Using the following table, calculate the taxes for an individual with taxable income of $61,000. 10...

Using the following table, calculate the taxes for an individual with taxable income of $61,000.


10	%	Up to $10,100
15	%	$10,100–$42,500
25	%	$42,500–$99,600
28	%	$99,600–$198,400
33	%	$198,400–$411,150
35	%	Over $411,150

Solutions

Expert Solution

Calculation for taxes:

Individual Taxable Income: $61000

Income	Rate	Tax ($)
Upto first 10100	10%	1010
10100 - 42500 i.e. covering 32400 of remaining income	15%	4860
42500 - 99600 (in this case taxable income will be 61000-42500=18500 as 61000 is covered in this slot)	25%	4625
Total amount of Tax		10495

jeff jeffy answered 2 years ago

Next > < Previous

Related Solutions

Average and Marginal Taxes Downtown Deals had taxable income of $267,000 last year. Using the following...

Average and Marginal Taxes Downtown Deals had taxable income of $267,000 last year. Using the following tax schedule, calculate both the firm’s average and marginal tax rate: Taxable Income Tax Rate $0 - $50,000 15% $50,000 – $75,000 25% $75,000 - $100,000 30% $100,000 - $335,000 32% >$335,000 34%

Calculate the average tax rate for an individual with taxable income of $311, 360. Also, why...

Calculate the average tax rate for an individual with taxable income of $311, 360. Also, why will the average tax rate almost certainly be lower than the marginal tax rate? Taxable Income Tax Rates $ 0- 50,000 15% 50,001- 75,000 25% 75,001- 100,000 34% 100,001- 335,000 39%

The dividends paid by a corporation a. to an individual become taxable income of that individual...

The dividends paid by a corporation a. to an individual become taxable income of that individual b. are tax-deductible, i.e., reduce the taxable income of the corporation c. to another corporation receive preferential tax treatment (70% tax exclusion) d. a and c

Leah earned $88,000 in taxable income in 2018 and paid $19,360 in taxes. Leah earned $89,910 in taxable income in 2019 and paid $19,837.50 in taxes.

Leah earned $88,000 in taxable income in 2018 and paid $19,360 in taxes. Leah earned $89,910 in taxable income in 2019 and paid $19,837.50 in taxes. What is Leah’s 2019 marginal tax rate?23%25%34%22%

- a) Calculate AE given the information below and completely fill in the table. Taxes: $10...

- a) Calculate AE given the information below and completely fill in the table. Taxes: $10 at each level of income Investments: $15 Government Spending: $25 Total Income (AO) Taxes Disposable Income C S I G AE 100 125 105 135 120 145 140 150 150 155 170 160 180 170 190 180 200 185 240 200 280 215 310 230 - b) Where is equilibrium in this economy based on the table? State the level, don’t just point to...

The Individual taxable entity is the most common when filing taxes. It is very important that...

The Individual taxable entity is the most common when filing taxes. It is very important that taxpayers know which filing status they should use each year. Explain why your filing status is important when completing an individual tax return. List some of the repercussions of incorrectly determining your proper filing status. State the distinction between above-the-line and below-the-line deductions.

From the following information calculate taxable income and tax liability of Mr. Zawad for the income...

From the following information calculate taxable income and tax liability of Mr. Zawad for the income year ended 30th June, 2018. Basic pay Tk. 20,000 per month; House rent allowance Tk. 8000 per month; Entertainment allowance Tk. 6000 per quarter; He contributed 10% of basic salary in a recognized provident fund and his employer contributed half the amount in the fund; He contributed Tk. 5000 as the said fund as interest for the year @ 14.5%; Two festival bonuses, One...

Using www.irs.gov, find the publication related to Form 1040 and research how to calculate taxable income...

Using www.irs.gov, find the publication related to Form 1040 and research how to calculate taxable income for individuals. Discuss whether this source is a primary or a secondary source of federal income tax law. Also research the Internal Revenue Code and find the section that defines gross income. Then find another section of the Internal Revenue Code that specifically excludes an item of income from the definition of gross income. Discuss whether the Internal Revenue Code is a primary or...

Income Overview Income from individual income taxes in 2016 is estimated to be about 49% of...

Income Overview Income from individual income taxes in 2016 is estimated to be about 49% of all receipts that year. Income tax is levied on over 100 million American households each year. Payroll tax income is estimated to be about 33% of all receipts that year. Payroll taxes are taxes that employers are required to pay when they pay their staff their salaries. Corporate income taxes are estimated to make up 9% of all receipts that year. Corporate income tax...

31. Use Table A to complete Table B. TABLE A On Taxable Income The Tax Rate...

31. Use Table A to complete Table B. TABLE A On Taxable Income The Tax Rate Is Up to $27,050 20.0% From $27,051 to $65,550 27.5% From $65,551 to $136,750 30.5% From $136,751 to $297,350 35.5% Over $297,350 39.1% TABLE B Taxpayer Income Tax Amount Average Tax Rate Giannis $52,700 Sue $132,500 Damian $237,000 Breanna $315,250 Marginal Tax Rate

Subjects