Determine from the Tax Table or the Tax Rate Schedule,whichever

question 76

Essay

Determine from the tax table or the tax rate schedule,whichever is appropriate,the amount of the income tax for each of the following taxpayers for 2013. $\begin{array}{llr}\text { Taxpayer(s) }&\text { Filing Status }&\text { Taxable Income }\\\hline\text { Macintosh } & \text { Single } & \$ 35,680 \\\text { Hindmarsh } & \text { MFS } & \$ 62,100 \\\text { Kinney } & \text { MFJ } & \$ 142,000 \\\text { Rosenthal } & \text { H of H } & \$ 91,350 \\\text { Wilk } & \text { Single } & \$ 21,130\end{array}$

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Definitions:

Payback Technique

A method of investment appraisal that calculates the time required to recoup the cost of an investment.

Internal Rate of Return

A financial metric used to evaluate the profitability of an investment, representing the interest rate at which the net present value of costs and benefits of the investment are equal.

Net Present Value

A financial metric that calculates the difference between the present value of cash inflows and the present value of cash outflows over a period of time.

Discount Rate

The interest rate used to determine the present value of future cash flows in discounted cash flow analysis.