Personal Exemption: $-0- Standard Deduction: $12,400 ASSUME Gross Income = Adjusted Gross Income = $140,000. ASSUME: Single filer, no adjustments, no dependents, will take the standard deduction ASSUME: Only deduction for state income taxes is rental deduction; assume individual deducts the maximum allowable amount of $3,000. State Income Tax: 5 % State Personal Exemption (single filer) = $4,400 %3D Calculate the following - SHOW YOUR WORK: Total Taxable Income: Total Federal Income Tax: Total State Income Tax: Total Social Security Tax: Total Medicare Tax: Total Federal and State Income Taxes: Total Social Security and Medicare: Total Income Tax and Payroll Taxes: Take Home Pay or After Tax Income:

Personal Exemption: $-0- Standard Deduction: $12,400 ASSUME Gross Income = Adjusted Gross Income = $140,000. ASSUME: Single filer, no adjustments, no dependents, will take the standard deduction ASSUME: Only deduction for state income taxes is rental deduction; assume individual deducts the maximum allowable amount of $3,000. State Income Tax: 5 % State Personal Exemption (single filer) = $4,400 %3D Calculate the following - SHOW YOUR WORK: Total Taxable Income: Total Federal Income Tax: Total State Income Tax: Total Social Security Tax: Total Medicare Tax: Total Federal and State Income Taxes: Total Social Security and Medicare: Total Income Tax and Payroll Taxes: Take Home Pay or After Tax Income:

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter26: Tax Practice And Ethics

Section: Chapter Questions

Problem 31P

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Homework i Firm E must choose between two alternative transactions. Transaction 1 requires a $13,250 cash outlay that would be nondeductible in the computation of taxable income. Transaction 2 requires a $18,700 cash outlay that would be a deductible expense. Required: a. Determine the after-tax cost for each transaction. Assume Firm E's marginal tax rate is 25 percent. b. Determine the after-tax cost for each transaction. Assume Firm E's marginal tax rate is 45 percent. Complete this question by entering your answers in the tabs below. Required A Required B After-tax cost Determine the after-tax cost for each transaction. Assume Firm E's marginal tax rate is 25 percent. Note: Negative amounts should be indicated by a minus sign. @ Transaction 1 20 #C Transaction 2 % Saved & 7 2 * O H
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