Answered: Tax liability: Marginal rate: Average… | bartleby

SWFT Comprehensive Volume 2019

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter24: Multistate Corporate Taxation

Section: Chapter Questions

Problem 26P

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Question

Compute the 2023 tax liability and the marginal and average tax rates for the following taxpayers.
Click here to access the 2023 tax rate schedule. If required, round the tax liability to the nearest dollar. When
required, round the average rates to four decimal places before converting to a percentage (i.e., .67073 would
be rounded to .6707 and entered as 67.07%).
a. Chandler, who files as a single taxpayer, has taxable income of $146,400.
Tax liability:
Marginal rate:
Average rate:
%
Marginal rate:
Average rate:
%
b. Lazare, who files as a head of household, has taxable income of $76,800.
Tax liability:
%
%

Single-Schedule X
If taxable
income is:
Over-
$
0
11,000
44,725
95,375
182,100
231,250
income is:
Over-
$
But not
over-
$ 11,000
44,725
95,375
182,100
231,250
578,125
0
22,000
89,450
190,750
364,200
462,500
693,750
But not
over-
The tax is:
$ 22,000
89,450
190,750
364,200
462,500
693,750
****** 10%
$ 1,100.00+ 12%
5,147.00 +22%
16,290.00+ 24%
37,104.00+ 32%
52,832.00+ 35%
578,125
174,238.25 + 37%
Married filing jointly or Qualifying widow(er)--
Schedule Y-1
If taxable
The tax is:
......... 10%
$ 2,200.00 +12%
10,294.00+ 22%
32,580.00 24%
2023 Tax Rate Schedules
74,208.00 + 32%
105,664.00+ 35%
186,601.50 +37%
of the
amount
over-
$
$
0
11,000
44,725
95,375
182,100
231,250
578,125
of the
amount
over-
0
22,000
89,450
190,750
364,200
462,500
693,750
Head of household-Schedule Z
If taxable
income is:
Over-
$
0
15,700
59,850
95,350
If taxable
income is:
Over-
$
But not
over-
0
11,000
44,725
95,375
182,100
231,250
346,875
$ 15,700
59,850
95,350
182,100
231,250
578,100.
182,100
231,250
578,100
Married filing separately-Schedule Y-2
The tax is:
But not
over-
$ 11,000
44,725
95,375
182,100
231,250
346,875
......... 10 %
$ 1,570.00 +12%
6,868.00 22%
14,678.00 24%
35,498.00+ 32%
51,226.00+ 35%
172,623.50 37%
The tax is:
10%
$ 1,100.00+ 12%
5,147.00 +22%
16,290,00 + 24%
37,104.00 + 32%
52,832.00+ 35%
93,300.75 + 37%
of the
amount
over-
$
0
15,700
59,850
95,350
182,100
231,250
578,100
of the
amount
over-
$ 0
11,000
44,725
95,375
182,100
231,250
346,875

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Problem 3-46 (LO. 1, 3, 7) Paige, age 17, is a dependent of her parents. Her parents report taxable income of $120,000 on their joint return (no qualified dividends or capital gains). During 2022, Paige earned $3,900 pet sitting and $4,300 in interest on a savings account. Click here to access the 2022 tax rate schedule. What are Paige's taxable income and tax liability for 2022? a. Paige's total taxable income is $ b. Paige's tax liability is $ X.
Compute the taxable income. A. ZeroB. P4,000,000C. P5,000,000D. P29,000,000
Save & Exit Subm Two independent situations are described below. Each involves future deductible amounts and/or future taxable amounts produced by temporary differences: SITUATION Taxable income Amounts at year-end: Future deductible amounts 2. $46,000 $86,000 5,600 10,600 0 5,600 Future taxable amounts Balances at beginning of year, dr (cr): Deferred tax asset, Deferred tax liability $ 1,000 $ 3,180 0 1,000 The enacted tax rate is 30% for both situations. Required: For each situation determine the: SITUATION 2. (a.) Income tax payable currently. (b.) Deferred tax asset - balance at year-end. (c.) Deferred tax asset change dr or (cr) for the year. (d.) Deferred tax liability - balance at year-end. (e.) Deferred tax liability change dr or (cr) for the year. (f.) Income tax expense for the year. Next > 31 of 39
Calculating Taxable Income Taxable income $0-$9,525 $9,526- $38,700 $38,701 - $82,500 $82,501 $157,500 $157,501 $200,000 $200,001 $500,000 $500,001 or more - - - - Rate 10.0% Deborah's Tax Scenario 12.0% 22.0% 24.0% 32.0% 35.0% 37% Using the previous tax table, compute the tax liability for the individual in the scenario presented, rounding the liability to the nearest dollar. In addition, use the dropdown lists to identify the marginal tax rate and average tax rate for the individual in the scenario. Deborah is a young professional with taxable income of $195,500 as an advertising account executive.
Explain how the following transactions result in taxable /deductible temporarydifference:a. Interest revenue. (3 marks)b. Depreciation. (3 marks)c. Development costs. (3 marks)d. Retirement benefit costs. (3 marks)e. Research costs. (3 marks)
Compute the taxable compensation income. a. 1,305,000b. 1,325,000c. 1,150,000d. 1,285,000
Net interest on the net defined benefit liability (asset) Remeasurements of the net defined benefit liability benefit plan shows the following information: How much will be shown in profit or loss and in other 9. The actuarial valuation report of Entity A's post-employment c. P200,000 net defined benefit liability in noncurrent P200,000 net defined benefit asset in noncurrent assets unting for de PAS 259 Emplayer Benefits ned benefit liabilities y (asset) d. PIM in noncurrent liabilities 300,000 Service cost 90,000 (20,000) 370,000 unting for whid Total defined benefit cost comprehensive income? Profit or loss ans Other comprehensive income a. 370,000 b. 300,000 C. 390,000 d. 70,000 (20,000) 370,000 ly to affect te benefit plan? 10. According to PAS 19, how are other long-term benefits accounted for? a. similar to defined benefit plans. b. similar to short-term employee benefits except that the cash flows are discounted. C. similar to defined benefit plans except that all the…
Eight independent situations are described below. Each involves future deductible amounts and/or future taxable amounts: 1. 2. 3. 4. 5. 6. 7. 8. ($ in millions) Temporary Differences Reported First on: The Income Statement The Tax Return Revenue $22 7 8 17 17 17 Expense $ 22 2222 Situations Taxable Income 1 $ 122 2 3 4 5 6 Revenue $22 17 7 Expense $22 Required: For each situation, determine taxable income, assuming pretax accounting income is $120 million. Note: Enter your answers in millions (i.e., 10,000,000 should be entered as 10). 12 12
Amount in excess of P490,000.00 taxable income is to be multiplied to_______to compute for the graduated tax due a. 30% b. 32% c. 35%
Individuals Schedule X-Single If taxable income is over: But not over: $ 11,000 $44,725 $ 95,375 $ 182,100 $ 231,250 $578,125 $ 0 $ 11,000 $ 44,725 $ 95,375 $ 182,100 $ 231,250 $ 578,125 The tax is: 10% of taxable income $1,100 plus 12% of the excess over $11,000 $5,147 plus 22% of the excess over $44,725 $16,290 plus 24% of the excess over $95,375 $37,104 plus 32% of the excess over $182,100 $52,832 plus 35% of the excess over $231,250 $174,238.25 plus 37% of the excess over $578,125
Calculating Taxable Income Taxable income $0-$9,525 $9,526 $38,700 $38,701 $82,500 $82,501 $157,500 24.0% $157,501 $200,000 32.0% $200,001 $500,000 35.0% $500,001 or more 37% - Rate 10.0% 12.0% 22.0% Lucia's Tax Scenario Using the previous tax table, compute the tax liability for the individual in the scenario presented, rounding the liability to the nearest dollar. In addition, use the dropdown lists to identify the marginal tax rate and average tax rate for the individual in the scenario. Lucia is a professional with taxable income of $74,200. What is Lucia's total tax liability? S What is Lucia's top marginal tax rate? STEP: 2 of 2 What is Lucia's average tax rate? (Note: Round your answer to the nearest cent, if necessary.)
Which of the following is a requirment regarding replacement property for a deferred like kind exchange A Replacement proepty must be identified within 3 years before the transfer of the TP propery. B. The tax return for the year of the trnsfer mqy no be filed before the replacemnt property is acquired C the value of identified replacemnt properties may not exceed 500% the aggre

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