Procedure and Analysis: 1. For taxable incomes of $100,000 or less, the 1040 Forms & Instructions booklet displays tax tables with the income tax previously calculated for the applicable income level (up to $100,000) and the filing status. Locate a copy of the tax tables on the Internet with the search keywords "2009 1040 tax tables" or from the Forms and Publications link found at the website www.irs.gov. Using $100,000 as a taxable income, find the income tax for a couple (married and filing jointly) in the published tax tables. Record your results. a. Total Income Tax (based on 2009 IRS Tax Tables) = $_ b. Now, calculate the income tax on the very same $100,000 taxable income using the computations described in unit 4-E. Use the framework below to aid in your calculations: Tax Computation Tax Rate 10% 15% 25% Married Filing Jointly up to 16,700 up to 67,900 up to 137,050 Total Income Tax: c. Should your answers for Parts (a) and (b) match exactly? Explain why or why not?

Procedure and Analysis: 1. For taxable incomes of $100,000 or less, the 1040 Forms & Instructions booklet displays tax tables with the income tax previously calculated for the applicable income level (up to $100,000) and the filing status. Locate a copy of the tax tables on the Internet with the search keywords "2009 1040 tax tables" or from the Forms and Publications link found at the website www.irs.gov. Using $100,000 as a taxable income, find the income tax for a couple (married and filing jointly) in the published tax tables. Record your results. a. Total Income Tax (based on 2009 IRS Tax Tables) = $_ b. Now, calculate the income tax on the very same $100,000 taxable income using the computations described in unit 4-E. Use the framework below to aid in your calculations: Tax Computation Tax Rate 10% 15% 25% Married Filing Jointly up to 16,700 up to 67,900 up to 137,050 Total Income Tax: c. Should your answers for Parts (a) and (b) match exactly? Explain why or why not?

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter18: Accounting Periods And Methods

Section: Chapter Questions

Problem 9DQ: LO.2 Osprey Corporation, an accrual basis taxpayer, had taxable income for 2019 and paid 40,000 on...

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LO.2 Osprey Corporation, an accrual basis taxpayer, had taxable income for 2019 and paid 40,000 on its estimated state income tax for the year. During 2019, the company received a 4,000 refund upon filing its 2018 state income tax return. The company filed its 2019 state income tax return in August 2020 and paid the 7,000 state income tax due for 2019. In December 2019, the company received a notice from the state tax commission that an additional 6,000 of income tax was due for 2017 because of an error on the return. The company acknowledged the error in December 2019 and paid the additional 6,000 in tax in February 2020. What is Ospreys 2019 Federal income tax deduction for state income taxes?
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