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Test Bank for McGraw Hill's Essentials of Federal Taxation 2025 Edition Evergreen Release by Brian Spilker | Chapter 1 to 8 $29.49   Add to cart

Exam (elaborations)

Test Bank for McGraw Hill's Essentials of Federal Taxation 2025 Edition Evergreen Release by Brian Spilker | Chapter 1 to 8

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Test Bank for McGraw Hill's Essentials of Federal Taxation 2025 Edition Evergreen release by Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick and Connie Weaver | Chapter 1 to 8 are included in this document however complete chapters are given in Package Dea...

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  • September 3, 2024
  • 551
  • 2024/2025
  • Exam (elaborations)
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  • Taxation
  • Taxation
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StepsSol
1. Award: 10.00 points

Chapter 01 2025 Edition


The following are a series of tables that may be referred to in several questions throughout your
test. Please refer to these tables as needed or as directed.
2024 Tax Rate Schedules
Individuals
Schedule X-Single

If taxable income is over: But not over: The tax is:
$0 $ 11,600 10% of taxable income
$ 11,600 $ 47,150 $1,160 plus 12% of the excess over $11,600
$ 47,150 $ 100,525 $5,426 plus 22% of the excess over $47,150
$ 100,525 $ 191,950 $17,168.50 plus 24% of the excess over $100,525
$ 191,950 $ 243,725 $39,110.50 plus 32% of the excess over $191,950
$ 243,725 $ 609,350 $55,678.50 plus 35% of the excess over $243,725
$ 609,350 — $183,647.25 plus 37% of the excess over $609,350

Schedule Y-1-Married Filing Jointly or Qualifying Widow(er)

If taxable income is over: But not over: The tax is:
$0 $ 23,200 10% of taxable income
$ 23,200 $ 94,300 $2,320 plus 12% of the excess over $23,200
$ 94,300 $ 201,050 $10,852 plus 22% of the excess over $94,300
$ 201,050 $ 383,900 $34,337 plus 24% of the excess over $201,050
$ 383,900 $ 487,450 $78,221 plus 32% of the excess over $383,900
$ 487,450 $ 731,200 $111,357 plus 35% of the excess over $487,450
$ 731,200 — $196,669.50 plus 37% of the excess over $731,200

Schedule Z-Head of Household

If taxable income is over: But not over: The tax is:
$0 $ 16,550 10% of taxable income
$ 16,550 $ 63,100 $1,655 plus 12% of the excess over $16,550
$ 63,100 $ 100,500 $7,241 plus 22% of the excess over $63,100
$ 100,500 $ 191,950 $15,469 plus 24% of the excess over $100,500
$ 191,950 $ 243,700 $37,417 plus 32% of the excess over $191,950
$ 243,700 $ 609,350 $53,977 plus 35% of the excess over $243,700
$ 609,350 — $181,954.50 plus 37% of the excess over $609,350

Schedule Y-2-Married Filing Separately

If taxable income is over: But not over: The tax is:
$0 $ 11,600 10% of taxable income
$ 11,600 $ 47,150 $1,160 plus 12% of the excess over $11,600
$ 47,150 $ 100,525 $5,426 plus 22% of the excess over $47,150
$ 100,525 $ 191,950 $17,168.50 plus 24% of the excess over $100,525
$ 191,950 $ 243,725 $39,110.50 plus 32% of the excess over $191,950
$ 243,725 $ 365,600 $55,678.50 plus 35% of the excess over $243,725
$ 365,600 — $98,334.75 plus 37% of the excess over $365,600

,  This question contains tables that students will need to reference in
certain questions in this chapter, and is intended for use with
TestBuilder/print-based tests only. If you are creating a Connect-
based test, you do not need to assign this question as the individual
questions on Connect will provide students with hyperlinks to the
corresponding tables.




2. Award: 10.00 points




Taxes influence many types of business decisions but generally do not influence personal
decisions.


 True

 False




References

True / False Difficulty: 1 Easy Learning Objective: 01-01 Demonstrate
how taxes influence basic business,
investment, personal, and political
decisions.

,3. Award: 10.00 points




Taxes influence business decisions such as where a business should locate or how a business
should be structured.


 True

 False




References

True / False Difficulty: 1 Easy Learning Objective: 01-01 Demonstrate
how taxes influence basic business,
investment, personal, and political
decisions.



4. Award: 10.00 points




Tax policy rarely plays an important part in presidential campaigns.


 True

 False




References

True / False Difficulty: 1 Easy Learning Objective: 01-01 Demonstrate
how taxes influence basic business,
investment, personal, and political
decisions.

, 5. Award: 10.00 points




Margaret recently received a parking ticket. This is a common example of a local tax.


 True

 False




References

True / False Difficulty: 1 Easy Learning Objective: 01-02 Discuss what
constitutes a tax and the general
objectives of taxation.



6. Award: 10.00 points




George recently paid $50 to renew his driver's license. The $50 payment is considered a tax.


 True

 False




A tax is a payment required by a government that is unrelated to any specific benefit or service
received by the government.


References

True / False Difficulty: 1 Easy Learning Objective: 01-02 Discuss what
constitutes a tax and the general
objectives of taxation.

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