Marc, a single taxpayer, earns $76,000 in taxable income and $2,400 in interest from an investment...
Marc, a single taxpayer, earns $76,000 in taxable income and $2,400 in interest from an investment in city of Birmingham Bonds. Using the U.S. tax rate schedule for year 2019, what is his effective tax rate? (Round your final answer to two decimal places.) (Use Tax rate schedule)
|
None of the choices are correct |
||
|
13.85 percent |
||
|
22.41 percent |
||
|
12.58 percent |
||
|
16.04 percent |
Homework Answers
| Marc falls in the tax bracket $39476-$84200 | ||
| Federal income tax liability | 12578.28 | =4543+(7600 0-39476)*22% |
| Divide by Total income | 78400 | =76000+2400 |
| Effective tax rate | 16.04% | |
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