For tax year 2018 a married couple filing jointly has a taxable income of $120,000. How much do they owe in taxes? (do not include the $ in your answer)
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- Federal excise taxes on gasoline vary widely across the developed world. The United States has the lowest taxes at USD $0.40 per gallon (or £0.07 per liter), Canada has taxes of $0.60 per gallon, Japan and much of Europe is $2.00 per gallon, while Britain has the highest tax at $2.83 a gallon or £0.5 per liter. If gasoline taxes are intended to reduce the time losses from road congestion in urban environments and gasoline pre-tax costs about £0.40 per liter, why might the optimal tax in Canada be 50 percent higher than in the United States? What would be an explanation for why adjacent countries would have such different estimates of the price elasticity of demand for auto driving?16What taxes would an individual pay if he were self-employed and the business is not incorporated?Mary is single and has a taxable income of $75,000. How much does she owe for federal income taxes for the year 2018?
- For the following calculations the tax threshold is $1,500,000 and the taxable income is taxed at 25%. Statutory deductions total 7.5% of the gross salary or wages.You work as a production manager at a food processing plant and earn a gross monthly salary of $345,000. i). Calculate your net monthly salary. ii). In addition to your salary you receive a $300, 000 Christmas bonus. Your friend Marie, the marketing manager with a salary close to yours, receives the same bonus. Do the work necessary to show that the net bonuses are $202,500. iii). You use all of your net bonus to buy a motorcycle which depreciates at 11% p.a. at the end of each year. Calculate the value of your motorcycle at the end of 3 years. iv). Marie invests her net bonus in a tax free retirement fund which pays 5.5% p.a. interest compounded monthly. Calculate the value of Marie’s investment at the end of 3 years.Because of the sales tax in a particular region, a customer in a supermarket must pay $1.46 for a package of candy marked $1.35. What is the effective tax rate on this purchase, expressed as a percentage?Need answers ASAP... 9. As an employee of a company, it is a must to pay tax to the government for its operation. This taxation burden is called: a. fixed tax b. property tax c. impact tax d. income tax
- the personal income tax rate is 31%, the dividend income tax rate is 12% and the corporate tax rate is 20 %, what is the effective tax advantage of debt? (The answer can be positive or negative.)Joe and Mary are filing a joint tax return. Their combined taxable income is $130,000. How much do they owe in Federal income tax for year 2018?A retailer buys a bicycle from the wholesaler at $140 and the wholesaler charges a sales tax at the prescribed rate of 9%. The retailer fixes the price at $12 and charges sales tax at the same rate. Apply value added tax system of sales tax calculation to answer the following questions. (i) What is the price that a consumer has to pay to buy the bicycle? (ii) Find the input tax and output tax for the retailer. (iii) How much VAT does the retailer pay to the government?