ZuoTi.Pro
Question

Scot and Vidia, married taxpayers, earn $69,500 in taxable income and $5,000 in interest from an...

Scot and Vidia, married taxpayers, earn $69,500 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 $31,500 of taxable income, what is their marginal tax rate on this income? What is their marginal rate if, instead, they report an additional $31,500 in deductions?

business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

Hi

Let me know in case any issue and query:

Marginal tax rate = Change in Tax / Change in Taxable income

As per 2018, tax schedule: Married Filing Jointly: Solution: 19.49% Answer a] Explanation: Marginal tax rate Change in Tax/ Change in Taxable income Tax on old income (1905) + (69500-19050)*12% Tax on New income Change in Tax Change in Taxable income Marginal Tax Rate $ 7,959.00 $14,099.00 $ 6,140.00 $ 31,500.00 19.49% +/ 101000-77400) * 22% Answer b) Explanation: 12.00% Marginal tax rateChange in Tax/ Change in Taxable income Tax on old income (1905) + (69500-19050)*12% Tax on New income (1905) + (38000-19050)*12% Change in Tax Change in Taxable income Marginal Tax Rate $ 7,959.00 $ 4,179.00 $ -3,780.00 $-31,500.00 12.00%

0 0
Add a comment
Know the answer?
Add Answer to:
Scot and Vidia, married taxpayers, earn $69,500 in taxable income and $5,000 in interest from an...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • Scot and Vidia, married taxpayers, earn $90,000 in taxable income and $5,000 in interest from an...

    Scot and Vidia, married taxpayers, earn $90,000 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). (2019 tax table) Required:    If Scot and Vidia earn an additional $88,750 of taxable income, what is their marginal tax rate on this income? What is their marginal rate if, instead, they report an additional $88,750 in deductions?

  • Scot and Vidia, married taxpayers, earn $15,000 in taxable income and $5,000 in interest from an investment in City of T...

    Scot and Vidia, married taxpayers, earn $15,000 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:    If Scot and Vidia earn an additional $15,000 of taxable income, what is their marginal tax rate on this income? What is their marginal rate if, instead, they report an additional $15,000 in deductions?

  • Scot and Vidia, married taxpayers, earn $218,000 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...

    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 $92,500 in taxable income and $5,000 in interest from an...

    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). (Do not round intermediate calculations. Round your answer to 2 decimal places.)    a. If Scot and Vidia earn an additional $70,000 of taxable income, what is their marginal tax rate on this income?       b. How would your answer differ if they, instead, had $70,000 of additional...

  • Scot and Vidia, married taxpayers, earn $254,400 in taxable income and $5,000 in interest from an...

    Scot and Vidia, married taxpayers, earn $254,400 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). Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: The tax is: $          0 $ 19,750 10% of taxable income $ 19,750 $ 80,250 $1,975 plus 12% of the excess over $19,750 $ 80,250 $171,050 $9,235 plus 22% of the...

  • Scot and Vidia, married taxpayers, earn $92,500 in taxable income and $5,000 in interest from an...

    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...

  • Scot and Vidia, married taxpayers, earn $160,500 in taxable income and $5,000 in interest from an...

    Scot and Vidia, married taxpayers, earn $160,500 in taxable income and $5,000 in interest from an investment in bonds. (Use the U.S. tax rate schedule for married filing jointly). Required: a. If Scot and Vidia earn an additional $104,750 of taxable income, what is their marginal tax rate on this income b. What is their marginal rate if, instead, they report an additional $104,750 in deductions? For all requirements, do not round intermediate calculations. Round your answer to 2 decimal...

  • Scot and Vidia, married taxpayers, earn $75,000 in taxable income and $5,000 in interest from an...

    Scot and Vidia, married taxpayers, earn $75,000 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 $22,000 of taxable income, what is their marginal tax rate on this income? b. What is their marginal rate if, instead, they report an additional $22,000 in deductions? Schedule Y-1-Married Filing Jointly or Qualitying Widow(er) If taxable income is...

  • Scot and Vidia, married taxpayers, earn $127,500 in taxable income and $5,000 in interest from an...

    Scot and Vidia, married taxpayers, earn $127,500 in taxable income and $5,000 in interest from an investment in City of Ta (Use the U.S. tax rate schedule for married filing jointly). Required: Ints 3. If Scot and Vidia earn an additional $92,750 of taxable income, what is their marginal tax rate on this income? b. What is their marginal rate if, instead, they report an additional $92,750 in deductions? eBook Hint (For all requirements, do not round intermediate calculations. Round...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT