Income tax concepts unit 1

  
Using your text, complete the following. In these problems, apply your knowledge of tax rate structures, tax liability, and tax return preparation.
● Problem 37, on page 1-32.
● Problem 41, on page 1-32.
● Problem 43, on page 1-33.
● Problem 45, on page 1-33.
● Problem 50, on page 1-33.
  
   37. Use the   information in Table 1-3. If the federal tax system was   changed to a proportional tax rate structure with a tax rate of 17%,   calculate the amount of tax liability for 2017 for all taxpayers. How does   this amount differ from the actual liability?
ABLE 1-3 Individual Income Tax Returns from 2017, Number of Tax Returns, Taxable Income (in thousands), Total Tax Liability (in thousands), and Average Tax Rate by Ranges of Adjusted Gross Income
Source: IRS Statistics of Income Bulletin, Winter 2019, Table 1.

*The average tax rate is total tax liability divided by taxable income.
  
41.Cameron is single and has taxable   income of $88,806. Determine his tax liability using the tax tables and using   the tax rate schedule. Why is there a difference between the two amounts? 

43.Determine the tax liability, marginal tax rate, and average tax rate (rounded to two decimal places) in each of the following cases. Use the tax tables to determine tax liability.
a. Single taxpayer, taxable income of $38,862:Liability = __________ Marginal = __________ Average = __________
b. Single taxpayer, taxable income of $89,889:Liability = __________ Marginal = __________ Average = __________

45. Determine the tax liability, marginal tax rate, and average tax rate (rounded to two decimal places) in each of the following cases. Use the tax tables to determine tax liability.
a. Married taxpayers, taxable income of $38,862:Liability = _________ Marginal = _________ Average = _________
b. Single taxpayer, taxable income of $61,229:Liability = _________ Marginal = _________ Average = _________
50. Xavier and his wife Maria have total W-2 income of $93,102. They will file their tax return as married filing jointly. They had a total of $7,910 withheld from their paychecks for federal income tax. Using the tax tables, determine the amount of refund or additional tax due upon filing their tax return. Indicate whether the amount is a refund or additional tax.

Order a unique copy of this paper
(550 words)

Approximate price: $22

Our Basic features
  • Free title page and bibliography
  • Plagiarism-free guarantee
  • Unlimited revisions
  • Money-back guarantee
  • 24/7 support
Our Options
  • Writer’s samples
  • Expert Proofreading
  • Overnight delivery
  • Part-by-part delivery
  • Copies of used sources
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

AcademicWritingCompany guarantees

Our customer is the center of what we do and thus we offer 100% original essays..
By ordering our essays, you are guaranteed the best quality through our qualified experts.All your information and everything that you do on our website is kept completely confidential.

Money-back guarantee

Academicwritingcompany.com always strives to give you the best of its services. As a custom essay writing service, we are 100% sure of our services. That is why we ensure that our guarantee of money-back stands, always

Read more

Zero-plagiarism tolerance guarantee

The paper that you order at academicwritingcompany.com is 100% original. We ensure that regardless of the position you are, be it with urgent deadlines or hard essays, we give you a paper that is free of plagiarism. We even check our orders with the most advanced anti-plagiarism software in the industry.

Read more

Free-revision guarantee

The Academicwritingcompany.com thrives on excellence and thus we help ensure the Customer’s total satisfaction with the completed Order.To do so, we provide a Free Revision policy as a courtesy service. To receive free revision the Academic writing Company requires that the you provide the request within Fifteen (14) days since the completion date and within a period of thirty (30) days for dissertations and research papers.

Read more

Privacy and Security policy

With Academicwritingcompan.com, your privacy is the most important aspect. First, the academic writing company will never resell your personal information, which include credit cards, to any third party. Not even your lecturer on institution will know that you bought an essay from our academic writing company.

Read more

Adherence to requirements guarantee

The academic writing company writers know that following essay instructions is the most important part of academic writing. The expert writers will, therefore, work extra hard to ensure that they cooperate with all the requirements without fail. We also count on you to help us provide a better academic paper.

Read more

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2020 at 10:52 AM
Total price:
$26
The price is based on these factors:
Customer Academic level
Number of pages required
Urgency of paper