Marc, a single taxpayer, earns $82,500 in taxable income and $2,050 in interest from an investment...
Marc, a single taxpayer, earns $82,500 in taxable income and $2,050 in interest from an investment in city of Birmingham Bonds. Using the U.S. tax rate schedule for year 2018, how much federal tax will he owe?
Homework Answers
Answer:
Interest from an investment in city of Birmingham Bonds is exempt from Federal tax.
Marc's (Single tax payer) taxable income = $82,500
Federal tax will he owe = $4453.50 + (82500 - 38700) * 22% = $14,089.50
Federal tax will he owes = $14,089.50
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