Refer to the following table to answer the following questions:2012 Federal Income Tax BracketsTaxable IncomeTax Rate10 percent$0-$8,700$8,701-$35,35015 percent25 percent$85,651-$178,650 28 percent$178,651-$388,350 33 percent35 percent$35,351-$85,650Over $388,350Using the table, what is the total payroll tax bill (assume zero state and local income taxes)for someone who makes $67,000 per year?O $5.125.50O $17.905.25O $23,030.75O $16.933.75O $13.751.25

Solution: Tax should be calculated slab wise = (10/100*8700)+ (15/100*26,650)+(25/100*31650) =…

Refer to the following table to answer the following questions: 2012 Federal Income Tax Brackets Taxable Income Tax Rate $0-$8,700 10 percent 15 percent $8,701-$35,350 $35,351-$85,650 $85,651-$178,650 28 percent $178,651-$388,350 33 percent 25 percent Over $388,350 35 percent Using the table, what is the total payroll tax bill (assume zero state and local inm for someone who makes $67,000 per year? O $5,125.50 O $17.905.25 O $23,030.75 O $16.933.75

Refer to the following table to answer the following questions: 2012 Federal Income Tax Brackets Taxable Income Tax Rate $0-$8,700 10 percent 15 percent $8,701-$35,350 $35,351-$85,650 $85,651-$178,650 28 percent $178,651-$388,350 33 percent 25 percent Over $388,350 35 percent Using the table, what is the total payroll tax bill (assume zero state and local inm for someone who makes $67,000 per year? O $5,125.50 O $17.905.25 O $23,030.75 O $16.933.75

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter13: Tax Credits And Payment Procedures

Section: Chapter Questions

Problem 25P: LO.2 Oak Corporation has the following general business credit carryovers. If the general business...

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LO.2 Oak Corporation has the following general business credit carryovers. If the general business credit generated by activities during 2019 equals 36,000 and the total credit allowed during the current year is 60,000 (based on tax liability), what amounts of the current general business credit and carryovers are utilized against the 2019 income tax liability? What is the amount of unused credit carried forward to 2020?
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