If provincial tax rates are 16% on the first $40,100; 20% on the next $40,100; and 24% on any income after that. If a resident had income of $65,000 then determine the total tax paid. Select one: a. $11,396 b. $13,228 c. $13,988 d. $14,398 e. $13,288

If provincial tax rates are 16% on the first $40,100; 20% on the next $40,100; and 24% on any income after that. If a resident had income of $65,000 then determine the total tax paid. Select one: a. $11,396 b. $13,228 c. $13,988 d. $14,398 e. $13,288

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 6Q: What amount is payable to a state tax board if the original sales price is $3,000, and the tax rate...

See similar textbooks

Related questions

Q: P 15 20 15 30 70 P150 Total liabilities and equity P150 P 10 Accounts payable Notes payable Cash Acc...

A: Sales During past period is P100 Expected increase in sales is 60% to P160 Fixed assest utilization ...

Q: Assume the zero-coupon yields on default-free securities are as summarized in the following table: 2...

A: Bonds are the debt securities which are issued by the corporations or the government to raise the fu...

Q: By naming a beneficiary for your retirement account, the assets will bypass probate. reduce ...

A: Retirement Account:- Individual retirement accounts (IRAs) are tax advantaged savings accounts that...

Q: Suppose that $6,000 is placed in a bank account at the end of each quarter over the next 10 years. W...

A: Quarterly payment (Q) = $6000 n = 10 years = 40 quarters Interest rate = 13%

Q: 4. (Present value of an ordinary annuity) What is the present value of the following annuities? c. $...

A: The time value of money is used to calculate the present value of an annuity. Payments made decades ...

Q: example of simple interest and explain in 5 sentences when and where to apply this

A: Interest can be defined as the fee paid or received when borrowing, lending or investing a certain a...

Q: onsider the following four alternatives: i. £132 received in two years ii. £160 received in five y...

A: Present Value can be calculated using PV function in excel PV (rate, nper, pmt, [Fv], [type]) Rat...

Q: What is the Time Value of Money (TVM)? Specifically, how do inflation and compound interest effect ...

A: Time value of money states that a sum of money has more value today than the same sum at a future da...

Q: National Co. has P5 million in inventory and P2 million in accounts receivable. Its average daily sa...

A: Inventory conversion period = Inventory/Average daily cost of goods sold Note :- In case cost of g...

Q: par value of IDR 10,000. If it is known that the market price is IDR 9750. Determine how much the co...

A: A company's cost of preferred stock is essentially the amount it pays in exchange for the revenue it...

Q: At what annual interest rate must $232,000 be invested so that it will grow to be $417,000 in 12 yea...

A: Present value = $232000 Future value = $417000 Period = 12 Years

Q: what are the legal aspects concerning bill discounting?discuss the decision analysis for factoring s...

A: Bill Discounting is a business-related activity in which unpaid bills from a firm that are expected ...

Q: Friendly's Quick Loans, Inc., offers you $8.25 today but you must repay $10.45 when you get your pay...

A: Given: Particulars Amount Present value $8.25 Future value $10.45

Q: A fixed-income analyst, Sean, observes a 7-year, 8% semiannual-pay bond. the face amount is ¥1,000. ...

A: A Bond is an instrument that represents the loan that is made by the investor to the company and af...

Q: Browns Bank pays 8 percent simple interest on its savings account balances, whereas Raiders Bank pay...

A: 1) Browns bank interest rate (r) = 8% simple interest Raiders bank interest rate (i) = 8% compound i...

Q: 5. A bond with a par value of P 100,000 and with a bond rate of 10% payable annually is sold now for...

Q: nsider a one-period binomial model in which the underlying is at 65 and can go up 30% and down 22%. ...

A: Since multiple questions are involved , we will solve 1st question for you as per prescribed guideli...

Q: Berman V. Parker is planning to borrow ₱10 Million from NBA Bank, which offers to lend the money at ...

A: Amount to be borrowed (A) = P 10 million Discount rate (i) = 10%

Q: Compute the equivalent future value of a series of yearly payments of P 8,000 if the sinking factor ...

A: Future value is the amount collected from the accumulation of the money from deposit and interest ac...

Q: 3. (Future value of an ordinary annuity) What is the future value of each of the following streams o...

A: a. Calculate the future value of ordinary annuity by using the EXCEL FV function: Working: Thus, t...

Q: YIELD CURVES Plots interest rates on different securities of similar default risk for a given day Us...

A: Hi There, Thanks for posting the questions. As per our Q&A guidelines, must be answered only one...

Q: In buying a cellphone, the buyer was offered the options of paying P 17,500 cash or P 22,200 at the ...

A: “Hi There, Thanks for posting the questions. As per our Q&A guidelines, must be answered only on...

Q: What is the maturity value if P 10000 is compounded annually at an interest rate of 2% in 5 years? ...

A: Note : All the Given Options are incorrect , so we are solving the correct one for you as per the f...

Q: Future value of an annuity) Let's say you deposited $160,000 in a 529 plan (a tax advantaged college...

A: Given:

Q: Company sells $5,000,000 of five-year, 10% bonds at the start of the year. The bonds have an effecti...

A: Cash interest refers to the amount of interest that is paid to creditors.To put it another way, it r...

Q: (Refer to this word problem. , Samuel wishes to have P500,000 available for his son's college educat...

A: Accumulated value (F) = P 500000 t = 14 years = 28 semiannual periods r = 4.4% per annum = 2.2% semi...

Q: Which investments can provide the best protection of capital and offers low risks. * a. savings depo...

A: An investment is an asset that is brought with the intention of earning a return or profit from it.

Q: A 10-year loan is available from a relative at 10% simple interest. The amount borrowed will be $200...

A: Loan amount (P) = $200,000 Interest rate = 10% Semi annual interest rate (r) = 10%/2 = 5% Period = ...

Q: You win the lottery and are offered the following choices. The appropriate discount rate is 7%. How ...

A: We need to compute the present value of all payments and compare the PV of all options.

Q: Provide worded problem about compound interest

Q: An item costs a store $25 from the manufacturer. The store plans to mark up the item at 80% of the c...

A: Data given: Cost = $25 Mark up= 80% of cost Required: Sticker price Working Note #1 Calculation ...

Q: Pete's Boats has beginning long-term debt of $180 and ending long-term debt of $310. The beginning a...

A: Cash flow to creditors is the total amount of profit paid the debt holders of the company. The cash ...

Q: 4. (Present value of an ordinary annuity) What is the present value of the following annuities? c. $...

A: c) Annual payment (A) = $280 n = 7 years r = 6%

Q: Provide an explanation for excessive redemption requirements.

A: The repayment of a fixed-income product, such as a Treasury note, certificate of deposit, or bond, o...

Q: 2

A: Black - scholes option pricing model is used to estimate the fair value cost of option under a given...

Q: In January 2019, United Airlines (UAL) had a market capitalization of $22.90 billion, debt of $13.40...

A: Answer - (a) Calculation of Market Capitalization to Revenue Ratio : United Airlines : Given, Mar...

Q: explain the disadvantages of each criteria; payback period, discounted payback, NPV, IR

A: To determine the economic feasibility of capital investment, several capital budgeting analysis meth...

Q: Assuming a 8% discount rate throughout: Beginning today (time 0), you deposit $5,000 (per period) i...

A: Hi, the calculations in part c are done using the Goal seek function of excel to determine the value...

Q: The total tax on an income of $256,600 is: Select one: a. $96,194 b. $113,900 c. $112,944 d. $...

A: First 50,000 will taxed at 15%, Next 25,000 will taxed at 25%, Next 25,000 will be taxed at 34% and ...

Q: 10. We have the following exchange rates. $1.58/E1, $1.30/€1, and €1.40/E1. What will be the profit ...

A: From third relation, 1 Pound = 1.40 Euro

Q: A cash loan is to be repaid by paying $13,500 at the beginning of every month for 3 years. If intere...

A: Here, Monthly payment = $13,500 Number of years = 3 years Interest rate = 12% Payment at the beginni...

Q: A man bought a lot worth P1.4M if paid in cash. On the installment basis, he paid a down payment of ...

A: Lot worth (X) = P 1,400,000 Payment today (P0) = P 200000 P1 = P 300000 P3 = P 400000 Final payment ...

Q: In December 2018, Apple had cash of $86.43 billion, current assets of $140.49 billion, and current l...

A: Given: Particulars 2015 Cash 38.07 Billions Current assets 76.22 Billions Current liabili...

Q: xplain the difference between (a) stand-alone risk and (b) risk in a portfolio context. How are they...

A: Stand-alone Risk and Portfolio risk are different from each other in the manner they are determined ...

Q: Please solve the problem max in 30-60 minutes max. I'm waiting please. Thank u 1. A company partiall...

A: Cost of Debt: It is that interest rate paid by companies on its debts. This rate is provided to thes...

Q: Payments of $2,700, due 60 days ago, and $3.200, due in 50 days, are to be replaced by payments of $...

A: Time value of money states that the money with us today has more value than the same amount of money...

Q: See Table 2.5 showing financial statement data and stock price data for Mydeco Corp. Suppose Mydeco ...

A: Here, Net Income of 2019 is $28.5 millions No. of Share Outstanding is 53.1 millions No. of Shares r...

Q: ABC Corporation paid $5 dividends per share last year. Dividends will grow by 10% and then 8% in the...

A: D0 = $5 D1 = $5(1.1) = $5.5 D2 = $5.5(1.08) = $5.94 Growth rate after this (g) = 5% r = 15%

Q: Ron Inc., who has an applicable 30% corporate tax as stated on its BIR tax registration form, is try...

A: The debt ratio is the ratio that indicates the percentage of assets that the company provided by the...

Q: Lux Co. sells on terms 3/10, net 30. Total sales for the year are P900,000. Thirty-five percent of t...

A: Sales per day = Total sales / 360 Sales per day = P900,000 / 360 Sales per day = P2,500 Days' sales ...

Concept explainers

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.

Question

If provincial tax rates are 16% on the first $40,100; 20% on the next $40,100; and 24% on any income after that. If a resident had income of $65,000 then determine the total tax paid.

Select one:

a. $11,396

b. $13,228

c. $13,988

d. $14,398

e. $13,288

???

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Details

VIEW

Solution

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, finance and related others by exploring similar questions and additional content below.

Similar questions

You received $5,000 in interest revenue during the year. Your federal marginal tax rate was 26% and average tax rate was 20%. How much federal income taxes did you pay? Select one: a. $1,300 b. $1,650 c. $950 d. $1,450 e. $3,300
The income tax T owed in a certain state is a function of the taxable income I, both measured in dollars. The formula is given below. T = 0.13I − 300 a) Express using functional notation the tax owed on a taxable income of $12,000. T (_______) Calculate the tax owed on a taxable income of $12,000. $ (_______) b) If your taxable income increases from $12,000 to $15,000, by how much does your tax increase? $(_______) (c) If your taxable income increases from $15,000 to $18,000, by how much does your tax increase? $(_______)
If the tax rates are 15% on the first $50,000 of taxable income, and 20% on the next $25,000, and 25% on the next $25,000, what is the tax liability for an individual with $80,000 of taxable income, what is the marginal tax rate, and what is the average tax rate ? a. $10,250, 15%, and 20% b. $25,122, 22%, and 16% c. $11,345, 15%, and 34% d. $13,750, 25%, and 17.19%
Congress would like to increase tax revenues by 5.5 percent. Assume that the average taxpayer in the United Staes earns $56,000 and pays an average tax rate of 20 percent. If the income effect is in effect for all taxpayers, what average tax rate will result in a 5.5 percent in tax revenues?
Suppose that the income tax law exempts income of less than $8000 from the tax, taxes income between $8000 and $20,000 at a 25% rate, and taxes income greater than $20,000 at a 30% rate. Find the average tax rate and the marginal tax rate for someone earning $16,000 and for someone earning $30,000. The tax law is change so that income of less than $6000 is untaxed, income from $6000 to $20,000 is taxed at 20%,
A certain state uses the following progressive tax rate for calculating individual income tax: Income Range ($) Progressive Tax Rate 0 - 2000 2% 2001 - 9000 5% 9001 and up 5.4% Calculate the state income tax owed on a $70,000 per year salary. tax = $[?] Round your answer to the nearest whole dollar amount.
For taxable income of $0-$50,000, the rate is 15 percent. For incomes of 450,001-$75,000 the base tax amount is $7,500 and the rate over the base is 25 percent. What is the tax amount due on an income of $68,000? I need step-by-step help with this question, as I'm confused by the breadown in the business finanace book!
A company, based in the Midwest, requires an 8.000% after tax rate of return. The state tax rate is 5% and the company is in the 21% federal tax bracket.Using the combined incremental tax rate equation on p. 433 of the textbook and the after-tax rate of return equation on p. 439, what is the estimate of the before-tax rate ofreturn required.Give rate of return in percent to 3 decimal places like 10.134% or 9.765%
Consider two tax systems. Tax system A has a tax rate of 5% on the first $20,000 of taxable income, then 20% on the next $30,000, then 50% on all taxable income above $50,000. Tax system A has a standard deduction of $5,000. Tax system B has a flat tax rate of 30% on all taxable income and a standard deduction of $10,000. Consider 2 individuals, the first with income of $51,000 and the second with income of $56,000. (a) Calculate the average and the marginal tax rates of both individuals under both tax systems.
Suppose a tax is such that an individual with an income of $10,000 pays $2000 of tax, a person with an income of $20,000 pays $3000 of tax, a person with an income of $30,000 pays $4000 of tax, and so forth. What is each person’s average tax rate? Is this tax regressive, proportional, or progressive?
A residence has a market value of $250,000. The municipality's tax policy is set at 80%. Real estate owners must pay two separate taxes: the municipality tax and an education tax. The tax rates for each are set at 1.25% and 0.75% respectively. 1. Calculate the total property tax bill
Garrison Shops had a SUTA tax rate of 3.7%. The state's taxable limit was $8,000 of each employee's earnings. For the year, Garrison Shops had FUTA taxable wages of $67,900 and SUTA taxable wages of $83,900. Compute: Round your answers to the nearest cent. a. Net FUTA tax $ b. Net SUTA tax $