2019 Chuck, a single taxpayer, earns $49,500 in taxable income and $15.400 in interest from an...

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Question

2019

Chuck, a single taxpayer, earns $49,500 in taxable income and $15.400 in interest from an investment in City of Heflin bonds.

business accounting

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Answer 1

Answer #1

a

Federal tax

6749

=4543+(49500-39475)*22%

b
Average tax rate
Choose Numerator:	/	Choose Denominator:
Total tax	/	Taxable income
6748.50 or 6749	/	49500	13.63%

c
Effective tax rate
Choose Numerator:	/	Choose Denominator:
Total tax	/	Total income
6748.50 or 6749	/	64900	10.40%

d
Marginal tax rate	22%

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Answer 2

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2019 Chuck, a single taxpayer, earns $49,500 in taxable income and $15.400 in interest from an...