned.
It will reduce my taxes owed by $800.
It will reduce my taxes owed by $192.
3)If Robert’s earnings were $120000, taxable income $89000, and he paid taxes of $18000 his average tax rate is
80%.
15%.
20%.
85%.
4)Which of the following characteristics of the Medicare payroll tax make it regressive?
There is a cap on income subject to the tax.
Benefits paid to high-income tax payers are greater than those paid to low-income taxpayers.
The same tax rate is paid by all taxpayers, regardless of income.
Low-income tax payers pay a lower tax rate than high-income taxpayers.
5)Cassandra is 19 years old. Her parents claim her as a dependent on their tax form, and her earned income this year was $13,000. Does she need to file a tax return?
No, because her income was under $13,200.
Yes, because her income exceeded the limit for not having to file.
No, because her parents claim her as a dependent.
Yes, because she is over age 18.
Expert Answer:
Intermediate Accounting
ISBN: 978-1259548185
8th edition
Authors: David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
