Answered: In 2023, Jack, age 12, has interest… | 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

In 2023, Jack, age 12, has interest income of $8,220 on funds he inherited from his aunt and no earned income. He has no
Investment expenses. Christian and Danielle (his parents) have taxable income of $88,150 and file a joint return. Assume that
no parental election is made.
Click here to access the 2023 tax rate schedule. If required, round the tax computations to the nearest dollar.
Jack's net unearned Income is
Jack's allocable parental tax is
Jack's total tax is
5,720

Single-Schedule X
If taxable
income is:
Over-
$
0
income is:
Over-
$
0
22,000
89,450
190,750
364,200
462,500
693,750
But not
over-
$ 11,000
44,725
95,375
182,100
231,250
578,125
10%
11,000
$ 1,100.00 +12%
44,725
5,147.00 +22%
95,375
16,290.00+ 24%
182,100
37,104.00+ 32%
231,250
52,832.00+ 35%
578,125
174,238.25 + 37%
*********
Married filing jointly or Qualifying widow(er)-
Schedule Y-1
If taxable
But not
over-
The tax is:
******
The tax is:
$ 22,000
89,450
$ 2,200.00+ 12%
190,750
10,294.00+ 22%
364,200
32,580.00 24%
462,500
74,208.00+ 32%
693,750 105,664.00+ 35%
186,601.50+ 37%
2023 Tax Rate Schedules
........10%
of the
amount
over-
$
5
of the
amount
over-
0
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
Head of household-Schedule Z
If taxable
income is:
Over-
$ 0
15,700
59,850
95,350
182,100
231,250
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.
578,100
172,623.50 +37%
Married filing separately-Schedule Y-2
But not
over-
$ 11,000
44,725
95,375
182,100
231,250
346,875
The taxis:
..........10%
$ 1,570.00+12 %
6,868.00 +22%
14,678.00+ 24%
35,498.00+ 32%
51,226.00+ 35%
*******
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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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…
Compute the taxable compensation income. a. 1,305,000b. 1,325,000c. 1,150,000d. 1,285,000
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.
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.
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%
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
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.)
In 2022, Lisa and Fred, a married couple, had taxable income of $313,200. If they were to file separate tax returns, Lisa would have reported taxable income of $131,600 and Fred would have reported taxable income of $181,600. Use Tax Rate Schedule for reference. What is the couple's marriage penalty or benefit? Note: Do not round intermediate calculations. Marriage beneft
Answer is complete but not entirely correct. Amount a. Taxable income $ 60,500 b. Taxable income SA $ 30,100 c. Taxable income d. Taxable income $ $ 7,070 SA 0 ☑
Jeremy (unmarried) earned $101, 000 in salary and $6, 100 in interest income during the year. Jeremy's employer withheld $10,000 of federal income taxes from Jeremy's paychecks during the year. Jeremy has one qualifying dependent child (age 14) who lives with him. Jeremy qualifies to file as head of household and has $25,000 in itemized deductions. b. Assume that in addition to the original facts, Jeremy has a long-term capital gain of $4,080. What is Jeremy's tax refund or tax due including the tax on the capital gain?Schedule Z - Head of Household
! Required information [The following information applies to the questions displayed below.] Emily, who is single, has been offered a position as a city landscape consultant. The position pays $125,000 in cash wages. Assume Emily has no dependents. Emily deducts the standard deduction instead of itemized deductions, she is not eligible for the qualified business income deduction, and she did not make any charitable donations. (Use the tax rate schedules.) b-1. Suppose Emily receives a competing job offer of $120,000 in cash compensatic $5,000. What is the amount of Emily's after-tax compensation for the competing offer? (Round your intermediate calculations and final answer to the nearest whole dollar amount.) and nontaxable ded) benefits worth Description Amount (1) Gross income (2) For AGI deductions (3) Adjusted gross income 2$ (4) Standard deduction (5) Taxable income 2$ (6) Income tax liability After-tax compensation

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