Table 12-10 On Taxable Income ... The Tax Rate is ... Up to $8,375 10% From $8,375 to $34,000 15 From $34,000 to $82,400 25 From $82,400 to $171,850 28 From $171,850 to $373,650 33 Over $373,650 35 Refer to Table 12-10. If Willie has $170,000 in taxable income, his tax liability will be a. $16,781. b. $41,309. c. $41,827. d. $47,600.

Table 12-10 On Taxable Income ... The Tax Rate is ... Up to $8,375 10% From $8,375 to $34,000 15 From $34,000 to $82,400 25 From $82,400 to $171,850 28 From $171,850 to $373,650 33 Over $373,650 35 Refer to Table 12-10. If Willie has $170,000 in taxable income, his tax liability will be a. $16,781. b. $41,309. c. $41,827. d. $47,600.

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter11: Fiscal Policy

Section: Chapter Questions

Problem 10E

See similar textbooks

Similar questions

Suppose that gifts were taxed at a rate of 10 for amounts up to 100,000 and 20 for anything over that amount. Would this tax be regressive or progressive?
What are some fiscal policies for improving a societys human capital?
Kelly’s taxable income is $110,000. Approximately what percent of her taxable income is her tax? Maureen’s taxable income, t, is between $182,400 and $357,700. Write an algebraic expression that represents her tax.
7.Which flows represent taxes? a. C and D b. E and F c. A and B d. D and E
Assume that Turkey has s a tax rate of 15% on the first 15,000 TRY of taxable income, then 25% on the next 20,000 TRY, then 35% on the next 30,000 TRY, and a tax rate of 40% for all taxable income above 65,000 TRY. Suppose that Turkey provides a 4,000 TRY exemption per child.Hasan has 2 children, and he earns 82,000 TRY in a year.a) Calculate total tax payments of Hasan.b) Calculate average tax rate for Hasan.
What would be your federal income tax if your taxable income was $108,000.00? $_____________ What is the average tax rate for $108,000.00 in taxable income? _____________% How much tax would you owe if your income increased by $25,000 to $133,000.00? $ _______________ What would be your average tax rate with $133,000.00 of taxable income? _____________%
Find the gross income, the adjusted gross income, and the taxable income. Suppose your neighbor earned wages of $63,500, received $1850 in interest from a savings account, received $15,000 in winnings on a television game show, and contributed $7800 to a tax-deferred retirement plan. He is also entitled to a standard deduction of $12,500. The interest on his home mortgage was $6500, he contributed $3000 to charity, and he paid $2100 in state taxes.
In the year 2021, a corporation made $18.2 Million in revenue, $2.4 Million of operating expenses, and depreciation expenses of $6.2 Million. The state income tax rate is 9% and the federal income tax rate is 21%. How much (a) state income tax, and (b) federal income tax will this corporation pay in this tax year? Assume that the state income tax is a tax-deductable expence when filing federal income tax. The approximate state income tax is $ Million (Round to three decimal places.) The approximate federal tax is $ Million. (Round to three decimal places.) The combined effective income tax rate is enter your response here %. (Round to the nearest decimal.) The ATCF for the year 2021 is $ Million . (Round to three decimal places.)
Theo, a single taxpayer, actively participates in a rental real estate activity. During the year, his total rental real estate income was $25,000. His only other income for the year was $180,000 in wages. He does not have any adjustments to income, nor does he have any expenses allocable to investment income. How much of Theo's income is subject to the net investment income tax? $0 $5,000 $25,000 $205,000
12- 12 - : “The document showing the income and expenses of the state together is called X.” In his statement, which of the following is most appropriate for X? a) national income B) Marginal revenue NS) purchasing power parity D) Budget TO) national income per capita
5) Applying the following hypothetical Federal Income Tax Rate Table, for a Single Tax-Filer earning $100,000 annually, calculate the following (Show your Calculations): a) Total Tax Due?b) Marginal Tax Rate? c) Effective Tax Rate? Tax Rate 10% 15% 25% 30% 35% Single Tax Filer Up to $10,000 $10,000 - $40,000 $40,000 – $85,000 $85,000 – $150,000 $150,000 - $400,000
2. A tax expenditure isa. revenue forgone through special provisions in the tax code.b. the hidden cost of resources devoted to tax compliance.c. money paid to corporations that declare negative net income.d. revenue forgone through tax evasion.