Question

Part A Jim is a Mechanical Engineer. He earns $117000/year after allowable deductions. What will he...

Part A
Jim is a Mechanical Engineer. He earns $117000/year after allowable deductions. What will he owe the IRS in 2018? $  

Part B
Jim is offered a new position that will double his taxable income for 2018. If he accepts the new position how much more will he owe the IRS in 2018? $

Jim's boss Ron will have $714000/year taxable income in 2018. What will he owe the IRS? $

Homework Answers

Answer #1

PART A

JIM IS INDIVIDUAL , HENCE TAX RATE FOR INDIVIDUAL with earning $117000/year will be 24%

So JIM will owe amount $117000x24% = $28080

PART B

JIM IS INDIVIDUAL , HENCE TAX RATE FOR INDIVIDUAL with earning $117000X2 = $234000/year will be 35%

So JIM will owe amount #234000x35% = $81900

IF HE ACCEPTS NEW POSITION, HE OWES $81900-28080 = $53820 more than previous position.

PART C

JIM Boss Ron IS INDIVIDUAL , HENCE TAX RATE FOR INDIVIDUAL with earning $714000/year will be 37%

So RON will owe amount $714000x37% = $264180

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