Susan and Stan Britton are a married couple who file a joint income tax return, where...
Susan and Stan Britton are a married couple who file a joint income tax return, where the tax rates are based on the tax table 3.5. Assume that their taxable income this year was $280,000. Round your answers to two decimal places. What is their federal tax liability? $ What is their marginal tax rate? % What is their average tax rate? %
Homework Answers
| Tax calculations are based on the rates for 2018. | ||
| 1) | The federal tax liability would be: | |
| =28179+(280000-165000)*24% = | $ 55,779 | |
| 2) | As the rate is 24% for the slab 165001 to 315000, the marginal tax rate = | 24.00% |
| 3) | Average rate of tax = Total tax liability/Taxable income = 55779/280000 = | 19.92% |
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Susan and Stan Britton are a married couple who file a joint
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calculation.
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Susan and Stan Britton are a
married couple who file a joint income tax return, where the tax
rates are based on the tax table 3.5. Assume that their taxable
income this year was $364,000. Do not round intermediate
calculation.
What is their federal tax liability? Round your answer to the
nearest dollar.
$
What is their marginal tax rate? Round your answer to the
nearest whole number.
%
What is their average tax rate? Round your answer to two...
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