can you fill in the blank and answer the last question

Ch 03: Blueprint Problems - Financial Statements, Cash Flow, and Taxes a Search this cours Individuals and firms pay out a significant portion of their income taxes, so taxes are important in both personal and corporate decisions. Our tax system is progressive Individual Individuals pay taxes on wages, on investment income, and on the profits of proprietorships and partnership Taxable income is defined as cross income foss a set of deductions. In 2010, the personal exemption is for taxpayers and their dependents is zero. A capital gain loss) is the profit (los) from the sale of a capital asset for more (less) than its purchase price. In 2018, for most taxpayers a Select capital gain is taxed as ordinary income [for high-income taxpayers the tax rate on long-term capital gains a 200 capital gains taxed at a maximum rate of 15 while Interest income. Interest Income (except interest on state and local government debt which is exempt from federal taxes Mincome conto dividend and dividends are taxed at the same rate as long-term while Generally interest payments are not tax deductible for individuals except for interest w within curtain limits, Projected 2018 tax rate schedules are shown for single individuals and married couples filing ontly 2018 Individual Tax Rates Single Individuals You Pay This Plus This Percentage Average Tax If Your Taxable Amount on the on the Excess over the Rate at Income Is Base of the Bracket Base (Marginal Rate) Top of Bracket up to $9,525 100 10.05 10.0% $9.525 - 538,700 952.50 12.0 115 $38,700382.500 4,453.50 220 17:1 $82,500 - $157.500 14.089.50 24.0 20.4 $157,500.- 5200.000 32.089:50 32.0 22.8 $200.000-$500,000 45,689.50 35.0 30.1 Over 5500.000 50,689,50 37.0 37.0 Standard deduction for individual: 322.000 0 deploymentida993314228385027018322953589 CENGAGE MINDTAP Q Such this cours Ch 03: Blueprint Problems Financial Statements, Cash Flow, and Taxes Married couples Filing Joint Returns You Pay This Plus This Percentage Average Tax If Your Taxable Amount on the on the Excess over the Rate at Income is Base of the Bracket Base (Marginal Rate) Top of Bracket Up to $19.050 30 10.09 10.0 $19,050 - $27.400 1.905.00 12.0 11.5 $77.400 - $165.000 8.902.00 22.0 17.1 $165,000 - 3315,000 28,179.00 24.0 20.4 $315,000 - 3400,000 64,179.00 320 228 $400,000 $600,000 91.379.00 35.0 26.9 Over $600.000 161.379.00 37.0 37.0 Standard deduction for married couples Ming Sointly: $24,000 Quantitative Problem: Jenna is a single taxpayer. During 2016, she earned wages of $131,000. She doesn't remise deductions, so she will take the standard deduction to calculate 2018 taxable income. In addition, during the year she sold common stock that she had owned for five years for a neprofit of $6.990. How much does Jenna owe to the IRS for taxes? Do not round intermediate calculations. Round your answer to the nearest cent, 5. Corporate Corporations are most of their income from operations; however they may also receive interest and divided income income taxe sodiy income; however it income is taxed more favorably 50% of received is exduded from taxable come, while the remainin Sosia the ordinary tax rate. For businesses. Select payments are regarded as an expenso so they are tax deductible however, arrests are not tax deductible. Consequently, our taksystem encourages et financing over Select financing, Depreciation expense is tax deductibles the border the depreciation, the dec. the taxable income, the elect the taxes and the the firm's cerating cash flow. Quantitative Problem: Andrews Corporation has income from operations of $272.000. In addition received interest.com of $23.200 and received divided income of $32.000 from another corporation. Finally, it paid 59.100 ot interest income to its borders and paid $45.900 of dividends to its common stockholders 11-19 PM che City Q Search this course Ch 03: Blueprint Problems - Financial Statements, Cash Flow, and Taxes $315,000 - $400,000 64,179.00 32.0 22.8 $400,000 - $600,000 91,379.00 35.0 26.9 Over $600,000 161,379.00 37.0 37.0 Standard deduction for married couples filing jointly: $24,000 Quantitative Problem: Jenna is a single taxpayer. During 2015, she earned wages of $131,000. She doesn't itemize deductions, so she will take the standard deduction to calculate 2018 taxable income. In addition, during the year she sold common stock that she had owned for five years for a net profit of $6.000. How much does Jenna owe to the IRS for taxes? Do not round Intermediate calculations, Round your answer to the nearest cent. $ Corporate Corporations eam most of their income from operations; however, they may also receive interest and dividend income. Select Income la taxed as ordinary Income: however, Safect Income is taxed more favorably. 50% of electroclved is exduded from taxable income, while the remaining 50% is taxed at the ordinary tax rate. For businesses. -Belect payments are regarded as an expense so they are tax deductible; however. Select payments are not tac deductible. Consequently, our tax system encourages-Salact- v financing over Select financing, Depreciation expense is tax deductible, so the larger the depreciation, the select the taxable income, the Select the taxes, and the Select: v the firm's operating cash flow Quantitative Problem: Andrews Corporation has income from operations of $232,000. In addition, it received interest income of 523,200 and received dividend income of $32,000 from another corporation. Finally, it paid $9.200 of Interest income to its bondholders and paid 346,900 of dividends to its common stockholders The firm's federal tax rate is 21%. What is the firm's federal Income tax? Do not round intermediate calculations. Round your answer to the nearest dollar s Sam Continue Ch 03: Blueprint Problems - Financial Statements, Cash Flow, and Taxes a Search this cours Individuals and firms pay out a significant portion of their income taxes, so taxes are important in both personal and corporate decisions. Our tax system is progressive Individual Individuals pay taxes on wages, on investment income, and on the profits of proprietorships and partnership Taxable income is defined as cross income foss a set of deductions. In 2010, the personal exemption is for taxpayers and their dependents is zero. A capital gain loss) is the profit (los) from the sale of a capital asset for more (less) than its purchase price. In 2018, for most taxpayers a Select capital gain is taxed as ordinary income [for high-income taxpayers the tax rate on long-term capital gains a 200 capital gains taxed at a maximum rate of 15 while Interest income. Interest Income (except interest on state and local government debt which is exempt from federal taxes Mincome conto dividend and dividends are taxed at the same rate as long-term while Generally interest payments are not tax deductible for individuals except for interest w within curtain limits, Projected 2018 tax rate schedules are shown for single individuals and married couples filing ontly 2018 Individual Tax Rates Single Individuals You Pay This Plus This Percentage Average Tax If Your Taxable Amount on the on the Excess over the Rate at Income Is Base of the Bracket Base (Marginal Rate) Top of Bracket up to $9,525 100 10.05 10.0% $9.525 - 538,700 952.50 12.0 115 $38,700382.500 4,453.50 220 17:1 $82,500 - $157.500 14.089.50 24.0 20.4 $157,500.- 5200.000 32.089:50 32.0 22.8 $200.000-$500,000 45,689.50 35.0 30.1 Over 5500.000 50,689,50 37.0 37.0 Standard deduction for individual: 322.000 0 deploymentida993314228385027018322953589 CENGAGE MINDTAP Q Such this cours Ch 03: Blueprint Problems Financial Statements, Cash Flow, and Taxes Married couples Filing Joint Returns You Pay This Plus This Percentage Average Tax If Your Taxable Amount on the on the Excess over the Rate at Income is Base of the Bracket Base (Marginal Rate) Top of Bracket Up to $19.050 30 10.09 10.0 $19,050 - $27.400 1.905.00 12.0 11.5 $77.400 - $165.000 8.902.00 22.0 17.1 $165,000 - 3315,000 28,179.00 24.0 20.4 $315,000 - 3400,000 64,179.00 320 228 $400,000 $600,000 91.379.00 35.0 26.9 Over $600.000 161.379.00 37.0 37.0 Standard deduction for married couples Ming Sointly: $24,000 Quantitative Problem: Jenna is a single taxpayer. During 2016, she earned wages of $131,000. She doesn't remise deductions, so she will take the standard deduction to calculate 2018 taxable income. In addition, during the year she sold common stock that she had owned for five years for a neprofit of $6.990. How much does Jenna owe to the IRS for taxes? Do not round intermediate calculations. Round your answer to the nearest cent, 5. Corporate Corporations are most of their income from operations; however they may also receive interest and divided income income taxe sodiy income; however it income is taxed more favorably 50% of received is exduded from taxable come, while the remainin Sosia the ordinary tax rate. For businesses. Select payments are regarded as an expenso so they are tax deductible however, arrests are not tax deductible. Consequently, our taksystem encourages et financing over Select financing, Depreciation expense is tax deductibles the border the depreciation, the dec. the taxable income, the elect the taxes and the the firm's cerating cash flow. Quantitative Problem: Andrews Corporation has income from operations of $272.000. In addition received interest.com of $23.200 and received divided income of $32.000 from another corporation. Finally, it paid 59.100 ot interest income to its borders and paid $45.900 of dividends to its common stockholders 11-19 PM che City Q Search this course Ch 03: Blueprint Problems - Financial Statements, Cash Flow, and Taxes $315,000 - $400,000 64,179.00 32.0 22.8 $400,000 - $600,000 91,379.00 35.0 26.9 Over $600,000 161,379.00 37.0 37.0 Standard deduction for married couples filing jointly: $24,000 Quantitative Problem: Jenna is a single taxpayer. During 2015, she earned wages of $131,000. She doesn't itemize deductions, so she will take the standard deduction to calculate 2018 taxable income. In addition, during the year she sold common stock that she had owned for five years for a net profit of $6.000. How much does Jenna owe to the IRS for taxes? Do not round Intermediate calculations, Round your answer to the nearest cent. $ Corporate Corporations eam most of their income from operations; however, they may also receive interest and dividend income. Select Income la taxed as ordinary Income: however, Safect Income is taxed more favorably. 50% of electroclved is exduded from taxable income, while the remaining 50% is taxed at the ordinary tax rate. For businesses. -Belect payments are regarded as an expense so they are tax deductible; however. Select payments are not tac deductible. Consequently, our tax system encourages-Salact- v financing over Select financing, Depreciation expense is tax deductible, so the larger the depreciation, the select the taxable income, the Select the taxes, and the Select: v the firm's operating cash flow Quantitative Problem: Andrews Corporation has income from operations of $232,000. In addition, it received interest income of 523,200 and received dividend income of $32,000 from another corporation. Finally, it paid $9.200 of Interest income to its bondholders and paid 346,900 of dividends to its common stockholders The firm's federal tax rate is 21%. What is the firm's federal Income tax? Do not round intermediate calculations. Round your answer to the nearest dollar s Sam Continue