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- Consider the following tax system: Tax Brackets Marginal Tax Rates 1 0 – 50,000 10% 2 50,000 – 100,000 15% 3 100,000 – 150,000 18% 4 150,000 – 200,000 25% 5 200,000 – 250,000 30% 6 250,000 + 33% Assume that a business executive receives a gross monthly salary of $225,000. i) Calculate the average and marginal tax rates that he/she has to pay. ii) If the NIS, NHT and education tax amounts due at the end of November are $3,125.00, $5,600.08, and $5,040.35 respectively, what amount in net income (after-tax income) should the business executive expect to see on his pay stub. iii) Advise the Minister on the potential benefit of eliminating progressive taxationDetermine the single-value effective tax rate for a corporation that has a federal tax rate of 35% and state tax rate of 7%.Van-Line Company, a small electronicsrepair firm, expects an annual income of $170,000from its regular business. The company is considering expanding its repair business to includeflat-panel HDTV installation service. The expansion would bring in an additional annual incomeof $50,000, but it also will require an additionalexpense of $20,000 each year over the next threeyears. Using applicable current tax rates, answerthe following.(a) What is the marginal tax rate in tax year 1?(b) What is the average tax rate in tax year 1?(c) Suppose that the new business expansionrequires a capital investment of $20,000 worthof special tools (a three-year MACRS property).At i = 10%, what is the PW of the total incometaxes to be paid over the project life?
- Assume an MPS of 0.2, an increase in autonomous (lump-sum) tax of $40 would lower income by a. $40 b. $160 c. $80 d. $200With respect to the sources of state tax revenue, the corporate income tax generates approximately twice the revenue as state sales and use taxes. O True O FalseAquatech Microsystems reported a TI of $80,000 last year. If the state income tax rate is 6%, determine the (a) average federal tax rate, (b) overall effective tax rate, (c) total taxes to be paid based on the effective tax rate, and (d) total taxes paid to the state and paid to the federal government.
- Which statement accurately describes the correct tax treatment. a. The percentage of bad and doubtful debts at year-end is an estimate and allowable as it is specific bad debts provision. No adjustment is made to the income tax computation. b. If refunds from income tax of $150,000 included in revenue – the amount is subtracted in the income tax computation because the amount should have been credited to a tax recoverable account rather than to the profit and loss. Some countries specifically state that this is not a taxable income. c. Legal expenses for debt recovery are not allowed. We add this back in the income tax computation. d. Donation to the football club is an allowable expense for income tax purposes as the football club is a registered club. Therefore, we could not add this back in the income tax computation.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.The Johnson’s had two children, both of them are married and now have their own families, call them Family A and Family B. They both file their U.S. income taxes as married, filing jointly. Information collected for a year for each family is shown below. Neglecting any effect of state taxes, use a spreadsheet and the latest tax rates from the IRS publication 17, Your Federal Income Tax (www.irs.gov), to determine the following for each family: (a) Percentage of TI paid in federal taxes. (b) Percentage of total income (salaries, dividends, and other) paid in federal taxes. Family A B Salaries, $1000 65 290 Dividends, $1000 8 58 Other income 0 14 Exemptions 5 3 Deductions, $1000 12 25 Exemptions are $4000 per individual (adult or child). Deductions for Family A are standard and itemized for B.
- TRUE OR FALSE? Any internal revenue tax, which has been assessed within the prescribed limitation period, may be collected by distraint or levy, or by a proceeding in court within five (5) years following the assessment period.Required Compute the deferred tax expense and the balance of the deferred tax account for each year. Prepare all journal entries required to record Oliver’s income tax provision for all 3 years.During a particular year, a corporation has $18.6 million in revenue, $2.4 million of operating expenses, and depreciation expenses of $6.4 million. What is the approximate federal tax this corporation will have to pay for this tax year?
