While an effective tax rate represents the percentage of your taxable income allocated to taxes, your marginal tax rate is the amount of additional tax you pay on each additional dollar you earn as income. If your marginal tax rate is 24%, for example, that means 24% of the next dollar ...
What is adjusted gross income? Your adjusted gross income (AGI) is used to calculate your state taxes and qualify for loans. Calculating your AGI is easier than you might think, and the IRS offers a simple online tool. If you need to find your AGI to fil
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IRS Form 1040-ES can be used to make this calculation, which basically takes the amount you’ll owe for the year, and splits it into four equal payments. These estimated taxes are due on the following dates: April 15 June 15 September 15 January 15 (of the following tax year) If the...
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If the accounting profit for a firm is negative, the: a) economic profit must be positive. b) economic profit must be negative. c) firm should produce more. d) firm will not owe any taxes to the gA company is considering an in...
How much will his tax bill be reduced if he qualifies for a $400 tax credit? Use the following information to calculate cash paid for income taxes: a) $23,700 b) $52,100 c) $53,200 d) $41,900 e) $43,000 Explain how to enter state withholding taxes in a balance sheet. To ...
Withdraw the excess contribution and earnings. Generally, you can avoid the 6% penalty if you withdraw the extra contribution and anyearningsbefore your tax deadline. However, you must declare the earnings as income on your taxes. Also, you may owe a10% tax for early withdrawalon the earnings...
You might want to determine whether you have to file a tax return for the year before you calculate your AGI. TheInternal Revenue Service (IRS)provides aninteractive tax assistantthat can help you do that. The IRS recommends that you do so, however, even if you are not required to file ...