Based on the federal tax chart, what are the taxes owed in the following situation Taxable...

Based on the federal tax chart, what are the taxes owed in the following situation Taxable income $1,500,000?

Solutions

Expert Solution

If tax filer is SINGLE, tax will be 1,500,000 * 0.37 - 35,012.50 = 519,987.50

If tax filer is Married filing jointly or Qualifying widow(er). , tax will be 1,500,000 * 0.37 - 61,860.00 = 493,140

If tax filer is Married filing separately , tax will be 1,500,000 * 0.37 - 30,930.00 = 524,070

If tax filer is Head of household, tax will be 1,500,000 * 0.37 - 36,431.00 = 518,569

The above answer is based on the federal tax chart of IRS USA for 2019 as given below:-

ekkarill92 answered 1 year ago

Next > < Previous

Related Solutions

For federal taxes, we have a marginally based income tax. There are other options. What are...

For federal taxes, we have a marginally based income tax. There are other options. What are some of them and which would be best? Why do you think so?

There are two types of taxes: Federal tax and province tax. 1.Federal taxes: Assume that the...

There are two types of taxes: Federal tax and province tax. 1.Federal taxes: Assume that the share of income $35,000 and below is federally taxed at 15%, the share of income between $35,000 and $100,000 is taxed at 25%, and the share of income over $100,000 is taxed at 35%. (i.e an income over$ 100,000 is taxed as follows: -The portion of income up to and including the first $35,000 is federally taxed at 15%. -The portion of income between...

Based on the amounts of taxable income below, compute the federal income tax payable in 2018...

Based on the amounts of taxable income below, compute the federal income tax payable in 2018 on each amount assuming the taxpayers are married filing a joint return. Also, for each amount of taxable income, compute the average tax rate and the marginal tax rate. a. Taxable income of $30,000 b. Taxable income of $100,000 c. Taxable income of $375,000 d. Taxable income of $700,000

Based on the amounts of taxable income provided, compute the federal income tax payable in 2017...

Based on the amounts of taxable income provided, compute the federal income tax payable in 2017 on each amount assuming the taxpayers are married filing a joint return. Also, for each amount of taxable income, compute the average tax rate and the marginal tax rate. Taxable income of $50,000. . Taxable income of $125,000. . Taxable income of $380,000. . Taxable income of $510,000

The United States federal personal income tax is calculated based on filing status and taxable income....

The United States federal personal income tax is calculated based on filing status and taxable income. There are four filing statuses (in this program we’ll use only three): single filers, married filing jointly, and head of household. The tax rates vary every year. Table 1 shows the rates for 2016. If you are, say, single with a taxable income of $10,000, the first $9,075 is taxed at 10% and the other $925 is taxed at 15%. So, your tax is...

Based on the following table of the tax rates, what is the average tax rate for a firm with taxable income of $120,000?

Based on the following table of the tax rates, what is the average tax rate for a firm with taxable income of $120,000?Taxable Income ($)Tax Rate0 – 50,00015%50,000 – 75,00025%75,000 – 100,00034%100,000 – 335,00039%39%20%34%25%None of the above

) Marin Corporation had the following tax information. Year Taxable Income Tax Rate Taxes Paid 2015...

) Marin Corporation had the following tax information. Year Taxable Income Tax Rate Taxes Paid 2015 $303,000 36% $109,080 2016 322,000 31% 99,820 2017 395,000 31% 122,450 In 2018, Marin suffered a net operating loss of $812,000, which it elected to carry back. The 2018 enacted tax rate is 32% (and this rate is expected to be in use for the foreseeable future). Prepare Marin’s entry to record the effect of the loss carryback (and carryforward).

Amishi had a tax liability of $5,985 last year. In addition, she owed other taxes of...

Amishi had a tax liability of $5,985 last year. In addition, she owed other taxes of $733. She was entitled to tax credits of $648 and withholding amounted to $480 per month. Calculate the amount of the refund or the amount of additional taxes due (as the case may be). Enter this amount followed by the word 'Refund' or the word 'Due'. Example: 822 Due

Larkspur Corporation had the following tax information. Year Taxable Income Tax Rate Taxes Paid 2015 $294,000...

Larkspur Corporation had the following tax information. Year Taxable Income Tax Rate Taxes Paid 2015 $294,000 32% $94,080 2016 319,000 27% 86,130 2017 396,000 27% 106,920 In 2018, Larkspur suffered a net operating loss of $487,000, which it elected to carry back. The 2018 enacted tax rate is 26%. Prepare Larkspur’s entry to record the effect of the loss carryback.

Federal Withholding Taxes versus Estimated Tax Payments 1. Summarize the difference between federal income tax withheld...

Federal Withholding Taxes versus Estimated Tax Payments 1. Summarize the difference between federal income tax withheld and federal estimated tax payments. 2. Summarize the general rule for federal estimated tax payments. You may use the following sources to research the answers: (1) learning objectives 9.1 and 9.2 of your text book, or IRS Publication 505 “Tax Withholding and Estimated Tax” for use in 2017 at https://www.irs.gov/pub

Subjects