Problem 3-38 (LO 3-3) Determine the amount of tax liability in the following situations. In all cases, the taxpayer is using the filing status of married filing jointly. Use the appropriate Tax Tables or Tax Rate Schedules. Taxable income of $62,449 that includes a qualified dividend of $560. Taxable income of $12,932 that includes a qualified dividend of $322. Taxable income of $144,290 that includes a qualified dividend of $4,384. (Round your intermediate computations to 2 decimal places and final answer to the nearest whole dollar amount.) Taxable income of $43,297 that includes a qualified dividend of $971. Taxable income of $262,403 that includes a qualified dividend of $12,396. (Round your intermediate computations to 2 decimal places and final answer to the nearest whole dollar amount.) (For all requirements, use the Tax Tables for taxpayers with taxable income under $100,000 and the Tax Rate Schedules for those with taxable income above $100,000.)

The tax for all five cases is as calculated in the attached figure.

Explanation:

The calculation of tax for individual  income is calculated as attached in the excel file screen shot. As year is not mentioned, the tax tables are used for 2015 (As observed by finding a reference question).

Net Taxable Income: |$62449

Dividend:                    |$   (560)

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Taxable Income         |$ 61889

(excluding dividend)  |

For income bracket  |            Tax Rate               |             Tax Amount

       (0-18450)           |    10% of Income             |         18450*10%= $1845              

  (18451-74900)        |    15% of Income             | (61889-18450)*10%=  $6525.85

Total Tax (Less Dividend)                                  | $ 8360.85

Tax on Dividend is given as

0%  for Income less than 74900. As income is less than the value so the dividend tax is 0.

Total Tax=Tax(less dividend)+Tax(dividend)

Total Tax=$ 8360.85    

The other entries are calculated using the same in the excel and the screenshot is attached below.

a manufacturer of printed circuit boards uses exponential smoothing with trend to forecast monthly demand of its product. at the end of december, the company wishes to forecast sales for january. the estimate of trend through november has been 200 additional boards sold per month. average sales have been around 1000 units per month. the demand for december was 1100 units. the company uses α = 0.20 and β = 0.10. make a forecast including trend for the month of january.