Homework Answers
| Federal tax | 24717 | =9086+(150000-78950)*22% |
| Average tax rate | 16.48% | =24717/150000 |
| Effective tax rate | 13.01% | =24717/(150000+40000) |
| Marginal tax rate | 22% | |
| Average tax rate = Federal tax/Taxable income | ||
| Effective tax rate = Federal tax/Total income | ||
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Jorge and Anita, married taxpayers, earn $150,000 in taxable income and $40,000 in interest from an...
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Jorge and Anita, married taxpayers, earn $139,000 in taxable income and $43,000 in interest from an investment in City of Heflin bonds. (Use the U.S. tax rate schedule for married filing jointly). Required: If Jorge and Anita earn an additional $101,500 of taxable income, what is their marginal tax rate on this income? What is their marginal rate if, instead, they report an additional $101,500 in deductions? (For all requirements, do not round intermediate calculations. Round your answers to 2...
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income and $27,500 in interest from an investment in City of Heflin
bonds. Using the U.S. tax rate schedule for married filing jointly,
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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2. Average tax rate
3. Effective tax...
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Jorge and Anita, married taxpayers, earn $41,500 in taxable
income and $27,500 in interest from an investment in City of Heflin
bonds. Using the U.S. tax rate schedule for married filing jointly,
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.)
1. Federal Tax
2. Average tax rate
3. Effective tax...
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