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Gre4nikov [31]
3 years ago
7

Kana is a single wage earner with no dependents and taxable income of $205,000 in 2018. Her 2017 taxable income was $155,000 and

tax liability was $36,382. Calculate Kana's 2018 income tax liability and the minimum required 2018 annual payment necessary to avoid any penalty. Round your answers to two decimal places.What is Kana's 2018 income tax liability
Business
1 answer:
garri49 [273]3 years ago
5 0

Answer:

$47439.50

Explanation:

For a single tax payer if your taxable income range is $200,000 - $500,000 then your income tax is $45,689.50 + 35% of amount over $200,000 of taxable income.

Income tax liability = $45689.50+{ 205000-200000)×35%}

$45689.50+(5000×35/100)

$45689.50+(5000×0.35)

$45689.50+1750

= $47439.50

The income tax liability will be $47439.50

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2 years ago
What does the government do with the money it collects as taxes?
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1 year ago
Charlotte is declared mentally incompetent by a court and is unable to participate as a partner in Aflac Enterprises c partnersh
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3 years ago
A department has budgeted monthly manufacturing overhead cost of $510000 plus $3 per direct labor hour. If a flexible budget rep
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Direct labor hour will be 158000

Explanation:

We have given manufacturing overhead cost = $510000

An total budgeted manufacturing cost = $984000

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It is given that $3 per direct labor hour

We have to fond the number of labor hours

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