Solve on white paper onlys Use the 2019 U.S. federal tax rates in the table to calculate answers to the questions below. Give all answers to two decimals.Taxable IncomeTax rate$0-$9,70010%$9,701-$39,47512$39,476-$84,20022$84,201-160,72524$160,726-$204,10o32$204,101-$510,30035Over $510,300371st attemptIf you have a taxable income of $346,830.00, what is yourtop marginal tax rate?%.total tax bill? $average tax rate?

Average tax rate = Total tax bill / Taxable income * 100

Use the 2019 U.S. federal tax rates in the table to calculate answers to the questions below. Give all answers tổ two decimals. Taxable Income Tax rate SO-59,700 10% $9,701-$39,475 12 $39,476-$84,200 22 $84,201-160,725 24 $160,726-$204,100 32 $204J01-$510,300 35 Over $510,300 37 1st attempt If you have a taxable income of $346,830.00, what is your top marginal tax rate? total tax bill?S average tax rate?

Use the 2019 U.S. federal tax rates in the table to calculate answers to the questions below. Give all answers tổ two decimals. Taxable Income Tax rate SO-59,700 10% $9,701-$39,475 12 $39,476-$84,200 22 $84,201-160,725 24 $160,726-$204,100 32 $204J01-$510,300 35 Over $510,300 37 1st attempt If you have a taxable income of $346,830.00, what is your top marginal tax rate? total tax bill?S average tax rate?

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter12: Alternative Minimum Tax

Section: Chapter Questions

Problem 26P

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Similar questions

Determine from the tax table in Appendix A the amount of the income tax for each of the following taxpayers for 2019:
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?
Incomc Taxes Then Company has been in operation for several years. It has both a deductible and a taxable temporary difference. At the beginning of 2019, its deferred tax asset was 690, and its deferred tax liability was 750. The company expects its lutine deductible amount to be deductible in 2020 and its Inline taxable amount to 1 taxable in 2021. In 2018, Congress enacted income tax rates for future years as follows: 2019, 30%; 2020, 34%; and 2021, 35%. At the end of 2019, Then reported income taxes payable of 25,800, an increase in its deferred tax liability of 300, and an ending balance in its deferred tax asset of 860. Thun has prepared the following schedule of items related to its income taxes for 2019. Required: Fill in the blanks in the preceding schedule. Show your calculations.
How do the all events and economic performance requirements apply to the following transactions by an accrual basis taxpayer? a. The company guarantees its products for six months. At the end of 2019, customers had made valid claims for 600,000 that were not paid until 2020. Also, the company estimates that another 400,000 in claims from 2019 sales will be filed and paid in 2020. b. The accrual basis taxpayer reported 200,000 in corporate taxable income for 2019. The state income tax rate was 6%. The corporation paid 7,000 in estimated state income taxes in 2019 and paid 2,000 on 2018 state income taxes when it filed its 2018 state income tax return in March 2019. The company filed its 2019 state income tax return in March 2020 and paid the remaining 5,000 of its 2019 state income tax liability. c. An employee was involved in an accident while making a sales call. The company paid the injured victim 15,000 in 2019 and agreed to pay the victim 15,000 a year for the next nine years.