gross incomeMINUSadjustments toincomeTABLE 4.9Tax Rate10%15%25%28%33%35%39.6%StandardEQUALSadjusted grossincomeFIGURE 4.13 Flow chart showing the basic steps in calculating income tax.deductionExemption(per person)adjusted grossincomeMINUSdeductions andexemptions$4050EQUALStaxable incomeSingleup to $9325up to $37,950up to $91,900up to $191,650up to $416,700up to $418,400above $418,400$63502017 Marginal Tax Rates, Standard Deductions,and Exemptions*Married FilingJointlyup to $18,650up to $75,900up to $153,100up to $233,350up to $416,700up to $470,700above $470,700$12,700tax computationbased on ratesor tables3. Victor is in the 28% tax bracket.MINUStax credits$4050EQUALStotal taxMarried FilingSeparatelyup to $9325up to $37,950up to $76,550up to $116,675up to $208,350up to $235,350above $235,350$6350$4050total taxMINUSpayments orwithholdingEQUALSamount owed(or refund)Head ofHouseholdup to $13,350up to $50,800up to $131,200up to $212,500up to $416,700up to $444,550$4050above $444,550$9350*This table ignores (i) exemption and deduction phase-outs that apply to high-income taxpayers; (ii) the alterna-tive minimum tax (AMT) that affects many middle- and high-income taxpayers; (iii) potential changes in tax lawmade after this text was printed that may have changed the values given in this table for 2017.Each higher marginal rate begins where the prior one leaves off. For example, for a single person, the 15%marginal rate affects income starting at $9325, which is where the 10% rate leaves off, and continuing up tob. How much will a $900 charitable contribution save him if he itemizes his deductions?

An itemized deduction seems to be one that is subtracted from your AGI in order to minimize your…

gross income MINUS adjustments to income EQUALS adjusted gross income adjusted gross income TABLE 4.9 MINUS deductions and exemptions EQUALS taxable income tax computation based on rates or tables MINUS tax credits EQUALS total tax FIGURE 4.13 Flowchart showing the basic steps in calculating income tax 2017 Marginal Tax Rates, Standard Deductions, and Exemptions* total tax MINUS payments or withholding EQUALS amount owed (or refund)

gross income MINUS adjustments to income EQUALS adjusted gross income adjusted gross income TABLE 4.9 MINUS deductions and exemptions EQUALS taxable income tax computation based on rates or tables MINUS tax credits EQUALS total tax FIGURE 4.13 Flowchart showing the basic steps in calculating income tax 2017 Marginal Tax Rates, Standard Deductions, and Exemptions* total tax MINUS payments or withholding EQUALS amount owed (or refund)

Financial Reporting, Financial Statement Analysis and Valuation

8th Edition

ISBN:9781285190907

Author:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw

Publisher:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw

Chapter4: Profitability Analysis

Section: Chapter Questions

Problem 23PC

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For income tax purposes, what is the amount of gross income given the following amounts? Gross sales 4,000,000.00 Sales discounts, returns and allowances 100,000.00 Cost of sales 1,500,000.00 Itemized deductions 800,000.00 Group of answer choices P3,900,000.00 P1,600,000.00 P2,400,000.00 P1,700,000.00
Assume the following: Revenue = $1,500; COGS = $450; SGA = $300; EBIT = $600; Taxable income = $525; Net Income = $315. What is Taxes? 29% 8% 14% 40%
Calculate (A) actual sales and (B) sales tax liability:Total sales: $23,152.81 (includes a 5% tax.) (Round your answers to the nearest cent.) A. Actual sales B. Sales tax liability
With the following data, compute the NET FUTA Tax. Gross FUTA Tax DUE $ 6,750 Credit against FUTA (assume applicable) $3,100 Group of answer choices $3,100 $7,000 $3,650 $6,750
Marginal tax rates Using the tax rate schedule attached Perform the following: a. Find the marginal tax rate for the following levels of sole proprietorship earnings before taxes: $16,800; $59,500; $89,600; $151,000; $245,000; $451,200; $1,000,000 b. Plot the marginal tax rates (measured on the y-axis) against the pretax income levels (measured on the x-axis).
A VAT-taxpayer made the following sales during the year:Domestic Sales P100,000Export Sales P120,0001. What is the amount subject to business tax?2. Compute the Output VAT.
Selected ratios formulars Unilever 2021 BOPP 2021 ROCE PBIT / net assets * 100 (32,424/39,406 *100 = - 82% 102,154 / 192,758 *100 =53% Net Assets Turnover Revenue / Net Assets 526,912 / 39,406 = 13 times 214,174 / 192,758 = 1 time Gross Profit Margin Gross profit / revenue *100 97,046 / 526,912 *100 18.4% 115,462 / 214,174 * 100 54% Net Profit Before Tax PBT / revenue * 100 (35,005) / 526,912* 100 = -6.6% 104,778 / 214,174* 100 =48.9% Current Ratio Current assets / current liabilities 214,665/341,171 = 0.5 139,104 / 30,368 = 4.5 Quick Ratio Current assets – inventory / current liabilities 214,665-91,627 /341,171 = 0.4 139,104 -13,248/ 30,368 = 4.1 Inventory Days Inventory / cost of sales * 365 days 91,627/ 429,866 *365 = 77 days 13,248 / 101,397 *365 = 47 days Receivable Days Receivables / cost of sales * 365 days 24,515 / 429,866 *365 =20 days 92,860 / 101,397 *365 =334 days Payable Days…
Given the following information :sales R10 000 000,calculated gross profit R7 000 000 ,operating expenses R3 200 000,Interest income R60 000,Interest expense R250 000 and income tax 28% of profit before tax . Net profit after tax is ?
I need step by step instructions for the problem e) what is the average income tax rate?** I know you have to divide total tax expense by the net income before taxes.So,For E) the income tax expense is $13,134Net Income before tax??Average Tax rate: ??Revenue : (sales) $144000(service) $28700All the taxes :depreciation tax $10400Interest expense $2400Income Tax expense. $13,134Supplies expense. $12,700F) if $18,500 of dividends had been declared and paid during year, what was the January 1 2016 balance of retained earnings?Retained Earnings Dec 31st : $59000Dividens declared: ???Retained Earnings January 1st: ???Please solve and explain thoroughly.
Compute the following for year 2: 2-a. Percentage markup on sales. (Round percentage answer to 1 decimal place (i.e., 0.124 should be entered as 12.4) 2-b. Income tax rate. (Round percentage answer to 1 decimal place (i.e., 0.124 should be entered as 12.4).) 2-c. Net profit margin ratio. Was it a good or poor indicator of performance? (Round percentage answer to 2 decimal places (i.e., 0.1243 should be entered as 12.43).) 2-d. Percentage of total resources invested in property, plant, and equipment. (Round percentage answer to 2 decimal places (i.e., 0.1243 should be entered as 12.43).) 2-e. Debt-to-equity ratio. Interpret the result. (Round the final answer to 2 decimal places.) 2-f. Return on assets. Assume that long-term debt increased to $36,810 in month 1 of year 2. (Round intermediate calculations to 3 decimal places and percentage answer to 2 decimal places (i.e., 0.1243 should be entered as 12.43).) 2-g. Return on equity. (Round percentage answer to 2 decimal places (i.e.,…
Single Taxable Income Tax Brackets and Rates, 2017RateTaxable Income Bracket10%$0 to $9,32515%$9,325 to $37,95025%$37,950 to $91,90028%$91,900 to $191,65033%$191,650 to $416,70035%$416,700 to $418,40039.60%$418,400+ Use the following tax table to determine how much income tax is paid on 391500 of taxable income.
How much is the regular itemized deductions from gross income? a. Zero b. 400,000 c. 480,000 d. 580,000