Respuesta :
The Investment Income, if any (g) $380 and The Net Income tax payable is $41,516.75
How to find the Total Income tax?
A. The Taxable Income (a) $425,000
The Prefrentially taxed income (b) $0
The Income taxed at ordinary rates ( c) $425,000
The Tax on c above (d)
$124,469.95 = $120,529.75 + [($425,000 - $415,050) x 39.6%]
The Tax on b above ( e) is $0
Thus, the Total Income tax (f) is $124,469.95 (d + e)
The Investment Income, if any is $0 No Investment Income
The Net Income tax payable is $124,469.95
B. The Taxable Income (a) $425,000
The Prefrentially taxed income (b) $2,000
The Income taxed at ordinary rates ( c) $423,000
The Tax on c above (d);
$123,677.95 = $120,529.75 + [($423,000 - $415,050) x 39.6%]
The Tax on b above ( e) ;
$400 = $2,000 x 20%, Since marginal rate is 39.6%
The Total Income tax (f) $124,077.95 (d + e)
The Investment Income, if any (g) $76
($2,000 x 3.8% = $76)
The Net Income tax payable is $124,153.95 (f + g)
C. The Taxable Income (a) $425,000
The Prefrentially taxed income (b) $55,000
The Income taxed at ordinary rates ( c) $370,000
The Tax on c above (d);
$105,629.25 = $46,278.75 + [($370,000 - $190,150) x 33%]
The Tax on b above ( e);
$8,747.50 [($45,050 x 15%) + ($9,950 x 20%)]
The Total Income tax (f) $114,376.75 (d + e)
The Investment Income, if any (g) $2,090
($55,000 x 3.8% = $2,090)
The Net Income tax payable $116,466.75 (f + g)
D. The Taxable Income (a) $195,000
The Prefrentially taxed income (b) $50,000
The Income taxed at ordinary rates is ( c) $145,000
The Tax on c above (d);
$33,636.75 = $18,558.75 + [($145,000 - $91,150) x 28%]
The Tax on b above ( e);
$7,500.00 = $50,000 x 15%
The Total Income tax (f) is $41,136.75 (d + e)
The Investment Income, if any (g) $380
The Net Income tax payable is $41,516.75 (f + g)
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