Using the tax rate schedule given here LOADING..., perform the following:a. Find the marginal tax rate for the following levels of sole proprietorship earnings before taxes: $ 15 000; $ 60 000; $ 90 000; $ 150 000; $250 000; $ 450 000; and $1 million.b. Plot the marginal tax rates (measured on the y-axis) against the pretax income levels (measured on the x-axis)$0 to $9,875 $0 (10% amount over $0)9,876 to 40, 125 988 + (12% amount over 9, 876)40, 126 to 85, 525 4,618 + (22% amount over 40, 126)85,526 to 163, 300 14, 606 + (24% amount over 85, 526)163, 301 to 207, 350 33, 272 + (32% amount over 163, 301)207, 351 to 518, 400 47,368 (35% amount over 207, 351)518,401 to Unlimited 156, 235 (37% amount over 518, 401)

Income Tax is a statutory or mandatory tax payable by the individuals and other entities on the…

Answered: Using the tax rate schedule given here…

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 32BEB

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Marginal tax rates Using the tax rate schedule given here, perform the following: a. Find the marginal tax rate for the following levels of sole proprietorship earnings before taxes: $14,700; $59,500; $89,600; $156,000; $247,000; $456,600; and $1 million. b. Plot the marginal tax rates (measured on the y-axis) against the pretax income levels (measured on the x-axis).
Marginal tax rates Using the tax rate schedule attached Perform the following: a. Find the marginal tax rate for the following levels of sole proprietorship earnings before taxes: $16,800; $59,500; $89,600; $151,000; $245,000; $451,200; $1,000,000 b. Plot the marginal tax rates (measured on the y-axis) against the pretax income levels (measured on the x-axis).
Using the graduated tax table, compute the income tax due and/or income tax payable (refundable) of the following given problems. Round off the total income tax due to the nearest whole number. What is the income tax due if the net taxable compensation income is P478,800? In the preceding problem, what if there is tax payments made in the previous quarter in the amount of P47,800, what is the income tax payable (refundable)? What is the income tax due if the net taxable business income is P1,108,600? In the preceding problem, what if there is tax payments made in the previous quarters in the amount of P187,800, what is the income tax payable (refundable)? What is the income tax due if the net taxable business income is P3,158,400? In the preceding problem, what if there is tax payments made in the previous quarters in the amount of P789,780, what is the income tax payable (refundable)?
2. Using the following Income Tax data, and given that your annual income is $ 85,000: a) Calculate the total tax (in $); b) The average tax rate (%); c) The marginal tax rate (%); and d) What is the classification of this taxation system? Income ($) Tax Rate (%) 0- 60 000 60 001 - 70 000 10 70 001 - 100 000 15 Over 100 000 17
i. Using all relevant cells calculate the income tax expenses for each year. ii. . Using the correct function or formula calculate the net income.
Using the individual tax rate schedule perform the following: a. Calculate the tax liability, after-tax earnings, and average tax rates for the following levels of partnership earnings before taxes: $13,100; $77,200; $324,000; $499,000; $1.2 million; $1.6 million; and $2.3 million. b. Plot the average tax rates (measured on the y-axis) against the pretax income levels (measured on the x-axis). What generalization can be made concerning the relationship between these variables? ACCER
Using the individual tax rate schedule, perform the following: a. Calculate the tax liability, after-tax earnings, and average tax rates for the following levels of partnership earnings before taxes: $11,600; $78,900; $308,000; $499,000; $1.2 million; $1.7 million; and $2.1 million. b. Plot the average tax rates (measured on the y-axis) against the pretax income levels (measured on the x-axis). What generalization can be made concerning the relationship between these variables? a. Calculate the tax liability, after-tax earnings, and average tax rates for the following levels of partnership earnings before taxes: $11,600; $78,900; $308,000; $499,000; $1.2 million; $1.7 million; and $2.1 million. (Round dollars to the nearest cent and round percentages to one decimal place.) Before-Tax Earnings $11,600 Data table (Click the icon here in order to copy the contents of the data table below into a spreadsheet.) TABLE 1.2: Federal Income Tax Rates and Brackets for Individual Returns (2018)…
Required Answer each of the following questions by providing supporting computations. 1. Assume that the company’s income tax rate is 30% for all items. Identify the tax effects and after-tax amounts of the three items labeled pretax. 2. Compute the amount of income from continuing operations before income taxes. What is the amount of the income tax expense? What is the amount of income from continuing operations? 3. What is the total amount of after-tax income (loss) associated with the discontinued segment? 4. What is the amount of net income for the year?
Using the individual tax rate schedule, perform the following: a. Calculate the tax liability, after-tax earnings, and average tax rates for the following levels of partnership earnings before taxes: $14,900; $75,700; $304,000; $492,000; $1.1 million; $1.5 million; and $2.3 million. b. Plot the average tax rates (measured on the y-axis) against the pretax income levels (measured on the x-axis). What generalization can be made concerning the relationship between these variables? a. Calculate the tax liability, after-tax earnings, and average tax rates for the following levels of partnership earnings before taxes: $14,900; $75,700; $304,000; $492,000; $1.1 million; $1.5 million; and $2.3 million. (Round dollars to the nearest cent and round percentages to one decimal place.) Before-Tax Earnings $14,900 Tax Liability $ Data table ---- Tax Rates 10.0% 12.0% 22.0% 24.0% 32.0% 35.0% 37.0% C (...) Taxable Income $0 to $9,875 $9,876 to $40,125 $40,126 to $85,525 $85,526 to $163,300 $163,301 to…
Use the table and find the income tax for an income of 279,000
I need step by step instructions for the problem e) what is the average income tax rate?** I know you have to divide total tax expense by the net income before taxes.So,For E) the income tax expense is $13,134Net Income before tax??Average Tax rate: ??Revenue : (sales) $144000(service) $28700All the taxes :depreciation tax $10400Interest expense $2400Income Tax expense. $13,134Supplies expense. $12,700F) if $18,500 of dividends had been declared and paid during year, what was the January 1 2016 balance of retained earnings?Retained Earnings Dec 31st : $59000Dividens declared: ???Retained Earnings January 1st: ???Please solve and explain thoroughly.
If taxable income is Of the A tax rate schedule is given in the table. If x equals taxable income and y equals the tax due, construct a function y = f(x) for the tax schedule. The tax is this But not Plus this % excess over over amount over 7,550 30,700 7,550 30,700 74,300 0.00 755.00 + 74.300 4,227.50 + 14.691.50 10% 15% 24% 31% 7,550 30.700 74,300 + 0.1x if 0 74,300

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