Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Title hris's employer will owe a penalty for under withholding. O Chris will not have to file a tax return Description hris's employer will owe

Title
hris's employer will owe a penalty for under withholding. O Chris will not have to file a tax return
Description
hris's employer will owe a penalty for under withholding. O Chris will not have to file a tax return Your employer offers dental insurance for $440 per year pretax through your employee benefit plan. However, your employer does not contribute toward the cost, and your marginal tax rate will be 24%. Buying the dental insurance through payroll deduction does not offer any financial advantage to you. will cost you 24% of $440, so you will save $334 will cost you 24% of $440, so the net cost is $546. will save you $106 in taxes,
Based on his taxable income calculation on his tax return, Chris owes $1290 in federal income taxes for the year. His employe
so the net cost is $334 You were single and had taxable income of $48825 in 2019. What is your marginal tax rate? Schedule X.2019 Tax Rate Schedule for Single Filers If your taxable income is: Over: But not more than: You will owe: $ 0 $ 9,70010% of $ 9,700 $ 39,475 s 970+12% of Taxable income over: $ 0 $ 9.70039,475 $ 84,200 $ 4,543+22% of $ 39,475 $
Your employer offers dental insurance for $440 per year pretax through your employee benefit plan. However, your employer doe
84.200 $ 160.725 $ 14,383+24% of $ 84,200 $ 160,725 $ 204,100 $ 32,749+32% of $ 160,725 $ 204,100 $ 510,300 $ 46,629+35% of $ 204,100 $ 510,300 $ 153,799+37% of $ 510,300 Schedule Y-1.2019 Tax Rate Schedule for Married Filing Jointly If your taxable income is: Over: But not more than: You will owe: Taxable income over: $ 0 $ 19.40010% of $ 0 $ 19,400 $ 78.950 $ $ 1.940+12% of 19,400 $ 78,950 $ 168,400 $ 9,086+22% of $ 78.950 $ 168,400 $ 321,450 $ 28,765+24% of $ 168,400 $ 321,450 $ 408,200 $ 65,497+32% of $ 321,450 $ 408.200 $ 612,350 $ 93,257+35% of $ 408.200 $ 612,350 $ 164,710+37% of $ 612,350024022 O 12 O 10
Estimated Deadline (in

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_2

Step: 3

blur-text-image_3

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

Cost Accounting Fundamentals Essentials Concepts And Examples

Authors: Steven M. Bragg

7th Edition

1642210846, 978-1642210842

More Books

Students also viewed these Accounting questions

Question

What was the positive value of Max Weber's model of "bureaucracy?"

Answered: 1 week ago