proposed taxes proportional taxes progressive taxes
Q: Paul has the following information: $ 155,000 $ 27,600 $ 31,400 $ 31,447 AGI for 2020 Withholding…
A: A. How much must Paul pay in estimated taxes to avoid a penalty? ESTIMATED TAXES TO AVOID A…
Q: Compare and contrast the pros and cons of implementing an ad valorem tax and a unit tax on the…
A: Ad valorem tax is imposed on the total value of an item. Therefore, higher the total value of the…
Q: Mr. Borbon had the following data for his income tax return for the current year: Sales Personal…
A: Tax base can be defined as the total value of assets, properties, or income on which tax is…
Q: Holly's Art Galleries recently reported $15.8 million of net income. Its EBIT was $25 million, and…
A: Here, Net Income is $15,800,000 EBIT is $25,000,000 Federal Tax Rate is 21%
Q: Last year, Marylynn opened Baron’s Appliance Sales and Service. Her tax accountant provided the…
A: a) Taxable income is derived by subtracting expenses and depreciation from gross income. Taxable…
Q: suppose a certain a government employee earns a cna of 18,000 290 1.0.9 at 13th month pay of 27891…
A: The Collected Negotiation Agreement (CNA) between the government and government…
Q: Holly’s Art Galleries recently reported $7.9 million of net income. Its EBIT was $13 mil-lion, and…
A: EBIT = $13 million Net income = $7.9 million Tax rate = 21%
Q: A corporation pays taxes at the flat rate of 39% and has operating profit of $1 million. It pays…
A: Taxes collected by government is as under -
Q: Anthony Noll’s gross earnings for the week were $3,000, his federal income tax withholding was $540,…
A: The Federal Insurance Contribution Act is a law made by U.S. government where employees and…
Q: How much tax is Bison Co.'s tax expense, if it has $365,000 in gross income realized, $10,000…
A: The company's aim will be to increase the profitability. The profitability of the company can be…
Q: Given the following tax structure, what minimum tax would need to be assessed on Shameika to make…
A: Tax Rate=Total TaxTotal Salary×100
Q: A certain state uses the following progressive tax rate for calculating individual income tax:…
A: Progressive tax is a tax in which tax rate increases as the base rate amount increases. Here the tax…
Q: If you live in a state that needs to collect $18 million in property taxes and has a tax rate of…
A: Taxable value here will be Taxable value =Tax amountTax rate
Q: You are the owner of Caché, a chain of women's clothing boutiques. Your state has a sales tax of 7%,…
A: Let, Sales Revenue = X Sales tax for City = 0.015X. Sales tax for State = 0.07X. Then, X + 0.015X +…
Q: What would be the effective marginal tax rate on your last dollar of earnings?
A: The effective marginal tax rate comprises of all the effective tax rates.
Q: Below is a graph of the Robinson's annual expenses. How much will the Robinsons pay in state/local…
A: Here, Gross Annual Income is $85,420 % of State and Local Taxes is 10%
Q: Mr. Borbon had the following data for his income tax return for the current year: Sales Personal…
A: The question is related to taxation. In case if the we optioned to taxed by 8% , the there will be…
Q: Dan has AGI of $50,000 and paid the following taxes during this tax year. State income…
A: Only state income tax withholding and state income tax estimated payments will be deductible as…
Q: Use the 2016 marginal tax rates in the above table to calculate the federal tax owed by a single man…
A: Adjusted gross Income = 40,000 - 1000 = $39,000 Tax rate 25%. (It lies in 29,701-71,950) Total…
Q: According to a professional analysis of one proposed federal tax cut (by the accounting firm…
A: PLEASE LIKE THE ANSWER (a): Absolute difference will be = $12,838 - $211 = $12,627 Savings % of…
Q: Lois's expected share of income from an S corporation is $900,000. Lois's marginal tax rate on…
A: Ordinary Income: Ordinary income is generally described as pay other than long-haul capital…
Q: State income tax withholding $ 1,250 State income tax estimated payments 700 Federal income tax…
A:
Q: How much tax is Bison Co's tax expense, if it has $365,000 in gross income realized, $10,000…
A: Given, Gross Income = $365,000 Interest on Municipal bonds = $8,000 Tax credits = $164,000…
Q: Let's say the following tax cut was applied to U.S. taxpayers who earned up to $55,000 per year. On…
A: Solution- A-Extra money Earned by a typical person earning $55000- =5% of 55000+$500 = $3250
Q: Tax Drill - General Business Credit Carlson's general business credit for the current year is…
A: Tax is a compulsory payment to the internal revenue service department of the federal government.…
Q: Evaluate the ethical issues related to the payment of income taxes. in other words, if there is a…
A: Tax saving is the option which the taxpayer uses in order to use the option and reduce the amount of…
Q: 3. When a taxpayer's income increases by $2,500 and the taxes owed increase from $13,899 to $14,399,…
A: Income tax refers to compulsory payment made to government with persons having higher income…
Q: As you know, Flabovia has adopted a Value Added Tax (VAT); the tax rate across the board is 15%. A…
A: A VAT (VAT) is a consumption tax placed on a product whenever value is additional at every stage of…
Q: If you would have to pay $5,000 in taxes on $50,000 taxable income and $8,000 in taxes on $60,000…
A: The tax on a taxable income is computed based on a tax rate. Generally, the tax rate is not same for…
Q: Suppose a tax is such that an individual with an income of $10,000 pays $2000 of tax, a person with…
A: The government of a nation can charge income tax based on regressive method, proportional method and…
Q: Administration Exemption level Tax Rate Years in Effect
A: given Administration Exemption level Tax Rate Years in Effect is
Q: Trudy's AGI last year was $366,000. Her Federal income tax came to $109,800, paid through both…
A: a.
Q: Refer to the following table to answer the following questions: 2012 Federal Income Tax Brackets…
A: Solution: Tax should be calculated slab wise = (10/100*8700)+ (15/100*26,650)+(25/100*31650) =…
Q: A retiree working part-time as a greeter had a gross income of $7925 last year. If his federal tax…
A: Under FICA Employee pays Social Security tax 6.2% (only the first…
Q: Sam Club earned $50,000 and paid taxes of $10,000. Samantha Heartearned $60,000 and paid taxes of…
A: Income of Sam Club= $50,000 Taxes of Sam Club= $10,000 Income of Samantha Heart= $60,000 Taxes of…
Q: Social Security is paid in with after-tax dollars but may be subject to tax if annual income exceeds…
A: Upto 85% of social security benefits are taxable for an individual with a combined gross income of…
Q: One of the initiatives of the Federal government in recent years was to increase the taxation paid…
A: A nonrefundable credit refers to the one which cannot be utilized to increase a taxpayer's tax…
Q: Given the following tax structure, what minimum tax would need to be assessed on Shamelka to make…
A: Given the following tax system, we need to compute that what is the least tax that should be imposed…
Q: You are the owner of Caché, a chain of women's clothing boutiques. Your state has a sales tax of 7%,…
A: State sales tax rate = 7% City sales tax rate = 1.50% Revenue = $705,250
Q: Jurisdiction B levies a flat 7 percent tax on the first $5 million of annual corporate income.…
A: Given : 7% tax on the first $ 5 million
Q: A VAT Taxpayer had the following data on sales and purchases of a month, value-added tax not…
A: In the Philippines, the Value-added Tax Rate is 12%. The Export sale is a Zero rated tax supply. The…
Q: 3. Jim Koslo earns $156,200 annually as a plant manager. He is married and supports 3 children. The…
A: Jim koslo is married Having 3 dependent. Earnings = $156,2000 State tax rate = 3.55%
Q: 4. In 2011, Canadian federal tax rates were 0% on the first $10,000 of gross income earned, 15% on…
A: Income tax is a direct tax that a government levies on the income of its citizens.
John Gates made $25,000 last year and paid $2,500 in taxes on this income. Jane Smith made $30,000 last year and paid $2,700 in taxes on this income. What type of tax is the government using?
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- What amount is payable to a state tax board if the original sales price is $3,000, and the tax rate is 3.5%?Sam Club earned $50,000 and paid taxes of $10,000. Samantha Heartearned $60,000 and paid taxes of $12,000. If these taxes were paid to thesame government agency, is the tax on income progressive, regressive, orproportional? How did you reach this conclusion?Suppose a tax is such that an individual with an income of $10,000 pays $2000 of tax, a person with an income of $20,000 pays $3000 of tax, a person with an income of $30,000 pays $4000 of tax, and so forth. What is each person’s average tax rate? Is this tax regressive, proportional, or progressive?
- You are the owner of Caché, a chain of women's clothing boutiques. Your state has a sales tax of 7%, and your city has an additional sales tax of 1.5%. Each quarter you are responsible for making these tax deposits to the city and state. Last quarter your stores had total revenue, including sales tax, of $705,250. How much of this revenue was sales (in $) and how much was sales tax (in $)?You are filling out your 1040 form for tax season. You find that you paid $3,296.44 in Federal Taxes. Using your taxable income and the tax table, you find you should have paid $3,016 in Federal Taxes. Do you get a refund or do you owe the government money? Why?Suppose that the income tax law exempts income of less than $8000 from the tax, taxes income between $8000 and $20,000 at a 25% rate, and taxes income greater than $20,000 at a 30% rate. Find the average tax rate and the marginal tax rate for someone earning $16,000 and for someone earning $30,000. The tax law is change so that income of less than $6000 is untaxed, income from $6000 to $20,000 is taxed at 20%,
- According to a professional analysis of one proposed federal tax cut (by the accounting firm Deloitte and Touche), the cut would have resulted in the following income tax savings: a single person with a household income of $41,000 would save $211 in taxes; a single person with a household income of $530,000 would save $12,838 in taxes; a married couple with two children and a household income of $41,000 would save $1208 in taxes; and a married couple with two children and a household income of $530,000 would save $13,442 in taxes. Find the absolute difference in savings between a single person earning $41,000 and a single person earning $530,000. Then express the savings as a percentage of earnings for each person. Find the absolute difference in savings between a married couple with two children earning $41,000 and a married couple with two children earning $530,000. Then express the savings as a percentage of earnings for each couple. Write a paragraph either defending or…You are the owner of Caché, a chain of women's clothing boutiques. Your state has a sales tax of 7%, and your city has an additional sales tax of 1.5%. Each quarter you are responsible for making these tax deposits to the city and state. Last quarter your stores had total revenue, including sales tax, of $705,250. (a)How much of this revenue was sales (in $) and how much was sales tax (in $)? (b)How much sales tax (in $) should be sent to the city? (c)How much sales tax (in $) should be sent to the state?Dan has AGI of $50,000 and paid the following taxes during this tax year. State income tax withholding $ 1,025 State income tax estimated payments 520 Federal income tax withholding 2,825 Social Security tax withheld from wages 1,720 State excise tax on liquor 310 Automobile license (based on the car’s weight) 255 State sales tax paid 315 Calculate how much Dan can deduct for taxes as an itemized deduction this year. Deductible taxes?
- You are the owner of Caché, a chain of women's clothing boutiques. Your state has a sales tax of 7%, and your city has an additional sales tax of 1.5%. Each quarter you are responsible for making these tax deposits to the city and state. Last quarter your stores had total revenue, including sales tax, of $813,750. (a) How much of this revenue was sales (in $) and how much was sales tax (in $)? sales $sales tax $ (b) How much sales tax (in $) should be sent to the city? $ (c) How much sales tax (in $) should be sent to the state? $4.An individual made $85,000 for the year. Using the tax given , answer the following questions: A.What is this person's marginal tax rate? B.How much tax does this person owe? C.What is the effective tax rate?You are the owner of Cache, a chain of women’s clothing boutiques. Your state has a sales tax of 5% and your city has an additional sales tax of 1.5%. Each quarter you’re responsible for making these tax deposits to the city and state. Last quarter your stores had total revenue including sales tax of $266,250.  A- how much revenue was sales in dollars, and how much is sales tax in dollars? B-how much sales tax in dollar should be sent to the city? C- how much sales tax and dollars should be sent to the state? 
