1 answer

Tax Accounting Tax Liability Calculation, Marginal and Average Tax Rates for Various Filing Status (LO. 1)...

Question:

Tax Accounting
Tax Liability Calculation, Marginal and Average Tax Rates for Various Filing Status (LO. 1) A taxpayer has $93,080 of taxable
Table 1-2 2019 Tax Rate Schedules Single Taxpayers If Taxable income is Over But Not Over The Tax is of the Amount Over . ..
Tax Liability Calculation, Marginal and Average Tax Rates for Various Filing Status (LO. 1) A taxpayer has $93,080 of taxable income for the current year. Determine the total tax, the marginal tax rate, and the average tax rate if the taxpayer is a a. Single individual b. Married couple filing jointly c. Corporation Do not round Intermediate computations. Use the 2019 tax rate schedule. Do not round your intermediate calculations. Round your final answers to two decimal places Taxpayer Total Tax Marginal Tax Rate Average Tax Rate Single individual Married couple b. C. Corporation
Table 1-2 2019 Tax Rate Schedules Single Taxpayers If Taxable income is Over But Not Over The Tax is of the Amount Over . .. 10% $ 0 9,700 39,475 84,200 160,125 204,100 510,300 9,700 39,475 84,200 160,725 204,100 510,300 $ 970 + 12% 4,543 + 22% 14,382.50 +24% 32,748.50 + 32% 46,628.50 + 35% 153,798,50 + 37% -0- 9,700 39,475 84,200 160,725 204,100 510,300 Married Taxpayers Filing Jointly and Surviving Spouse If Taxable income is Over But Not Over The Tax is of the Amount Over 10% $ 0 19.400 78,950 168,400 321,450 408.200 612 350 19,400 78.950 168,400 321,450 408,200 612,350 $ 1,940 + 12% 9,086 +22% 28,765 +24% 64,497 + 32% 93.257 + 35% 164,709.50 + 37% 19,400 78,950 168,400 321,450 408,200 612,350 Corporate Tax Rate Schedule If Taxable income is Over But Not Over The Tax is of the Amount Over 50- Sunlimited

Answers

Answer:

a. b. Taxpayer Single individual Married couple Corporation Total Tax $ 16,513.70 $ 12,194.60 $ 19,546.80 Marginal Tax Rate 2

Working:

Taxable income = $93,080

Single Tax payer:

Total tax = 14382.50 + (93080 - 84200) * 24% = $16,513.70

Marginal tax rate = 24.00%

Average tax rate = Total tax / Taxable income =16513.70 / 93080 =17.74%

Married Couple:

Total tax = 9086 + (93080 - 78950) * 22% = $12,194.60

Marginal tax rate = 22.00%

Average tax rate = Total tax / Taxable income =12194.60 / 93080 = 13.10%

Corporate:

Total tax = 93080 * 21% = $19,546.80

Marginal tax rate = 21.00%

Average tax rate = Total tax / Taxable income =19546.80 / 93080 =21.00%

.

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