Posted: March 7th, 2014

ACCOUNTING PROBLEM

Determine what your state income taxes are if your taxable income is $60,000 and you file as a single taxpayer in the state in which you live.

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(b) Assume that you own a home worth $200,000 in your community and the tax rate is 2.1%. Compute the property taxes you would

(c)Assume that the total gasoline bill for your automobile is $1,200 a year (400 gallons at $3 per gallon). What are the amounts of state and federal taxes that you pay on the $1,200

(d)Assume that your purchases for the year total $9,000. Of this amount, $5,000 was for food and prescription drugs. What is the amount of sales tax you would pay on these purchases? (Note that many states do not have a sales tax for food or prescription drug purchases. Does yours?).

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(e) Determine what your Social Security taxes are if your income is $60,000

(f)Determine what your federal income taxes are if your taxable income is $60,000 and you file as a single taxpayer use the following data: a. Assume a tax rate for your calculation as follows: Earnings between $19,400 and $145,460 is taxed with a flat amount of $2,639 plus 6.5 percent over $19,400. b. The property tax on a $200,000 home at 2.1% c. Assume the state gasoline tax is 32.9 cents per gallon and the federal gasoline tax is 18.4 cents per gallon. d. Assume the state sales tax rate is 5% and excludes food and prescription drug purchases. e. Social Security taxes are 7.65% on $60,000 income. f. For federal taxes the tax rate between $32,550 and $78,850 is $4,481 plus 25% over $32,550. g. Compute total taxes as well as the tax rate per income.

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