Ans-a-If Scot and Vidia earn an additional $104,750 of taxable income, their marginal tax rate on this income:-
Tax on $160,500= $8,907+($160,500-$77,400)*22% | $27,189 |
a- Taxable Income = $160,500+$104,750= $265,250 | |
Tax on $265,250= $28,179+($265,250-$165,000)*24% | $52,239 |
Marginal Tax Rate= ($52,239-$27,189)/ ($265,250-$160,500) | 23.91% or 24% |
b- If Scot and Vidia report an additional $104,750 in deductions of taxable income, their marginal tax rate on this income:-
Tax on $160,500= $8,907 ($160,500-$77,400)*22% | $27,189 |
b-Taxable Income= $160,500-$104,750= $55,750 | |
Tax on $55,750= $1,905+($55,750-$19,050)*12% | $6,309 |
Marginal Tax Rate= ($27,189-$6,309)/ ($160,500-$55,750) | 19.93% or 20% |
Scot and Vidia, married taxpayers, earn $160,500 in taxable income and $5,000 in interest from an...
Scot and Vidia, married taxpayers, earn $218,000 in taxable income and $5,000 in interest from an investment in City of Tampa bonds (Use the U.S. tax rate schedule for married filing jointly). Required a. If Scot and Vidia earn an additional $99,750 of taxable income, what is their marginal tax rate on this income? b. What is their marginal rate if, instead, they report an additional $99,750 in deductions? For all requirements, do not round intermediate calculations. Round your answer...
Scot and Vidia, married taxpayers, earn $218,000 in taxable income and $5,000 in interest from an investment in City of Tampa bonds (Use the U.S. tax rate schedule for married filing jointly). Required a. If Scot and Vidia earn an additional $99,750 of taxable income, what is their marginal tax rate on this income? b. What is their marginal rate if, instead, they report an additional $99,750 in deductions? For all requirements, do not round intermediate calculations. Round your answer...
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Scot and Vidia, married taxpayers, earn $92,500 in taxable
income and $5,000 in interest from an investment in City of Tampa
bonds. (Use the U.S. tax rate schedule for married filing jointly).
Required: If Scot and Vidia earn an additional $80,000 of taxable
income, what is their marginal tax rate on this income? What is
their marginal rate if, instead, they report an additional $80,000
in deductions?
Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But...
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