33. Given the tax brackets below, compute the tax bill on a single proprietor wi

Question

33. Given the tax brackets below, compute the tax bill on a single proprietor with a $78,000 taxable income, assuming no exemptions, exclusions, or deductions. Show your work Table 1. 2015 Taxable Income Brackets and Rates Rate Single Filers Married Joint Filers Head of Household Filers 10% $0 to $9,225 $0 to $18,450 $0 to $13,150 $9,225 to $37,450 25% $37,450 to $90,750 28%$90,750 to $189,300 33% $189,300 to $411,500 35% $411,500 to $413,200 $18,450 to $74,900 $74.900 to $151,200 $151,200 to $230,450 $230,450 to $411,500 $411,500 to $464,850 $13,150 to $50,200 $50,200 to $129,600 $129,600 to $209,850 $209,850 to $411,500 $411,500 to $439,000 15% 39.6% $413,200+ $464,850+ $439,000+ http://taxfoundation.org/blog/irs-releases-2015-tax-brackets

Explanation / Answer

33) Statement showing tax Payable

32)

Statement shoing position of operating ,financing and investing cash flow in cash flow statement

Slab Rate Tax Calculation $0 to $9225 10% 922.5 9225*10% $9225 to 37450 15% 4233.75 (37450-9225)*15% $37450 to $90750 25% 10137.5 (78000-37450)*25% TAX 15293.75

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