0
How do i calculate tax liability of an ordinary income of 1500000?
Wiki User
∙ 12y ago
510,000 is the answer. you have to use the equation based on a chart.
for this i used 113,900+(.34(1,500,000-335,000))
Wiki User
∙ 12y ago
Add your answer:
Earn +20 pts
Is income tax an estimated liability?
is income tax estimated liability
What is the difference between ordinary income and operating income?
Ordinary income refers to any income that is not capital gain. Operating income is how much revenue a company will profit.
Is rent income a asset liability or owners equity?
asset liability
Is Deferred income a current liability?
no
Accrued income is asset or liability?
no
Is income tax an estimated liability?
is income tax estimated liability
How do you construct a statement of income revenues of 12 million in 2007 Expenses other than depreciation totaled 75 percent of revenues and depreciation expense was 1.5 million?
Revenue 12000000 Less: Expenses @ 75% of revenue 9000000 Depreciation 1500000 Net Income 1500000
What is the answer to Whittenburg Income Tax Fundamentals Comprehensive Problem Two Appendix D?
Jonathan is a 35-year old single taxpayer with adjusted gross income of 45000. He uses the standard deduction and has no dependents. (A)Calculate Jonathan's taxable income . B.When you calculate Jonathan's tax liability are you required to use the tax tables or the tax rate schedules, or does it matter? c. What is Jonathan's tax liability
What is the difference between ordinary income and operating income?
Ordinary income refers to any income that is not capital gain. Operating income is how much revenue a company will profit.
How is deferred tax liability different from current tax liability?
Current Tax Liability is that tax amount which is actaully payable in current year.Deffered Tax liability is that amount of tax liability which is created due to difference in net income in income statement and income according to tax authorities.
Is income tax a current liability or an expense?
Accrued income tax (Income Tax Payable) is a current liability. When the tax is actually paid it is reported on the income statement as Income Tax Expense.
Is rent income a asset liability or owners equity?
asset liability
Is Deferred income a current liability?
no
Accrued income is asset or liability?
no
What is the difference between net ordinary income and net operating income?
Net income refers to all income minus expenses and taxes. Ordinary income refers to all income other than capital gain. Therefore, net ordinary income is income, with the exception of capital gain, after expenses and taxes are deducted.
Distinction of income taxs from revenue?
Revenue would be income. Income taxes would be a liability.
Are fixed income annuities taxed?
Yes, the income you receive will be taxed as ordinary income.
