During 2018, the Smiths and the Joneses both filed joint tax returns. For the tax year ended
Question:
During 2018, the Smiths and the Joneses both filed joint tax returns. For the tax year ended December 31, 2018, the Smiths’ taxable income was $130,000, and the Joneses had total taxable income of $65,000.
a. Using the federal tax rates given in Table 1.2 for married couples filing joint returns, calculate the taxes for both the Smiths and the Joneses.
b. Calculate and compare the ratio of the Smiths’ to the Joneses’ taxable income and the ratio of the Smiths’ to the Joneses’ taxes. What does this demonstrate about the federal income tax structure?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 42% (7 reviews)
a Tax on the Smiths income of 130000 Looking at the jo...View the full answer
Answered By
Aysha Ali
my name is ayesha ali. i have done my matriculation in science topics with a+ . then i got admission in the field of computer science and technology in punjab college, lahore. i have passed my final examination of college with a+ also. after that, i got admission in the biggest university of pakistan which is university of the punjab. i am studying business and information technology in my university. i always stand first in my class. i am very brilliant client. my experts always appreciate my work. my projects are very popular in my university because i always complete my work with extreme devotion. i have a great knowledge about all major science topics. science topics always remain my favorite topics. i am also a home expert. i teach many clients at my home ranging from pre-school level to university level. my clients always show excellent result. i am expert in writing essays, reports, speeches, researches and all type of projects. i also have a vast knowledge about business, marketing, cost accounting and finance. i am also expert in making presentations on powerpoint and microsoft word. if you need any sort of help in any topic, please dont hesitate to consult with me. i will provide you the best work at a very reasonable price. i am quality oriented and i have 5 year experience in the following field.
matriculation in science topics; inter in computer science; bachelors in business and information technology
_embed src=http://www.clocklink.com/clocks/0018-orange.swf?timezone=usa_albany& width=200 height=200 wmode=transparent type=application/x-shockwave-flash_
4.40+
11+ Reviews
14+ Question Solved
Related Book For
Fundamentals Of Investing
ISBN: 9780135175217
14th Edition
Authors: Scott B. Smart, Lawrence J. Gitman, Michael D. Joehnk
Question Posted:
Students also viewed these Business questions
-
During 2015, the Smiths and the Joneses both filed joint tax returns. For the tax year ended December 31, 2015, the Smiths' taxable income was $130,000, and the Joneses had total taxable income of...
-
When an employee who works at McDonald's headquarters outside Chicago travels around the U.S. and observes franchises to see if they are acting in the best interests of McDonald's good name in terms...
-
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-5. Ivan's grandfather died and left a portfolio of municipal bonds. In 2012, they pay Ivan...
-
Using the following graphs, match the market situation with the correct graph. Price 0 E1 E Q Q Quantity Graph C S 52 Price P 0 Which graph shows an increase in supply? Which graph shows a decrease...
-
Consider a game with two players who cannot communicate, and in which each player is asked a question. The players can answer the question honestly or lie. If both answer honestly, each receives...
-
Jason discovers that he can take an investment tax credit in the current fiscal year on any capital equipment purchased for his expansion plans in Problem 5.15. The state credit is 33% for...
-
The figure below shows a nozzle vane and a rotor blade for an axial flow gas turbine stage. The blade speed is \(800 \mathrm{ft} / \mathrm{s}\). The absolute velocity leaving the stage is identical...
-
Tonys Textiles uses a predetermined factory overhead rate based on machine-hours. For May, Tonys budgeted overhead was $210,000 based on a budgeted volume of 35,000 machine-hours. Actual overhead...
-
A worker lifts a 20.0-kg bucket of concrete from the ground up to the top of a 20.0-m tall building. The bucket is initially at rest but is traveling at 4.0 m/s when it reaches the top of the...
-
What is a specific police department impacted by a recent legislative actions, court decisions, regulatory and statutory changes, and laws and ordinances? Analyze how the legislative actions, court...
-
Suppose your companys stock is currently selling at $50 per share. For each of the following situations (ignoring brokerage commissions), calculate the gain or loss that will be realized if the...
-
Susan Bowen, who just turned 55, is employed as an administrative assistant for the Xcon Corporation, where she has worked for the past 20 years. She is in good health, lives alone, and has two grown...
-
For calculating basic EPS which out of the following is used as denominator? (a) Existing weighted average number of ordinary shares (b) Prospective weighted average number of ordinary shares (c)...
-
Irving Fisher developed the clearest exposition of the classical quantity theory of money. Go to https://en.wikipedia.org/wiki/Irving_Fisher and write a onepage summary of his life and contributions.
-
Consider the following cash flows and interest rates: a. Determine the future worth of this series of cash flows. b. Determine the present worth of this series of cash flows. c. Determine a 3-year...
-
Find your librarys online databases and check to see if any of them have the ability to automatically put an article you retrieve in a format suitable for citing (e.g., MLA or APA).
-
Wikipedia has a detailed account of hyperinflationary episodes in a number of countries throughout history. Go to the page at...
-
Discuss several reasons why a researcher would choose a within subjects approach over a between-subjects approach.
-
Try this exercise in SMED. Study how long it takes to change a tire on a car. What are the work elements of the current method? Did you videotape the changeover? Separate the elements into internal...
-
Cornell and Roberts are partners who agree to admit Stanley to their partnership. Cornell has a capital balance of $80,000 and Roberts has a capital balance of $120,000. Cornell and Roberts share net...
-
Identify the four main types of online investment tools. How can they help you become a better investor?
-
What benefits does an investment club offer the small investor? Would you prefer to join a regular or an online club, and why?
-
Describe the services that professional investment advisers perform how they are regulated, online investment advisers, and the cost of investment advice.
-
1. Raman purchases a motor car from Bharathan whose cash price is Rs. 56,000 on 11.93. Rs. 15,000 is paid on signing the contract and the balance is to be paid in three equal annual instalments of...
-
Write a function that takes in a value x, a value el, and a list and adds as many el's to the end of the list as there are x's in the list. Make sure to modify the original list using list mutation...
-
Our office building has a total square footage of 120,000 square feet.We have 9 tenants in the building and no vacancies.The total square footage of the tenant spaces is 105,000.A) What is the Load...
Just For Men Control GX 2 In 1 Grey Reducing Shampoo And Conditioner - ISBN: ?B08XYK91CZ - Free Book
Study smarter with the SolutionInn App