Peter is single his taxable income is $45,000. He is considering making a contribution of $2000...
Peter is single his taxable income is $45,000. He is considering making a contribution of $2000 to First Congregational Church. How much tax will he save if he makes the contribution and he itemizes his deductions?
Homework Answers
Tax on Income of 45000 for the year 2019 = 3770.00
if he gives a donation of 2000 $ to the church then his income will be 45000-2000 =43000 $ for tax purpose
Tax on 43000 $ = 3530.00 $
Tax Saving on account of donation = 3770.00$-3530.00$
= 240 $
Thanks for reading. Hoping for a great response
Add Answer to:
Peter is single his taxable income is $45,000. He is considering
making a contribution of $2000...
Pat and Joy are considering contributing $5,000 to their church. This contribution will bring their total...
Pat and Joy are considering contributing $5,000 to their church. This contribution will bring their total itemized deductions to $10,000. Assuming they are in the 15% marginal tax bracket, how much will they save in taxes by contributing this $5,000 to their church?
4. Deduction. Sara's is considering making a $5,000 contribution to her company's retirement plan which is...
4. Deduction. Sara's is considering making a $5,000 contribution to her company's retirement plan which is considered a tax deferred 35 contribution. She currently makes $46,000 as dental hygienist. How much would she save in her federal income tax bill for 2019 by making this $5,000 contribution? Work: 36
peter molloy is considering making a contribution to an IRA, but his employer has a profit-sharing...
peter molloy is considering making a contribution to an IRA, but his employer has a profit-sharing plan. Plan benefits vest over 6 years, and peter is 60% vested. The employer made no contribution to the plan for the year. No employees have terminated during the year. Which of the following statements concerning Peter’s contribution to an IRA is correct? peters contribution will not be deductible because contributions are not required every year to profit-sharing plan. Peters contribution will be deductible...
Robert's marginal tax rate is 37% and his average tax rate is 20%. Robert is considering...
Robert's marginal tax rate is 37% and his average tax rate is 20%. Robert is considering making a $10,000 charitable contribution at year-end. Which of the following is true? A. Making the charitable contribution could save him $3,700 in taxes. B. His "true" after-tax cost of the charitable contribution is $8,000 assuming he itemizes. C. If he takes the standard deduction, the charitable contribution will have no effect on his taxes. D. A and C are true. E. B and...
Chuck, a single taxpayer, earns $85,000 in taxable income and $10,000 in interest from an investment...
Chuck, a single taxpayer, earns $85,000 in taxable income and $10,000 in interest from an investment in City of Heflin bonds. Using the U.S. tax rate schedule, how much federal tax will he owe? What is his average tax rate? What is his effective tax rate? What is his current marginal tax rate? If Chuck earns an additional $40,000 of taxable income, what is his marginal tax rate on this income? If Chuck claims an additional $40,000 of deductions, what...
Chuck, a single taxpayer, earns $85,000 irn taxable income and $10,000 in interest from an investment...
Chuck, a single taxpayer, earns $85,000 irn taxable income and $10,000 in interest from an investment in City of Heflin bonds. Using the U.S. tax rate schedule, how much federal tax will he owe? What is his average tax rate? What is his effective tax rate? What is his current marginal tax rate? If Chuck earns an additional $40,000 of taxable income, what is his marginal tax rate on this income? If Chuck claims an additional $40,000 of deductions, what...
Sylvester files as a single taxpayer during 2018. He itemizes deductions for regular tax purposes. He...
Sylvester files as a single taxpayer during 2018. He itemizes deductions for regular tax purposes. He paid charitable contributions of $7,100, real estate taxes of $1,700, state income taxes of $5,500, and mortgage interest of $1,700 on $31,200 of acquisition indebtedness on his home. Sylvester’s regular taxable income is $195,000. What is Sylvester’s AMTI?
Kyle is single and has taxable income on his ordinary income of $35,000 before considering a...
Kyle is single and has taxable income on his ordinary income of $35,000 before considering a long-term capital gain of $4000. His long term capital gain will be taxes at what rate? Select one: O a. 10%. O b. 0%. c. Partly at 0% and partly at 15% O d. 15%. Patricia, whose AGI is $50,000, is divorced, and maintains a home in which she and her 18-year-old daughter live. Patricia provides the majority of the support for her daughter...
Mr. Jones is a single person who makes $45,000 in 2019. This year she paid $2,000...
Mr. Jones is a single person who makes $45,000 in 2019. This year she paid $2,000 in student loan interest and $3,600 to her 401(k) plan at work. Calculate the following Adjusted Gross Income. Assuming only standardized deductions available, what is his taxable income for 2019? Using 2019 tax brackets, what is his marginal federal tax rate? Total federal tax due. Average federal tax rate on taxable income. Calculate the FICA tax due. Assuming no state and city tax rate,...
Mr. Jones is a single person who makes $45,000 in 2019. This year she paid $2,000...
Mr. Jones is a single person who makes $45,000 in 2019. This year she paid $2,000 in student loan interest and $3,600 to her 401(k) plan at work. Calculate the following Adjusted Gross Income. Assuming only standardized deductions available, what is his taxable income for 2019? Using 2019 tax brackets, what is his marginal federal tax rate?
4. Deduction. Sara's is considering making a $5,000 contribution to her company's retirement plan which is considered a tax deferred 35 contribution. She currently makes $46,000 as dental hygienist. How much would she save in her federal income tax bill for 2019 by making this $5,000 contribution? Work: 36
Chuck, a single taxpayer, earns $85,000 irn taxable income and $10,000 in interest from an investment in City of Heflin bonds. Using the U.S. tax rate schedule, how much federal tax will he owe? What is his average tax rate? What is his effective tax rate? What is his current marginal tax rate? If Chuck earns an additional $40,000 of taxable income, what is his marginal tax rate on this income? If Chuck claims an additional $40,000 of deductions, what...
Kyle is single and has taxable income on his ordinary income of $35,000 before considering a long-term capital gain of $4000. His long term capital gain will be taxes at what rate? Select one: O a. 10%. O b. 0%. c. Partly at 0% and partly at 15% O d. 15%. Patricia, whose AGI is $50,000, is divorced, and maintains a home in which she and her 18-year-old daughter live. Patricia provides the majority of the support for her daughter...
Most questions answered within 3 hours.
-
Where is the error in this code sequence?
String s1 = "Hello";
String s2 = "ello";...
asked 11 months ago -
Financial data for Joel de Paris, Inc., for last year
follow:
Joel de Paris, Inc.
Balance...
asked 11 months ago -
Consider this reaction:
Al2(SO4)3 (aq)+ BaCl3
(aq) Al2Cl6 (aq)- +
3BaSO4(s) . What is the...
asked 11 months ago -
Suppose that Savneet is considering increasing her
recent random sample from 20 car rentals to 40...
asked 11 months ago -
Trucks arrive at an unloading terminal at an average rate of 120
per hour.
Trucks arrive...
asked 11 months ago -
Why are methanol and ethanol completely soluble in water while
octanol is not very little soluble....
asked 11 months ago -
A facilities manager at a university reads in a research report
that the mean amount of...
asked 11 months ago -
When the CuSO4 is rehydrated by adding water to the anhydrous
compound, is this an endothermic...
asked 11 months ago -
A ray of sunlight is passing from diamond into crown glass; the
angle of incidence is...
asked 11 months ago -
A block of mass 0.249 kg is placed on top of a light, vertical
spring of...
asked 11 months ago -
how do the kidneys compensate in the presences of acidosis
a) trigger hyperventilate
b) reserve acid...
asked 11 months ago -
Question 501 pts
The rental rate of capital to the firm increases. Which of the
following...
asked 11 months ago