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T12S-Chp-01-1C-Basic-Tax-Computations-2012

Course: ACCT 4220, Spring 2012
School: UNC Charlotte
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Word Count: 554

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Tax Basic Computations Part 1. 960cb60ea874b06e105f569917caba6f75c76001.xls Page 1 of 2 Sam and Susan are single Gross Salary in 2011 Interest on City of Charlotte Bonds Federal income tax withheld Sam-2011 \$70,000 \$5,000 \$10,000 Susan-2011 \$120,000 \$5,000 \$20,000 Allowable deductions on Form 1040 Taxable income Exhibit 1 Pg. 18, 20 Income Tax before credits? (below) (\$20,000) (\$20,000) Tax Due to IRS or...

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Tax Basic Computations Part 1. 960cb60ea874b06e105f569917caba6f75c76001.xls Page 1 of 2 Sam and Susan are single Gross Salary in 2011 Interest on City of Charlotte Bonds Federal income tax withheld Sam-2011 \$70,000 \$5,000 \$10,000 Susan-2011 \$120,000 \$5,000 \$20,000 Allowable deductions on Form 1040 Taxable income Exhibit 1 Pg. 18, 20 Income Tax before credits? (below) (\$20,000) (\$20,000) Tax Due to IRS or (Refund)? Income tax computations below Sam Front Cover Top full layer Excess Amount Total Taxable Income X Taxable Income X Tax Rate Income Tax = Tax Rate Income Tax Susan Front Cover Top full layer Excess Amount Total = Sam Susan Part 2. Pg. 8 Pg. 8 Pg. 8 Continue the case above Marginal tax rate? Average tax rate? Effective tax rate? Part 3 Social Security Taxes-Case Above How much social security tax is withheld? Base Pg. 12 Sam \$0 X X Tax Rate 6.20% = 1.45% = 6.20% = 1.45% = Susan \$0 Tax Sam OASDI MHI Pg. 12 Total Tax - Sam X Susan OASDI X MHI Total Tax - Susan Note: temporary change in tax law for social security for 2011. Part 4 Part 5. Part 6. Pg. 13 Part 7. Pg. 31 Income Shifting Take-home Pay Use information above. Assume no state income tax. What is Susan's take-home pay each year? Employer Tax Deposit with IRS How much total tax does employer deposit each year related to compensation of Susan? Not counting unemployment tax Assume the employer gets full credit for state unemployment taxes, how much federal unemployment tax is paid each year for Susan? .8% of first \$7,000 Change Susan's income from Salary to Corporate Bond Interest. Susan gives bonds earning \$10,000 per year to her son, Sam. How much is the net tax savings for the family? Assume gift was made on 1-1-2011. the family will save 3% of \$10,000. Sam is in 25% marginal bracket - Susan - 28%. Basic Tax Computations Part 1. 960cb60ea874b06e105f569917caba6f75c76001.xls Page 2 of 2 Sam and Susan are single Gross Salary in 2011 Interest on City Charlotte of Bonds Federal income tax withheld Sam-2011 \$70,000 \$5,000 \$10,000 Susan-2011 \$120,000 \$5,000 \$20,000 Allowable deductions on Form 1040 Taxable income Exhibit 1 Pg. 18, 20 Income Tax before credits? (below) Tax Due to IRS or (Refund)? (\$20,000) \$50,000 \$8,625 (\$1,375) Tax Rate X 25% = Tax Rate X 28% = (\$20,000) \$100,000 \$21,617 \$1,617 Income Tax \$4,750 3,875 Income tax computations below Sam Front Cover Top full layer Excess Amount Total Taxable Income \$34,500 15,500 \$50,000 Taxable Income \$83,600 16,400 \$100,000 \$8,625 Income Tax \$17,025 4,592 Susan Front Cover Top full layer Excess Amount Total \$21,617 Sam 25.00% 17.25% 15.68% Part 2. Pg. 8 Pg. 8 Pg. 8 Continue the case above Marginal tax rate? Average tax rate? Effective tax rate? Susan 28.00% 21.62% 20.59% Part 3 Social Security Taxes-Case Above How much social security tax is withheld? Pg. 12 Sam \$5,355 X X Tax Rate 6.20% = 1.45% = 6.20% = 1.45% = Susan \$8,362 Tax \$4,340 \$1,015 Sam OASDI MHI Base \$70,000 \$70,000 Pg. 12 Total Tax - Sam \$106,800 X Susan OASDI MHI \$120,000 X Total Tax - Susan Note: temporary change in tax law for social security for 2011. \$5,355 \$6,622 \$1,740 \$8,362 Part 4 Part 5. Part 6. Pg. 13 Part 7. Pg. 31 Income Shifting Take-home Pay Use information above. Assume no state income tax. What is Susan's take-home pay each year? Employer Tax Deposit with IRS How much total tax does employer deposit each year related to compensation of Susan? Not counting unemployment tax Assume the employer gets full credit for state unemployment taxes, how much federal unemployment tax is paid each year for Susan? .8% of first \$7,000 Change Susan's income from Salary to Corporate Bond Interest. Susan gives bonds earning \$10,000 per year to her son, Sam. How much is the net tax savings for the family? Assume gift was made on 1-1-2011. the family will save 3% of \$10,000. Sam is in 25% marginal bracket - Susan - 28%. \$91,638 \$36,723 \$56 \$300
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