Determine the amount of tax liability in the following situations. In all cases, the taxpayer is...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Determine the amount of tax liability in the following situations. In all cases, the taxpayer is using the filing status of married filing jointly. Use the appropriate Tax Tables or Tax Rate Schedules. a. Taxable income of $63.609 that includes a qualified dividend of $1,040. b. Taxable income of $13,842 that includes a qualified dividend of $326. c. Taxable income of $152.000 that includes a qualified dividend of $4.610. Note: Round your Intermediate computations to 2 decimal places and final answer to the nearest whole dollar amount. d. Taxable income of $44.507 that includes a qualified dividend of $1,432. e. Taxable income of $281,342 that includes a qualified dividend of $13.239. Note: Round your Intermediate computations to 2 decimal places and final answer to the nearest whole dollar amount. Note: For all requirements, use the Tax Tables for taxpayers with taxable Income under $100,000 and the Tax Rate Schedules for those with taxable income above $100,000. Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: $19.900 SO $81,050 $172,750 $329,850 $418,850 $628,300 $19,900 $81,050 $172,750 $329,850 $418.850 $628,300 The tax is: 10% of taxable income $1.990.00 plus 12% of the excess over $19,900 $9,328.00 plus 22% of the excess over $81,050 $29,502.00 plus 24% of the excess over $172,750 $67,206.00 plus 52% of the excess over $329,850 $95.686.00 plus 35% of the excess over $418,850 $168.993.50 plus 37% of the excess over $628,300 Determine the amount of tax liability in the following situations. In all cases, the taxpayer is using the filing status of married filing jointly. Use the appropriate Tax Tables or Tax Rate Schedules. a. Taxable income of $63.609 that includes a qualified dividend of $1,040. b. Taxable income of $13,842 that includes a qualified dividend of $326. c. Taxable income of $152.000 that includes a qualified dividend of $4.610. Note: Round your Intermediate computations to 2 decimal places and final answer to the nearest whole dollar amount. d. Taxable income of $44.507 that includes a qualified dividend of $1,432. e. Taxable income of $281,342 that includes a qualified dividend of $13.239. Note: Round your Intermediate computations to 2 decimal places and final answer to the nearest whole dollar amount. Note: For all requirements, use the Tax Tables for taxpayers with taxable Income under $100,000 and the Tax Rate Schedules for those with taxable income above $100,000. Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: $19.900 SO $81,050 $172,750 $329,850 $418,850 $628,300 $19,900 $81,050 $172,750 $329,850 $418.850 $628,300 The tax is: 10% of taxable income $1.990.00 plus 12% of the excess over $19,900 $9,328.00 plus 22% of the excess over $81,050 $29,502.00 plus 24% of the excess over $172,750 $67,206.00 plus 52% of the excess over $329,850 $95.686.00 plus 35% of the excess over $418,850 $168.993.50 plus 37% of the excess over $628,300
Expert Answer:
Answer rating: 100% (QA)
Here is how you can calculate the tax liability a Taxable income of 63609 that includes a qualified ... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
Students also viewed these accounting questions
-
Find the center of percussion (COP) of an equilateral triangular plate of uniform thickness which is oscillating about a vertex. Consider the force applied normal to the plate.
-
Shelley wants to cash in her winning lottery ticket. She can either receive ten $100,000 semiannual payments starting today, or she can receive a lump-sum payment now based on a 6% annual interest...
-
Use the following transactions to answer the questions. Use a 6% sales tax rate. Total and rule the sales journal. Jan. 3 Sold merchandise on account to J. J. Johnson, $1,500, plus sales tax. 7 Sold...
-
Relate these two statements: "A channel of distribution can be compared to a marriage." "The number one reason given for a divorce is lack of communication."
-
Identify several environmental factors that may explain why accounting principles differ among countries.
-
Consider the fisher. barley data frame from Example 5.3. a. Use $\mathrm{R}$ to compute $S S_{E}$. What are the degrees of freedom for $S S_{E}$ ? b. A statistician analyzing fisher.barley forgot to...
-
Multiple Choice Questions 1. Which one of the following managerial accounting approaches attempts to allocate manufacturing overhead in a more meaningful fashion? a. Activity-based costing b....
-
Prepare an income statement for the year. (Enter negative amounts using either a negative sign preceding the number eg. -45 or parentheses e.g. (45).) Revenues (a2) Service Revenue Rent Revenue Total...
-
Identify the issue in the following two fact situations. Part A Beth loaned Allen $5,000. The agreement was oral. Allen commutes to a nearby city to work. Beth needs to go to the city three times in...
-
Use Matlab programming and the Arduino board with 5 LEDS, 5 resistors, and one potentiometer to sequentially turn on (turn off) the LEDS as you vary the resistance of the potentiometer. For example,...
-
A clinical trial of a new drug designed to treat hypertension (high blood pressure) is designed to last for three years, but after the first year it becomes clear that the drug is highly successful....
-
Body temperatures in Fahrenheit of all students in a statistics class. Identify the level of measurement (nominal, ordinal, interval, or ratio).
-
Identify a study that has been done (or should be done) to improve the safety of car drivers and passengers. Briefly describe the importance of statistics to the study.
-
Police set up a sobriety checkpoint at which every fifth driver is stopped and interviewed. Identify which of the following applies: simple random sample, systematic sample, convenience sample,...
-
Weights of the cola in cans of Diet Coke. Identify the level of measurement (nominal, ordinal, interval, or ratio).
-
1. There are many alternatives based on P&G products, causing a lot of competitors in the market. 2. P&G spread negative news from time to time, affecting the brand image Regarding the above...
-
Use integration by parts to evaluate the following. Check your answer by taking the derivative. x2e-xdx
-
Leslie is a single taxpayer who is under age 65 and in good health. For 2012, she has a salary of $23,000 and itemized deductions of $1,000. Leslie is entitled to one exemption on her tax return. a....
-
Mary paid $2,000 of state income taxes in 2012. The total sales tax she paid during 2012 was $5,500, which included $3,000 for the cost of a new car. How should Mary treat the taxes paid on her 2012...
-
During the 2012 tax year, Irma incurred the following expenses: Union dues..............................................................$275 Tax return preparation...
-
For the data set below, use a partial \(F\)-test to determine whether the variables \(x_{4}\) and \(x_{5}\) do not significantly help to predict the response variable, \(y\). Use the \(\alpha=0.10\)...
-
Suppose we record the gender of the 15 students enrolled in an introductory statistics course as they enter the classroom. The males are denoted by a blue M and the females are denoted by a red...
-
A nutritionist wants to develop a model that describes the relation between the calories, total fat content, protein, sugar, and carbohydrates in cheeseburgers at fast-food restaurants. She obtains...
Study smarter with the SolutionInn App