Chuck, a single taxpayer,
earns $70,000 in taxable income and $10,000 in interest from an
investment in City of Heflin bonds. What is his average tax rate?
(Carry your answer two decimals, i.e., 20.05)
Homework Answers
Answer -
Step - (1) - Information Given -
Chuck, a single taxpayer, earns $70000 in taxable income and $10000 in interest from an investment in City of Heflin bonds.
.
Step - (2) - Computation of Chuck's Tax Liability for Tax Year 2019 -
Taxable Income = AGI - Standard Deduction = ($70000 - $12200) = $57800.
| Tax Rate | Taxable Income ($) | Calculation | Amount ($) | |
| I. | 10% | 0 - 9700 | $9700 * 10% | 970 |
| II. | 12% | 9701 - 39475 | ($39475 - $9700) * 12% | 3573 |
| III. | 22% | 39476 - 84200 | ($57800 - $39475) * 22% | 4031.5 |
| Tax Liability for Tax Year 2019 | I + II + III | 8574.5 | ||
.
Step - (3) - Calculation of Chuck's Average Tax Rate -
Average Tax Rate = Tax Liability / Taxable Income
= 8574.5 [(as per step - (2)] / $70000
= 12.25%
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Ch. I Student Template AY 19-20 - Micruscft Escel (Pruduct Activatien Faid) Inier Page layou Formlas Data evizw Fis Наme Vicw Dut |Noтal - 10 Neutral Cakulation Wisp Tet Good Calibr General Bad a Cepy - Condtienal remat Famatting ATahle Check...
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