Problem 14-65 (b) (LO. 5)For 2020, Lanzo has properly determined that his taxable income is $22,500, including$4,000 of unrecaptured § 1250 gain and $2,300 of 0%/15%/20% gain. Lanzo files marriedfiling separately. Compute Lanzo's tax liability and tax savings from the alternative tax onnet capital gain.Click here to access the tax rate schedules to use for this problem.Round your final answers to the nearest dollar.When computing Lanzo's tax liability, what tax rate is used for:• The $4,000 of unrecaptured § 1250 gain?• The $2,300 of 0%/15%/20% gain?Lanzo's tax liability is $and the tax saving from the alternative tax computationis $ 2020 Tax Rate SchedulesSingle-Schedule XHead of household-Schedule ZIf taxableof theIf taxableof theincome is:But notатоuntincome is:But notатоuntOver-over-The tax is:over-Over-over-The tax is:over-$ 9,875.........10%2$$$ 14,100.........10%2$9,87540,125$987.50 + 12%9,87514,10053,700$1,410.00 + 12%14,10040,12585,5254,617.50 + 22%40,12553,70085,5006,162.00 + 22%53,70085,525163,30014,605.50 + 24%85,52585,500163,30013,158.00 + 24%85,500163,300207,35033,271.50 + 32%163,300163,300207,35031,830.00 + 32%163,300207,350518,40047,367.50 + 35%207,350207,350518,40045,926.00 + 35%207,350518,400156,235.00 + 37%518,400518,400154,793.50 + 37%518,400Married filing jointly or Qualifying widow(er)-Schedule Y-1Married filing separately-Schedule Y-2If taxableof theIf taxableof theincome is:But notатоuntincome is:But notатоuntOver-over-The tax is:over-Over-over-The tax is:over-2$$ 19,750.........10%$$$ 9,875.......10%$19,75080,250$1,975.00 + 12%19,7509,87540,125$987.50 + 12%9,87580,250171,0509,235.00 + 22%80,25040,12585,5254,617.50 + 22%40,125171,050326,60029,211.00 + 24%171,05085,525163,30014,605.50 + 24%85,525326,600414,70066,543.00 + 32%326,600163,300207,35033,271.50 + 32%163,300414,700622,05094,735.00 + 35%414,700207,350311,02547,367.50 + 35%207,350622,050167,307.50 + 37%622,050311,02583,653.75 + 37%311,025..................

Tax liability is the obligation for the individual who earns income in a country. Income includes…

Problem 14-65 (b) (LO. 5) For 2020, Lanzo has properly determined that his taxable income is $22,500, including $4,000 of unrecaptured § 1250 gain and $2,300 of 0%/15%/20% gain. Lanzo files married filing separately. Compute Lanzo's tax liability and tax savings from the alternative tax on net capital gain. Click here to access the tax rate schedules to use for this problem. Round your final answers to the nearest dollar. When computing Lanzo's tax liability, what tax rate is used for: • The $4,000 of unrecaptured § 1250 gain? • The $2,300 of 0%/15%/20% gain? Lanzo's tax liability is $ and the tax saving from the alternative tax computation is $

Problem 14-65 (b) (LO. 5) For 2020, Lanzo has properly determined that his taxable income is $22,500, including $4,000 of unrecaptured § 1250 gain and $2,300 of 0%/15%/20% gain. Lanzo files married filing separately. Compute Lanzo's tax liability and tax savings from the alternative tax on net capital gain. Click here to access the tax rate schedules to use for this problem. Round your final answers to the nearest dollar. When computing Lanzo's tax liability, what tax rate is used for: • The $4,000 of unrecaptured § 1250 gain? • The $2,300 of 0%/15%/20% gain? Lanzo's tax liability is $ and the tax saving from the alternative tax computation is $

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter18: Accounting For Income Taxes

Section: Chapter Questions

Problem 6C: Intel-period Tax Allocation Chris Green, CPA, is auditing Rayne Co.s 2019 financial statements. For...

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Intel-period Tax Allocation Chris Green, CPA, is auditing Rayne Co.s 2019 financial statements. For the year ended December 31, 2019, Rayne is applying GAAP for income taxes. Raynes controller, Dunn, has prepared a schedule of all differences between financial statement and income tax return income. Dunn believes that as a result of pending legislation, the enacted tax rate at December 31, 2019, will be increased for 2020. Dunn is uncertain which differences to include and which rates to apply in computing deferred taxes. Dunn has requested an overview of GAAP from Green. Required: Prepare a brief memo to Dunn from Green that identifies the objectives of accounting for income taxes, defines temporary differences, explains how to measure deferred tax assets and liabilities, and explains how to measure deferred income tax expense or benefit.
Chapter 3 Activity – Taxes Individual Income Tax Brackets (2021) Marginal Tax Rate Single, taxable income over: Joint, taxable income over: Head of Household, taxable income over: 10% $0 $0 $0 12% $9,950 $19,900 $14,200 22% $40,525 $81,050 $54,200 24% $86,375 $172,750 $86,350 32% $164,925 $329,850 $164,900 35% $209,425 $418,850 $209,400 37% $523,600 $628,300 $523,600 Standard Deduction Amounts (2021) Filing Status Deduction Amount Single $12,550 Married Filing Jointly $25,100 Head of Household $18,800 Long-term Capital Gains & Qualified Dividends (2021) Tax Rate Single Joint Head of Household 0% Under $40,000 Under $80,800 Under $54,100 15% $40,400 $80,800 $54,100 20% $445,850 $501,600 $473,750 Additional 3.8% Net Investment Income Tax for MAGI over $200,000 / $250,000 / $200,000 Calculate the federal income…
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Question 13 Which answer is closest to the Estate tax exemption and top tax rate as of December 31, 2020? Answers: $10M, 45% $11.5M, 40% $12.5M, 30% $5M, 35%
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20. Instructions Use the graduated tax table below if applicable: GRADUATED TAX TABLE UNDER TRAIN LAW (January 1, 2018 to December 31, 2022) Over But not over The tax shall be Plus Of excess over    250,000 0 0 - P 250,000 400,000 0 20% P 250,000 400,000 800,000 30,000 25% 400,000 800,000 2,000,000 130,000 30% 800,000 2,000,000 8,000,000 490,000 32% 2,000,000 8,000,000    2,410,000 35% 8,000,000 A taxpayer made available the following financial information: Gross sales      - Php 10,000,000 Cost of sales – Php 6,000,000 Expenses:             Salaries and wages – Php 1,000,000             Transportation and travel – Php 20,000             Rental - Php 240,000             Representation expense – Php 200,000             Depreciation expense – Php 200,000             Office supplies – Php 20,000             Miscellaneous expenses – Php 10,000…
13. Instructions Use the graduated tax table below if applicable: GRADUATED TAX TABLE UNDER TRAIN LAW (January 1, 2018 to December 31, 2022) Over But not over The tax shall be Plus Of excess over    250,000 0 0 - P 250,000 400,000 0 20% P 250,000 400,000 800,000 30,000 25% 400,000 800,000 2,000,000 130,000 30% 800,000 2,000,000 8,000,000 490,000 32% 2,000,000 8,000,000    2,410,000 35% 8,000,000 A taxpayer registered in 2020 made available the following financial information for TY2021: Balance Sheet: Asset - Php 500,000 Liability - Php 100,000 Stockholders' Equity - Php 400,000 Income Statement: Gross sales - Php 10,000,000 Cost of sales – Php 8,000,000 Operating Expenses - Php 5,000,000    How much is the income tax due under CREATE Law if the taxpayer is a domestic corporation?    Group of answer choices Php 300,000 Php 600,000 Php 200,000…