Jose made $20,000 in taxable income last year. Suppose the income tax rate is 10% for the first $7000 plus 15% for the amount over $7000. How much must Jose pay in income tax for last year?

Q: This year, Santhosh, a single taxpayer, estimates that his tax llability will be S$88,000. Last…

A: An individual taxpayer can avoid underpayment penalty when his/her withholdings and estimated tax…

Q: Suppose you made $98,296 of income from wages and $567 of taxable interest. You also made…

A: Income from Wages= $98296 Taxable Interest= $567 Contribution to tax-deferred retirement account=$…

Q: Danny is a single taxpayer and has taxable income of $125,000 for 2020. If Danny anticipates a…

A: Marginal tax rate is the system of taxation which is applicable in US. When the income of the person…

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: Rudolph Fabrizio earned gross pay of $3,600. Each period he contributes 4% of gross pay to a…

A: The wage base cap for social security tax for 2020 is $ 137700.  As Rudolph fabrizio current year…

Q: ong earns $100,000 taxable income as an interior designer and is taxed at an average rate of 20…

A: solution : part a) given : song earns         =$100,000 taxable income current average tax rate…

Q: For tax purposes, "gross income" is all the money a person receives in a given year from any source.…

A:

Q: This year Lloyd, a single taxpayer, estimates that his tax liability will be $10,000. Last year, his…

A: Tax: It is the compulsory payment that arises on the corporation, individual, and the organisation…

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: Esposito's yearly taxable income totals $78,000, and he pays $20,050 in federal income tax every…

A: Espsito's Yerly taxable income is $78,000 Tax paid is $20,050   To Find: Net Federal income tax…

Q: Marc, a single taxpayer, earns $60,000 in taxable income and $5,000 in interest from an investment…

A: It is the average rate at which income of individual is taxed.

Q: Sam and Jen had a tax liability of $5,115 last year. They were entitled to tax credits of $112 and…

A: Taxation Taxation is the process whereby the government imposes tax on its citizens to make…

Q: How much must Deon pay in income tax for last year?

A: Tax refers to the amount charged by the government on individuals, partnership firms, HUF’s or any…

Q: Ryan's and Troy's incomes are taxed at 25%. Ryan contributed $245 per month to an HSA. His earnings…

A: Ryan's Troy's Monthly Payment  $                                   245.00  $…

Q: A single person has taxable income of $52,000 per year.  He contributes $1,000 to his company’s…

A: A flexible spending account is a saving account which provides specific tax benefits to the holder…

Q: Mary has Taxable Income for the current year of $425,000, of which $216,000 is spent on goods and…

A: The income of Mary is $425,000. Get expending $216,000*5%=10,800 The income of Joan income is…

Q: 1.Jake pays $8,500 in deductible property taxes. His marginal tax rate is 31%, his effective tax…

A: Jake pays $ 8500 in the deductible property taxes. We are supposed to calculate the savings in tax…

Q: Gus is the self-employed owner of Four Paws Pet Supply. His estimated annual earnings are $43,280.00…

A: Introduction:- The following basic information as follows under:- Gus is the self-employed owner of…

Q: Allen Green is a single taxpayer with an AGI (and modified AGI) of $217,000, which includes $173,500…

A: Given, Allen Green is a Single Tax Payer:- Net Investment = Interest Income + Dividends + Long term…

Q: What is Jenny's tax loss for the income year?     $17,000     $20,000     $11,000     Nil…

A: The assessable income is the income on which the tax is calculated. The assessable is calculated by…

Q: For the current tax year, Morgan had $25,000 of ordinary income. In addition, he had an $1,900…

A: Capital loss: The loss that occurs when selling long-term assets and short-term assets. This loss is…

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: Dave Scott's total income is $52,000, but his taxable income is only $39,625. Therefore, his tax…

A: Formula:

Q: Mr. ABC earned P3,000,000 on his practice of profession for the first three quarters of 2020 for…

A: Computation of income tax paid based on Preferential Tax Rate of 8% till three quarters of 2020…

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: Last year, Mrs. Washington had a taxable income of $61,000 and paid about 20% in taxes. This…

A:

Q: If your gross salary is $273 000 and your taxable income is $73 000 and your tax rate is 25% how…

A: A tax is a necessary contribution or financial charge levied by the government on the income earned…

Q: My daughter earns a salary of $40,800 per year, payable monthly. She is married and claims four…

A: Calculate total withholding allowance.

Q: A man earned wages of $54,400, received $1200 in interest from a savings account, and contributed…

A: An itemised deduction seems to be an expense that may be deducted from your adjusted gross income…

Q: This year Luke has calculated his gross tax liability at $2,140. Luke is entitled to a $2,910…

A: Tax or Taxes: Tax isTax or Taxes:Tax is an amount paid by the persons (individuals and business…

Q: Peter's gross income is $80,000 a year, and Wendy earns $100,000 a year. They put $3,000 each into…

A: a. Gross income =  Peter’s gross income + Wandy gross income  = $80000 + $100000 = $180000   b.…

Q: An unmarried taxpayer with no dependents expects an adjusted gross income of $87,000 in a given…

A: Step 1 As per provisions of US Federal tax, income excess over $36900 is 25% tax chargeable and…

Q: Jamie receives a basic pay of P29,880 a month and a 2% commission on her sales. She sold P505,000 in…

A: Total Taxable Income will be Salary (P29880*12) P358560 Commission (P505,000 * 2%) P10,100…

Q: tax liability, marginal tax rate, and average tax rate

A: Taxable income $45,000 Tax rate on first $9,525 10% Tax rate on $9,525 to $38,700 12% Tax rate…

Q: Dick DeWolf and his wife have a total taxable income of $60,000 this year and file a joint federal…

A: Future value of taxable income return is the value of taxable income at a specified future date…

Q: This year Luke has calculated his gross tax liability at $1,800. Luke is entitled to a $2,400…

A: Tax Refund: A tax refund is an amount that a person can claim while filing ITR when he/she has paid…

Q: n each of the following cases, discuss how the taxpayers might respond to a tax rate increase in a…

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

Q: Paul is head of household with taxable income of $ 68500 He has a $ 7000 entitled tax credit  His…

A: Tax Liability - It is the amount of tax owed by an individual, company or other entities to a tax…

Q: eason.  You find that you paid $3,296.44 in Federal Taxes.  Using your taxable income and the tax…

A: Answer  You  receive a tax refund of $280.44 because you paid  more taxes last year than you should…

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: Steve has a tentative general business credit of $85,000 for the current year. His net regular tax…

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Q: John is filing taxes individually, his salary is $102,000, he also received $5,000 on interest from…

A: Hi, since you have asked a question with multiple subparts, we are solving the 1st 3 subparts for…

Q: If the tax rates are 15% on the first $50,000 of taxable income, and 20% on the next $25,000, and…

A: The marginal tax rate is the tax rate paid on the next dollar of income. It is the highest tax…

Q: Is RR allowed to avail himself of the eight percent (8%) income tax? How will RR’s tax liability be…

A: Tax liability is the liabilities which have to be computed as per the tax rates specified by the…

Q: t. Calculate your annual tax. Calculate the extra tax that you would pay per year if your annual…

A: Information Provided: Taxable income = $100,000 MTR = 50% ATR = 35%

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.