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Warm-up, skill-building practice. Calculate the following: Determine 5.54% of $12,693. If someone paid $59.00 on their...

Warm-up, skill-building practice. Calculate the following:

  1. Determine 5.54% of $12,693.

  1. If someone paid $59.00 on their taxable income with a state income tax rate of 6%, determine the amount of their taxable income.

Income tax scenarios. Use the tax table information provided to compute the required values, making sure to show your calculation steps.

  1. Carlos is thinking about getting a new job, and is reviewing his financial situation.
  1. Carlos decided to review his NC State 2019 tax bill. He located a draft of his tax form and line item #17 from tax form D400 without tax credits. This showed that his NC state taxable income was $15,283. In 2019 he was filing as a single taxpayer. Determine the amount of 2019 NC tax due.

  1. Carlos and Gabriela are considering getting married and Carlos wondered what their tax bill would be together. He texted her to look up her tax information and find her NC state taxable income. She replied that it was $23,414. Determine the amount of 2019 NC tax due if Carlos and Gabriela would have filed jointly as a married couple.

  1. That answer in (b) seemed high to Carlos, so he calculated Gabriela’s individual tax assessment. Determine the amount of 2019 NC tax due if Gabriela filed as an individual.    

  1. John is single, with a solid middle-class job. His taxable income for 2019 was $59, 512.
  1. What was his tax assessment (federal and state) for 2019?
  1. His employer gave him a raise of 3.6% for the cost of living adjustment in NC. Assuming that the tax brackets do not change. How does this salary increase affect his tax assessment for 2020? Show all steps needed to answer the question.

  1. Write a meaningful sentence or two comparing the change in salary and the change in taxes.
  2. John is single, with a solid middle-class job. His taxable income for 2019 was $59, 512.
  3. What was his tax assessment (federal and state) for 2019?
  4. His employer gave him a raise of 3.6% for the cost of living adjustment in NC. Assuming that the tax brackets do not change. How does this salary increase affect his tax assessment for 2020? Show all steps needed to answer the question.

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ekkarill92 answered 2 years ago
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