Fiscal Aspects of Aviation Management Book by Robert W. Kaps Given the following
ID: 2595045 • Letter: F
Question
Fiscal Aspects of Aviation Management Book by Robert W. Kaps Given the following tax table for the Federal Income Tax, compute the income tax and the effective tax rate for each income in questions 12-15: Rate 10% 15% 25% 28% 33% 35% 39.6% Single Filers (Standard Deduction is $6,200) $0 to $9,075 $9,076 to $36,900 $36,901 to $89,350 $89,351 to $186,350 $186,351 to $405,100 $405,101 to 406,750 $406,751+ . Total Income = $ 14,200 12) Total Taxes 13) Effective Tax Rate a. $750 b. $800 c. $1,676 d. $2,130 a. b. c. d. 5.63% 10.00% 11.80% 15.00% Total Income $206,200 14) Total Taxes 15) Effective Tax Rate a. $49,857 b. $51,904 c. $66,000 d. $68,046 a. b. c. d. 24.18% 25.96% 32.01% 33.00%Explanation / Answer
12) Since the standard deduction is $6200
Taxable amount = $14200-$6200 = $8000
Tax payable = $8000*10% = $800
Effective tax rate = Tax payable/Taxable amount = $800/$8000 *100 = 10%
Option B
14) Taxable amount = $206200-$6200 = $200000
0-$9075 = 10%*$9075 = $907.5
$9076-$36900 = 15%*(36900-9076) = $4173.6
$36901-$89350 = 25%*(89350-36901) = $13112.25
$89351-$186350 = 28%*(186350-89351) = $27159.72
$186350-$200000 = 33%*(200000-186351) = $4504.17
Total tax payable = $49857.24
Effective tax rate= $49857.24/$200000 *100 = 24.18%
Option A
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