Homework Answers
Federal Tax = $9086 + 22%($95000 - $78950)
= $9086 + $3531 = $12617
Average Tax rate = Total tax / Taxable Income = $12617 / $95000 = 13.28%
Effective Tax rate = Total tax / Total income = $12617 / ($95000+$42500) = 9.18%
Marginal tax rate is 24%
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income and $27,500 in interest from an investment in City of Heflin
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how much federal tax will they owe? What is their average tax rate?
What is their effective tax rate? What is their current marginal
tax rate? (Do not round intermediate calculations. Round
your answers to 2 decimal places.)
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