Question

In: Economics

TAXABLE INCOME TAX RATE $ 0-----------------               $8,700    10% $ 8,700 -----------           

TAXABLE INCOME

TAX RATE

$ 0-----------------               $8,700   

10%

$ 8,700 -----------                $ 35,350                  

15%

$35,350-----------                 $85,650

25%

$85,650------------                $178,650

28%

$178,650------------                $388,350

33%

OVER------------------                $388,350

35%

Use the Marginal Income Tax Rate above to compute the following:

  1. Tax Due on Taxable Income of $50,000; $200,000; and $500,000.
  2. Average Tax Rate (ATR) on Taxable Income of $50,000; $200,000; $500,000.

Solutions

Expert Solution

​​​​​​Tax due on taza ke income of $50,000 will be $8,530

On $200,000 it will be $50,528

On $500,000 taxable income Tax will be $151,761

Rahul Sunny answered 1 year ago
Next > < Previous

Related Solutions

The tax rates for a particular year are shown below: Taxable Income Tax Rate $0 –...
The tax rates for a particular year are shown below: Taxable Income Tax Rate $0 – 50,000 15 % 50,001 – 75,000 25 % 75,001 – 100,000 34 % 100,001 – 335,000 39 % What is the average tax rate for a firm with taxable income of $122,513?
Please refer to the following tax schedule. Taxable Income           Tax Rate $ 0-50,000 15%...
Please refer to the following tax schedule. Taxable Income           Tax Rate $ 0-50,000 15% $ 50,001-75,000 25% $ 75,001-100,000          34% $100,001-335,000          39% If BOB's Inc. had $300,000 of taxable income last year selling tools What is the average tax rate? What is the marginal tax rate? What is the firm’s tax liability?    SHOW ALL WORK
Please refer to the following tax schedule. Taxable Income           Tax Rate $ 0-50,000 15%...
Please refer to the following tax schedule. Taxable Income           Tax Rate $ 0-50,000 15% $ 50,001-75,000 25% $ 75,001-100,000          34% $100,001-335,000          39% If BOB's Inc. had $300,000 of taxable income last year selling tools What is the average tax rate? What is the marginal tax rate? What is the firm’s tax liability?    SHOW ALL WORK
#eight The tax rates for a particular year are shown below: Taxable Income Tax Rate $0...
#eight The tax rates for a particular year are shown below: Taxable Income Tax Rate $0 – 50,000 15 % 50,001 – 75,000 25 % 75,001 – 100,000 34 % 100,001 – 335,000 39 % What is the average tax rate for a firm with taxable income of $126,013? 20.00% 39.00% 25.71% 36.61% 28.20%
Schedule Married Joint Taxable income over: But not over: The tax is: $0 $18,650 10% of...
Schedule Married Joint Taxable income over: But not over: The tax is: $0 $18,650 10% of taxable income $18,650 $75,900 $1,865 plus 15% of the excess over $18,650 $75,900 $153,100 $10,452.50 plus 25% of the excess over $75,900 $153,100 $233,350 $29,752.50 plus 28% of the excess over $153,100 $233,350 $416,700 $52,222.50 plus 33% of the excess over 233,350 $416,700 $470,700 $112,728.00 plus 35% of the excess over $416,700 $470,700 - $131,628.00 plus 39.6% of the excess over $470,700 During the...
Marginal Tax rate Earnings/Income Tax owed 10% $0 to $9,525 10% of income 12% $9,526 to...
Marginal Tax rate Earnings/Income Tax owed 10% $0 to $9,525 10% of income 12% $9,526 to $38,700 $952.50 plus 12% of the amount over $9,525 22% $38,701 to $82,500 $4,453.50 plus 22% of the amount over $38,700 24% $82,501 to $157,500 $14,089.50 plus 24% of the amount over $82,500 32% $157,501 to $200,000 $32,089.50 plus 32% of the amount over $157,500 35% $200,001 to $500,000 $45,689.50 plus 35% of the amount over $200,000 37% $500,001 or more $150,689.50 plus 37%...
‘Income tax shall be paid on taxable income times tax rate. It makes sense to pay...
‘Income tax shall be paid on taxable income times tax rate. It makes sense to pay income tax for current year, but we should not be asked to account for deferred tax assets and liabilities’. Do you agree with this statement? Discuss your arguments.
Corporate Tax Rate Schedule Taxable income brackets Tax calculation Base tax + (Marginal rate × amount...
Corporate Tax Rate Schedule Taxable income brackets Tax calculation Base tax + (Marginal rate × amount over bracket lower limit) $ 0 to $ 9,525 $ 0 + (10% × amount over $ 0) 9,525 to 38,700 $ 953 + (12% × amount over $ 9,525) 38,700 to 82,500 $ 4,454 + (22% × amount over $ 38,700) 82,500 to 157,500 $ 14,090 + (24% × amount over $ 82,500) 157,500 to 200,000 $ 32,090 + (32% × amount over...
Suppose the income tax rate schedule is 0 percent on the first $10,000; 10 percent on...
Suppose the income tax rate schedule is 0 percent on the first $10,000; 10 percent on the next $20,000; 20 percent on the next $20,000; 30 percent on the next $20,000; and 40 percent on any income over $70,000. Family A earns $28,000 a year and Family B earns $65,000 a year. Both receive a ten percent raise. What is the marginal tax rate of each and what is the extra tax paid by each after the raise? A. Family...
Taxation table Income Tax Standard personal income tax rates Income band Taxable amount Rate K1 to...
Taxation table Income Tax Standard personal income tax rates Income band Taxable amount Rate K1 to K39,600 first K39,600 0% K39,601 to 49,200 next K9,600 25% K49,201 to K74,400 next K25,200 30% Over K74,400 37.5% Income from farming for individuals K1 to K39,600 first K39,600 0% Over K39,600 10% Company Income Tax rates On income from manufacturing and other 35% On income from farming 10% Capital Allowances Implements, plant and machinery and commercial vehicles: Wear and Tear Allowance – Standard...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT