credit reduce your taxe
Q: Ms. Vincent resides in a jurisdiction with a 35 percent income tax. Ms. Vincent has $40,000 that she…
A: An increase in the income tax rate decreases the after-tax value of the bond with an investment of…
Q: Assume that your starting salary will be $55,000 per year, and assume that you have no additional…
A: Gross Annual income = A = $$ 55,000Tax rate, T = 27%Net annual income, B = A x (1 - T) = $ 55,000 x…
Q: A first step to tax planning is to know your tax bracket and how cose you are to the nearest tax…
A: This question deals with the ticking all boxes which applies which means to be in 22% tax bracket.…
Q: Ed earned $500 of interest income last year on a $10,000 certificate of deposit at his local bank.…
A: Interest Income = 500 Investment in Certificate of Deposit = 10,000 Tax Rate on Ordinary Income =…
Q: Does Fatima make more money if she takes the raise? If so, how much more will Fatima make a year if…
A: Income tax: A fee charged by the government of the country on the taxable income earned by the…
Q: An individual earns $62,900 per year. What is their marginal tax rate?
A: A Single person filing Federal tax return has a gross income of $ 62,900. The marginal tax rate of…
Q: You decide to invest $27,000 in a municipal bond that earns 6.15% and is federally tax free. Your…
A: Municipal bonds are the bonds which are issued by the municipal corporation of a state. These bonds…
Q: What penalties will Chip owe if his current year tax is $41,000? $35,800? nonalty)
A: Unpaid taxes are subject to their own charges. Even if a customer files his / her returns or…
Q: if i have a pair of shoes and they cost $29.95 and the markup is 20% and the tax is 2% what is my…
A: Selling price: Selling price is calculated by summing up the product cost per unit and the per…
Q: Your uncle Fred just purchased a new boat. He brags to you about the low 7.0% interest rate (APR,…
A: Calculation of cost of loan after tax
Q: If you are self-employed and earn $260,000, what are your FICA taxes
A: Tax is the charges levied by the central and state government on the net income, sale or capital…
Q: (a) If you are in the 23% tax bracket for ordinary income and have a 15% capital gains rate, how…
A: Capital gains are the appreciation in the stock price. Example, You buy at $100 each share and after…
Q: If you have a small business and you are earning Php 10,000 a month, should you pay any tax?
A: Taxation is defined as the financial charge imposed on an individual levied by the authority or…
Q: Assume your gross pay per pay period is $3,000.00 and you are in the 28 percent tax bracket.…
A: SOLUTION- EXPLANATION- TAX SHELTERED ANNUITY METHOD- TAXABLE PAY =$3000 -$300…
Q: Jana just found out that she is going to receive an end-of-year bonus of $54,000. She is in the 35…
A: Marginal tax rate is defined as the rate at which the tax is applied on an individual's income for…
Q: Evaluate the ethical issues related to the payment of income taxes. in other words, if there is a…
A: Tax saving is the option which the taxpayer uses in order to use the option and reduce the amount of…
Q: What is the amount of dependent care credit for a couple with two children where they spend $5,000…
A: Dependent care credit can be claimed upto $3000 for one dependent and $6000 for two or more…
Q: Assume that Jane Adams pays income taxes at a 35 percent rate. What would be the after-tax amount…
A: The After-tax return is the actual return from an investment that the investors receive after the…
Q: Assume your gross pay per pay period is $4,900 and you are in the 33 percent tax bracket. Calculate…
A: Net pay is calculated by subtracting the savings from the gross pay and after deducting the tax…
Q: Suppose you are a manager for a certain company. You earn $50,000 per year and are in the 28%…
A: SOLUTION- The federal individual income tax has seven tax rates ranging from 10 percent to 37…
Q: After graduation, Charmaine have been offered an engineering job with a large company that has…
A: Time value concept It tells that having money today is of more value than that of receiving the…
Q: Tina taxpayer makes $75000 a year. what are her average and marginal tax rates if she required to…
A: In order to determine the average tax rate, the total tax obligation is required to be divided by…
Q: If he does this, how much will he owe in taxes and penalties on this distribution if he is in the…
A: Tax refers to the amount charged by the government on individuals, partnership firms, HUF’s or any…
Q: If a person with a 24 percent tax bracket makes a deposit of $6,500 to a tax-deferred retirement…
A: Tax bracket 24% Deposit to a tax deferred retirement account $6500
Q: Mustafa earns 72,000 TRY in a year. Assume that he has 8,000 TRY tax exemption. The following figure…
A: Working Note; Computation of total taxable income;
Q: Your uncle Fred just purchased a new boat. He brags to you about the low 6.9% interest rate (APR,…
A:
Q: Pranav's household consumes 1,000 litres of gasoline per year. After $0.30 gasoline tax was…
A:
Q: Suppose people can live in two periods. In the first period people are young and they Work. Each…
A: Social security :- In the United States, the Social Security programmed protects workers from losing…
Q: Fatima is about to get a raise at her job and she will go from being paid $37,000 a year to being…
A: Personal Exemptions: Along with the standard deduction, personal exemptions provide that only income…
Q: are
A: If you earn a wage or a salary, you’re likely subject to FICA taxes. (FICA stands for Federal…
Q: You decide to invest $27,000 in a municipal bond that earns 6.15% and is federally tax free. Your…
A: Assuming Annual Compounding, Future Value = Investment * (1+Interest%)^Time Period Future Value =…
Q: The child and dependent care tax credit rule is the following: If AGI is below $15,000, 35% of the…
A: Introduction Taxpayers with dependents are allowed credit for expenses for the care of their…
Q: Suppose you are a manager for a certain company. You earn $50,000 per year and are in the 28%…
A: Given, Earnings = $50,000 per year Federal Income Tax bracket = 28% Contribution to retirement…
Q: You have just taken a job that requires you to move to a new city. In relocating, you face the…
A: The advantages of Mortgage bonds include advantages to both borrowers and lenders. Mortgage-backed…
Q: tax deduction of $1,000 or a refundable tax credit
A: Tax deduction is the amount of expenses that can be deductible in computation of the taxable income.…
Q: For tax purposes, "gross income" is all the money a person receives in a given year from any source.…
A: Federal tax is being paid to the US national government and not paid to the state government of the…
Q: how much money can they save in taxes each year if capitalize on the tax-deductibility of interest…
A: Interest paid = $35,000*10% = $3500 Interest is tax deductible, means we can deduct interest paid…
Q: Mary, who is married and the mother of three, is 35 years and expects to work until 75. She earns…
A: The life insurance is a protection for family members of insured as they received the insurance…
Q: Liam has a gross income of $120,000 and takes the standard deduction. 1) What are his total…
A: Taxation system Here discuss about the details of the gross income and standard deduction to get the…
Q: Describe the tax advantages of home ownership for a person who is single and is considering the…
A: Real Estate Taxes is a part of property taxes payable on the real assets held by the company each…
Q: Given all of the above deductions, what will your net pay be each week?
A: Here are the answers for the above questions.
Q: Ann's average income tax rate is 30%, and her marginal income tax rate is 37%. Her property tax bill…
A: Solution:- Given, Average tax rate = 30% Marginal tax rate = 37% Tax bill = 12,000 Interest payment…
Q: I am stuck on a few questions this one is: This year Lloyd, a single taxpayer, estimates that his…
A: Underpayment Penalty:The United States income tax system is a pay-as-you-go tax system, which means…
You are in the 12% tax bracket and get a credit of $355. How much will the credit reduce your taxes?
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- Suppose you are in the 25% marginal tax bracket and earn $15,000. Then a tax credit of $1500 will reduce your tax bill by how much?Anita and Jim are considering a home equity loan to build a nice deck and patio in their back yard. They want to borrow $35,000 and are quoted an APR of 10%. If their marginal tax bracket is 24%, how much money can they save in taxes each year if capitalize on the tax-deductibility of interest paid on the home equity loan?You purchase a backpack for $24.95, a calculator for $34.55, and a notebook for $1.50. If the sales tax rate is 12%, how much will you pay in total including tax?
- You own an a townhome with an assessed value of $184,800. The tax rate is $2.20 per $100 of assessed value. (Round your answers to the nearest cent.) a) If the state offers a 4% discount for early payment, how much (in $) would the tax bill amount to if you paid early? b) If the state charges a mandatory 3 1/2% penalty for late payments, how much (in $) would the tax bill amount to if you paid late?Suppose you are in the 35% tax bracket (because you make $210,000) and have $6000 to put into a retirement account. How much tax do you pay on the $6000 this year if you put the money into a Traditional IRA? $If Angelo has a yearly salary of $65,800. If he pays a 15% federal tax, a 6.2% social security tax, a 6% unemployment tax, and a 3.5% state tax per year, determine the following: a) Angelo’s yearly taxes. b) Angelo’s monthly take home pay. c) How much Angelo should budget for hisrent.
- Suppose a taxpayer can time when they receive a $100,000 distribution from a pre-tax 401(k) retirement account (this tax year or next). If they wait until next year, they will earn 10% on the account. The distribution is fully taxable at the marginal tax rate of the taxpayer, which is 24% for this year. What would be the marginal tax rate NEXT YEAR to just make the distribution financially advantageous this tax year? Enter your response as a whole number percent without the "%" sign and using 5/4 rounding (25.67% = 26).You have a $58,400 15-year loan with an APR of 6.5%? Assuming you are in the 22 percent marginal tax brackets; how much tax shelter you would have lost had you opted for a 10-year loan instead of the original 15-year loan?Mark makes $82,420 per year and pays about 23% of his gross monthly income in federal and state taxes. He wants to find an apartment to rent. Estimate how much he can afford to pay for rent each month. Then determine how much money he will have after taxes and rent are paid
- 1. Suppose you currently earn taxable income of $100,000 per year. You are subject to an MTR of 50 percent. Currently, your ATR is 35 percent. Calculate your annual tax. Calculate the extra tax that you would pay per year if your annual income increased to $110,000. What is your ATR when your annual income is $110,000?How much do you pay for Social Security if you are taxed at 6.2% of your incomeand you make $4350 per month.John is trying to decide whether to contribute to a Roth IRA or a traditional IRA. He plans on making a $5,000 contribution to whichever plan he decides to fund. He currently pays tax at a 32 percent marginal income tax rate, but he believes that his marginal tax rate in the future will be 28 percent. He intends to leave the money in the Roth IRA or traditional IRA for 30 years, and he expects to earn a 6 percent before-tax rate of return on the account. (Use Table 1.) Note: Do not round intermediate calculations. Round your final answers to nearest whole dollar amount. Problem 13-78 Part b (Static) b. How much will John accumulate after taxes if he contributes to a traditional IRA (consider only the funds contributed to the traditional IRA)?
