Based on the following data, would Beth and Roger Simmons receive a refund or owe additional taxes? (LO3.2) Adjusted gross income, $42,140 Credit for child and dependent care expenses, $400 Amount for personal exemptions, $12,150 Itemized deductions, $11,240 Federal income tax withheld, $6,686 Tax rate on taxable income, 10 percent

Q: Jordan and Paul, a married couple, have taxable income of $89,525, which is taxed as follows:…

A: Marginal Tax Rate :— It is the highest tax rate that is possible in the given taxable income. It is…

Q: Use the marginal tax rates in the table below to compute the tax owed in the following situation.…

A: Marginal tax rate is the tax rate which is applicable and changed as per each additional changed…

Q: Coby has $61,000 of salary and $11,300 of itemized deductions. Chelsea has $87,000 of salary and…

A: Itemized Deductions :       As the name suggests, it is the deduction of some item expenses incurred…

Q: Use the marginal tax rates in the table below to compute the tax owed in the following situation.…

A: Income Tax:   Income tax is a direct tax which is paid by the taxpayer depending on his level of…

Q: "Xavier and his wife Maria have total W-2 income of $95,102. They will file their tax return as…

A: The income tax refers to the amount of tax that is put by the government on the income earned by…

Q: 4. For the 2020 tax year, MATHEW, a MARRIED taxpayer, receives $24,250 in Social Security benefits.…

A: Hi! Thank you for the question. As per the honor code, We are allowed to answer three sub-parts at a…

Q: Conner and Matsuko paid [{MathJax fullWidth-false' \S1,000 and [{MathJax fullWidth=false \S2,000}],…

A: Under The American Recovery and Reinvestment Act of 2009 and extended by the Tax Relief,…

Q: nswer to 2 decimal places.) A. Her $44,600 of taxable income includes $3,600 of qualified…

A: Calculation of tax liability in A. Qualified dividend are taxed as capital gains. Therefore, total…

Q: Using the tax table in Exhibit 4-6, determine the amount of taxes for the following situations:…

A: Table used:

Q: Please do Taxable Income type it out

A: Gross income includes salaries and wagaes , bonus , commission and all…

Q: Ross Martin arrived at the following tax information: Gross salary, $56,145 Interest earnings,…

A: 1) Ross report as taxable income = Gross salary + Interest earnings + Dividend income - Adjustments…

Q: Miriam Anne is a single taxpayer. What federal taxes does she pay if her taxable income is (a)…

A: Given that: Miriam Anne is a single taxpayer.

Q: MT adjustments, Adam and his wife Cindy have AMTI of $1,090,000. If Adam and Cindy file a joint tax…

A: The AMT is adjusted and explained. Because certain tax items are taxed differently for AMT, a…

Q: Jackson, age 35, and Peggy, age 34, are married and file a joint income tax return for 2020. Their…

A: Taxable income is the amount of income computed to measure the amount of taxes to be paid to the…

Q: . In 2020, Simon, age 12, has interest income of $6,900 on funds he inherited from his grandmother,…

A: As per the honor code, We’ll answer the first question since the exact one wasn’t specified. Please…

Q: Corine is filing as head of household and has 2020 taxable income of $35,000 which includes $23.000…

A: Taxable income refers to the base income on which the tax is imposed and it involves all the income…

Q: Joe and Jane Keller are a married couple who file a joint income taxreturn, where the tax rates are…

A: The marginal tax rate seems to be the sum of additional tax that must be paid for each new dollar of…

Q: Jaylen and Zan are married, filing jointly. Their total adjusted gross income was $80,000 and they…

A: Given: Gross income = $80,000 Standard deduction = $24,000

Q: Havel and Petra are married and will file a joint tax return. Havel has W-2 income of $38,840, and…

A: Their taxable income is $63,382 ($38,840+$49,642-$25,100). Remember that you need to subtract the…

Q: Chuck, a single taxpayer, earns $76,600 in taxable income and $11,700 in interest from an investment…

A: Marginal tax rate is the rate charged on taxable income for every additional dollar earned. In this…

Q: I just need the amount for the Federal Income tax payable. Martha 3,700 Single Aug. 1st Nov. 30th…

A: Federal Income tax is a tax paid on annual earnings of individuals, , trust, companies, corporation…

Q: 3. When a taxpayer's income increases by $2,500 and the taxes owed increase from $13,899 to $14,399,…

A: Income tax refers to compulsory payment made to government with persons having higher income…

Q: Mary gave her annual income and deduction below. Calculate her Total Assessable Income, Taxable…

A: Assessable income is defined as any amount that fits the following criteria: ordinary earnings (…

Q: Cassy reports a gross tax liability of $1,190. She also claims $590 of nonrefundable personal…

A: Correct Answer = $ 585 Refund Calculation Calculaton Tax liability due / Refund of Cassy ($)…

Q: Use the 2012 marginal tax rates to compute the tax owed by the following person. Round taxable…

A: Tax owed is the amount that the party is liable to pay to the income tax department from the taxable…

Q: Jane Doe is single and claims 2 withholding allowances. If her weekly gross earning is $1,450, then…

A: Federal Withholding Tax: It is the tax which one pays to the government of their respective country…

Q: compute the tax

A: Tax refers to the amount which is charged by the government on the earnings of an individual or an…

Q: The Tax Formula for Individuals, Filing Status and Tax Computation, The Standard Deduction (LO 1.3,…

A: Tax:- A tax is the compulsory payment which is imposed by the government on income and capital gain…

Q: A married couple with 4 children is filing taxes jointly. They have a gross income of $436,202, and…

A: Taxable income is the amount of income computed to measure the amount of taxes to be paid to the…

Q: Use the tax brackets and rates to compute the federal tax for Jim, who is declaring taxable income…

A: A tax can be defined as a mandatory payment made to government by all taxable persons including…

Q: Jaylen and Zan are married, filing jointly. Their total adjusted gross income was $81,000 and they…

A: Jaylen and Zan are married, filing jointly. Their total adjusted gross income was $81,000 and they…

Q: Chuck, a single taxpayer, earns $76,300 in taxable income and $11,500 in interest from an investment…

A: A taxpayer is a person or a legal body (such as a corporation) who is obligated to pay a tax. The…

Q: Susan and Stan Britton are a married couple who file a joint income tax return, where the tax rates…

A: Federal Income Tax There are different category which are provided to pay the federal income tax…

Q: Felix and Freddie are married with annual taxable income of $230,000. They pay income tax according…

A: Taxable income is that income in which a person has to pay tax after availing all exemptions.

Q: Determine from the tax table provided the amount of the income tax (before any credits) for each of…

A: Introduction:- A taxpayer is a person or entity (such as a business) that is required to pay tax.…

Q: Use the marginal tax rates in the table below to compute the tax owed in the following situation.…

A: Taxable income is given directly, hence standard deduction and exemption amount is not considered…

Q: Compute the 2018 standard deduction for the following taxpayers. Margie is 15 and claimed as a…

A: 1) Since Mergie is dependent. Her standard deduction shall be greater of $1100 or ($1400+$800 + $…

Q: Use the 2019 tax tables to determine each of the following values if your adjusted gross income is…

A: Tax refers to the amount charged by the government from the individual and organizations on their…

Q: Amy is a single taxpayer. Her income tax liability in the prior year was $5,178. Amy earns $50,000…

A: Income tax: Income tax is a tax levied on an individual’s income (taxable income). It is a direct…

Q: The tables to the right show recent state income tax schedules for individuals and married couples.…

A: The Piecewise function of tax due is written down by using the slab rates given for various sums of…

Q: Prepare a 1040 form for John and Jane Doe. They have one child age 4 who qualifies for the child tax…

A: Income tax: Fees charged by the government on the income earned during the accounting year are known…

Q: Seth and Vanessa are married and filing jointly. Their taxable income is $140,526. Use the Tax Rate…

A: Tax A tax may be defined as an involuntary contribution from individuals or corporations as required…

Q: Tim and Nancy Wood have a combined taxable income of $126,550 in 2018. Using the following tax…

A: Total income tax is calculated by multiplying the tax slab by the tax rate.

Q: Compute the gross​ income, adjusted gross​ income, and taxable income in the following situation.…

A: Lets understand the basics. As per USA tax law, contribution to tax deferred retirement plan needs…

Q: Veronica Marie has an income that places her in the 24% federal and 6.5% state incremental tax…

A: Income Tax Expenses: The expenses which are related to the taxable income of the individuals and…

Q: Phillip had a distribution of $ 1,500 from his education savings account and used $ 1,200 to pay for…

A: A income is generally a source wherein an individual earns money through Business or doing Job.Tax…

Q: Maggie is filing taxes as a single filer with no kids. Her gross yearly income is $136,680, and her…

A: Charitable Contribution: In general, most of the taxpayers do cash contributions as charities and…

Q: Use the marginal tax rates in the table below to compute the tax owed in the following situation.…

A: Given, Taxable Income of Winona & Jim are Married filing jointly = $398,000, Tax credit =…

Q: Ashley, who is married to Anne and age 30, provides you with the following information from their…

A: AMT is a tax that ensures that taxpayers pay at least the minimum. It is calculated by adding…

Q: se the appropriate Tax Tables and Tax Rate Schedules, determine the amount of tax liability in each…

A: Question is based on the concept of Taxation

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.