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Please help me solve question number 5, 6 and 7. The rent on an apartment you like is $2100 per month. The monthly mortgage payment
Please help me solve question number 5, 6 and 7.
The rent on an apartment you like is $2100 per month. The monthly mortgage payment for a house you like would be $2500, of which approximately $2050 would go toward interest. Decide whether your monthly expense would be higher for the apartment or the house in the following cases. Assume you are single and assume the 2021 value of $12,550 for the standard deduction. Complete parts (a) and (b). a. You are in the 24% tax bracket, and besides the mortgage interest deduction, you also have deductible expenses of $4900 for charitable donations and $8200 for state and local taxes. It is cheaper t, with a monthly expense of $ (Round to the nearest dollar as needed.) b. You are in the 22% tax bracket, and besides the mortgage interest deduction, you also have deductible expenses of $900 for charitabl donations and $2300 for state and local taxes. It is cheaper t with a monthly expense of $ (Round to the nearest dollar as needed.) Calculate the person's FICA taxes, marginal income taxes, and combined total tax. Then find the person's overall tax rate. Use the given tax rates. Assume that the individual is single, has no other sources of income and no adjustments to income, and takes the standard deduction. Jeremiah earned $43,000 from wages as a computer programmer. Click the icon to view the tax rate information. Jeremiah's FICA tax is $ (Round to the nearest dollar as needed.) Jeremiah's income tax is $ (Round to the nearest dollar as needed.) Jeremiah's combined total tax is $ (Round to the nearest dollar as needed.) Jeremiah's overall tax rate is % (Round to one decimal place as needed.) The FICA tax rates are as follows: 7.65% on the first $142,800 of income from wages 1.45% on any income from wages in excess of $142,800 results. (Taxable incomes are given, so deductions have already been taken.) Dale and Saachi have taxable incomes of $96,200 and $82,800, respectively. Click the icon to view the tax rates. Tax Rates A Dale and Saachi owe a total of $ when filing separately. (Round to the nearest dollar as needed.) Dale and Saachi owe a total of $ when filing jointly. (Round to the nearest dollar as needed.) The rent on an apartment you like is $2100 per month. The monthly mortgage payment for a house you like would be $2500, of which approximately $2050 would go toward interest. Decide whether your monthly expense would be higher for the apartment or the house in the following cases. Assume you are single and assume the 2021 value of $12,550 for the standard deduction. Complete parts (a) and (b). a. You are in the 24% tax bracket, and besides the mortgage interest deduction, you also have deductible expenses of $4900 for charitable donations and $8200 for state and local taxes. It is cheaper t, with a monthly expense of $ (Round to the nearest dollar as needed.) b. You are in the 22% tax bracket, and besides the mortgage interest deduction, you also have deductible expenses of $900 for charitabl donations and $2300 for state and local taxes. It is cheaper t with a monthly expense of $ (Round to the nearest dollar as needed.) Calculate the person's FICA taxes, marginal income taxes, and combined total tax. Then find the person's overall tax rate. Use the given tax rates. Assume that the individual is single, has no other sources of income and no adjustments to income, and takes the standard deduction. Jeremiah earned $43,000 from wages as a computer programmer. Click the icon to view the tax rate information. Jeremiah's FICA tax is $ (Round to the nearest dollar as needed.) Jeremiah's income tax is $ (Round to the nearest dollar as needed.) Jeremiah's combined total tax is $ (Round to the nearest dollar as needed.) Jeremiah's overall tax rate is % (Round to one decimal place as needed.) The FICA tax rates are as follows: 7.65% on the first $142,800 of income from wages 1.45% on any income from wages in excess of $142,800 results. (Taxable incomes are given, so deductions have already been taken.) Dale and Saachi have taxable incomes of $96,200 and $82,800, respectively. Click the icon to view the tax rates. Tax Rates A Dale and Saachi owe a total of $ when filing separately. (Round to the nearest dollar as needed.) Dale and Saachi owe a total of $ when filing jointly. (Round to the nearest dollar as needed.)Step by Step Solution
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