« previous next »

Author Question: Rates for a married taxpayer filing separately are 10 of taxable income up to 8,375 and 15 ... (Read 48 times)

Metfan725

  • Hero Member
  • *****
  • Posts: 552
on: Jun 24, 2018
Rates for a married taxpayer filing separately are 10 of taxable income up to 8,375 and 15 thereafter up to 34,000 . Rates for a couple filing a joint return are 10 of taxable income up to 16,750 and 15 thereafter up to 68,000 . Miller and Laura Collins are figuring their tax both ways for comparison before deciding which way to file. Miller earned 20,00 . and Laura earned 40,000 . The standard deduction for a married couple filing jointly is 11,400 . The standard deduction for each married taxpayer filing separately is 5,700 . Exemption for each taxpayer is 3,650.
 a. Compute the amount of tax the Collins will owe if they file a joint return.
  b. Compute the amount of tax the Collins will owe if they file two separate returns.

Question 2

Daniel Miller deposited 90,00 . (present value) today at 8 compounded quarterly. Compute the quarterly withdrawal that Daniel can make each quarter for seven years and empty the account. Use Tables 23-2A and 23-2B or a calculator.


alexisweber49

  • Sr. Member
  • ****
  • Posts: 311
Reply #1 on: Jun 24, 2018
Answer to Question 1

a. 5,357.50
b. 5,585 (1,406.25 +  4,178.75)

Answer to Question 2

90,00 .  21.28127 = 4,229.07 quarterly withdrawals


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

In the United States, an estimated 50 million unnecessary antibiotics are prescribed for viral respiratory infections.

Did you know?

It is widely believed that giving a daily oral dose of aspirin to heart attack patients improves their chances of survival because the aspirin blocks the formation of new blood clots.

Did you know?

Pregnant women usually experience a heightened sense of smell beginning late in the first trimester. Some experts call this the body's way of protecting a pregnant woman from foods that are unsafe for the fetus.

Did you know?

Vaccines cause herd immunity. If the majority of people in a community have been vaccinated against a disease, an unvaccinated person is less likely to get the disease since others are less likely to become sick from it and spread the disease.

Did you know?

Egg cells are about the size of a grain of sand. They are formed inside of a female's ovaries before she is even born.

Average Pulse Rates by Age Average Pulse Rates by Age
Ten Leading Causes of Death in Low-Income Countries, 2008 Ten Leading Causes of Death in Low-Income Countries, 2008
Income per Capita versus Income of the Bottom Quintile Income per Capita versus Income of the Bottom Quintile
How the Return to Education Affects the Distribution of Income How the Return to Education Affects the Distribution of Income
Capital’s Share of Income in a Cross-Section of Countries Capital’s Share of Income in a Cross-Section of Countries
Construct a Lorenz curve that shows income distribution in this society. Construct a Lorenz curve that shows income distribution in this society.
Video: Mechanism of enzyme action

For a complete list of videos, visit our video library