Question

In: Finance

J.PBuffet is a married investor with annual taxable income of 105500.How much will J.P...

J.P Buffet is a married investor with annual taxable income of 105500. How much will J.P pay in federal income tax when he files joint return?

Solutions

Expert Solution

total tax payable =14927

income left taxable income tax bracket tax rate tax payable
105500 19400 0-19400 10% 1940
86100 59550 19400-78950 12% 7146
26550 26550 78950-168400 22% 5,841.00
total tax payable 14,927.00

Related Solutions

Felix and Freddie are married with annual taxable income of $230,000. They pay income tax according...
Felix and Freddie are married with annual taxable income of $230,000. They pay income tax according to the following schedule: Over--------But Not Over---------Tax Rate $0.................$43,850...................15% $43,850..........$105,950..................??? $105,950........ $361,450.................31% If the total personal income tax they pay is $59,316, which of the following comes closest to the tax rate for income between $43,850 and 105,950 (the middle tax rate)?. a. 24% b. 23% c. 25% d. 21% e. 22%
2015 Tax Rates Tax Rate Single Married Filing Jointly Ordinary Income Taxable Income over To Taxable...
2015 Tax Rates Tax Rate Single Married Filing Jointly Ordinary Income Taxable Income over To Taxable Income over To 10% $0 $9,225 $0 $18,450 15% 9,225 37,450 18,450 74,900 25% 37,450 90,750 74,900 151,200 28% 90,750 189,300 151,200 230,450 Instructions: Round your final answer and all intermediate calculations to the nearest whole number. Use the tax table to compute the taxes of someone who has a spouse and three children, has income of $135,000, and takes the standard deduction. The...
[5] Lana and Luke are married and have a taxable income of $305,000. Their share of...
[5] Lana and Luke are married and have a taxable income of $305,000. Their share of the income from an accounting partnership is $250,000. The accounting partnership pays a total of $90,000 in W-2 wages. Under Sec. 199A, what is their deductible amount for the partnership? A. $0 B. $50,000 C. $125,000 D. $61,000 <A9> 2020 Gleim Publications Inc. QBI 4101 051720 1 [6] Kevin, a single taxpayer, has a taxable income of $315,000. His share of the income from...
If Susie earns $750,000 in taxable income, how much tax will she pay as a single...
If Susie earns $750,000 in taxable income, how much tax will she pay as a single taxpayer for year 2020? (Use tax rate schedule) Marc, a single taxpayer, earns $60,000 in taxable income and $5,000 in interest from an investment in city of Birmingham Bonds. Using the U.S. tax rate schedule for year 2020, what is his average tax rate (rounded) & effective tax rate (rounded) 3. Jamie is single. In 2020 , she reported $100,000 of taxable income, including...
The Johnsons file a married, joint return. They had taxable income of $170,000 in 2020. Their...
The Johnsons file a married, joint return. They had taxable income of $170,000 in 2020. Their city tax rate is 3.876% and state tax rate is 6.21%. What was their total effective (marginal) tax rate? Assume they had $10,000 in short-term capital gains and $12,000 in long-term taxable gains. How much are their total taxes?
James and Mary are married and file a joint tax return. Together, their taxable income is...
James and Mary are married and file a joint tax return. Together, their taxable income is $80,000. How much will they pay in taxes? (Round answers to 0 decimal place, e.g. 5275.)
in 2019 Lisa and Fred a married couple had taxable income of $312,000 if they were...
in 2019 Lisa and Fred a married couple had taxable income of $312,000 if they were to file separate tax returns Lisa would have reported taxable income of 129000 and Fred would have reported taxable income of 183000 what is the couple's marriage penalty or benefit?
In 2019, Lisa and Fred, a married couple, have taxable income of $300,000. If they were...
In 2019, Lisa and Fred, a married couple, have taxable income of $300,000. If they were to file separate tax returns, Lisa would have reported taxable income of $200,000 and Fred would have reported taxable income of $100,000. A- What is the couple’s marriage penalty or benefit? (Enter a penalty as a positive and a benefit as a negative) n 2019, Jasmine and Thomas, a married couple, have taxable income of $145,000. If they were to file separate tax returns,...
In 2017, Jasmine and Thomas, a married couple, had taxable income of $150,000. If they were...
In 2017, Jasmine and Thomas, a married couple, had taxable income of $150,000. If they were to file separate tax returns, Jasmine would have reported taxable income of $140,000 and Thomas would have reported taxable income of $10,000. Use Tax Rate Schedule for reference. What is the couple’s marriage penalty or benefit? (Do not round intermediate calculations. Round your answer to 2 decimal places. Input the amount as positive value.)
Nikki works for the Shine Company, a retailer of upscale jewelry. How much taxable income does...
Nikki works for the Shine Company, a retailer of upscale jewelry. How much taxable income does Nikki recognize under the following scenarios? a. Nikki buys a diamond ring from Shine Company for $16,900(normal sales price, $21,220; Shine Company's gross profit percentage is 40 percent). b. Nikki receives a 26 percent discount on jewelry restoration services offered by Shine Company. This year, Nikki had Shine Company repair a set of antique earrings (normal repair cost $925; discounted price $684.50).
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT