Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Jill lived and worked in North Carolina for the entire 2013 tax year. Her adjusted gross income was $80,000 and she qualifies for the standard

image text in transcribedimage text in transcribed

Jill lived and worked in North Carolina for the entire 2013 tax year. Her adjusted gross income was $80,000 and she qualifies for the standard deduction of $3000 and exemption of $2000. Use the following 2011-2013 NC tax rate schedule (taken from http://www.dor.state.nc.us/taxes/individual/rates.html) to calculate her 2013 NC tax. If your filing status is single; and taxable income is more than: but not over: your tax is: $ 0 $12,750 6% OF THE NC TAXABLE INCOME AMOUNT ON FORM D-400 $765 + 7% OF THE AMOUNT OVER $12,750 $4,072.50 +7.75% OF THE AMOUNT OVER $60,000 $12,750 $60,000 $60,000 Jill's 2013 NC tax is: $ 5622 (Round to the nearest dollar.) What is Jill's effective tax rate? [Tax paid divided by taxable income] 7.0 % (Write as a percent, rounded to one decimal place.) Xander's after tax income is $48,000. He spends $180 per week on food. He spends $3,000 per month to cover all his mortgage, utilities and household costs. He pays $200 per month for his car payment. The rest of his spending comes out to $11,000 for the year. Please fill in the following blanks: Xander's receipts are his outlays are and his net income is Does Xander have a surplus or a deficit? Surplus Deficit

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Introduction to Finance Markets Investments and Financial Management

Authors: Melicher Ronald, Norton Edgar

15th edition

9781118800720, 1118492676, 1118800729, 978-1118492673

More Books

Students also viewed these Finance questions