1). You make $50,000 per year, and you're a single, unmarried person. Calculate your taxable income, assuming...
Question:
1). You make $50,000 per year, and you're a single, unmarried person. Calculate your taxable income, assuming you take the standard deduction using the chart shown here. Enter your answer in numbers with no dollar signs, commas, or anything extra. For example, if your answer is $50,000, then just enter 50000. (standard deduction amount: single=12400 Head of houshold=18650 Married filing jiont=24800 Married filing separate =12400
You make $50,000 per year, and you're a single, unmarried person, taking the standard deduction (in other words, everything is just like the previous question). Now, calculate your income tax payable. Enter your answer in numbers with no dollar signs, commas, or anything extra. If your answer comes out with cents, use standard rounding. For example, if your tax came to $1.49, round the tax down to 1 (remember, no dollar signs or decimal points); if the tax was $1.50, round up to 2.(Not over $9,875,10% of the taxable income > $9,875 but ≤ $40,125 , $987.50 plus 12% of excess > $9,875 > $40,125 but ≤ $85,525 ,$4,617.50 plus 22% of excess > $40,125)
Given your answers to the previous questions, what is your effective tax rate? Enter your answer in numbers with no dollar signs, commas, or anything extra. Round percentages to the nearest whole percent. For example, if your answer comes out to 11.49%, enter 11 (no percent sign or decimal). If your answer comes out to 11.50%, enter 12.
2). After the end of the first calendar year in which you took your new job, you get a form from your employer showing what you were paid in salary, bonuses, and other compensation, as well as the total dollar amount of taxes withheld from your paychecks during the calendar year. What form does that?
Essentials of Statistics for Business and Economics
ISBN: 978-1305081598
7th edition
Authors: David Anderson, Thomas Williams, Dennis Sweeney, Jeffrey Cam