Homework Answers
a). Federal Tax Liability = $51,577.50 + [($295,000 - $230,450) x 0.33]
= $51,577.50 + $21,301.50 = $72,879
b). Marginal Tax Rate = 33%, As the next dollar income is still in the same slab as the last dollar earned. So, it's marginal tax rate is 33%.
c). Average Tax Rate = Federal Tax Liability / Total Taxable Income
= $72,879 / $295,000 = 0.2470, or 24.70%
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Mary Jarvis is a
single individual who is working on filing her tax return for the
previous year. She has assembled the following relevant
information:
She received $70,000 in
salary.
She received $12,000 of
dividend income.
She received $8,300 of
interest income on Home Depot bonds.
She received $22,000 from the
sale of Disney stock that was purchased 2 years prior to the sale
at a cost of $6,500.
She received...
Excel Online Structured Activity: Personal taxes Mary Jarvis is a single individual who is working on...
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Susan and Stan Britton are a married couple who file a joint income tax return, where...
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rates are based on the tax table 3.5. Assume that their taxable
income this year was $364,000. Do not round intermediate
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nearest dollar.
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What is their marginal tax rate? Round your answer to the
nearest whole number.
%
What is their average tax rate? Round your answer to two...
Mary Jarvis is a single individual who is working on filing her tax return for the...
Mary Jarvis is a single individual who is working on filing her tax return for the previous year. She has assembled the following relevant information: • She received $139,000 in salary • She received $15,000 of dividend income. • She received $5,500 of interest income on Home Depot bonds. . She received $22,000 from the sale of Disney stock that was purchased 2 years prior to the sale at a cost of $5,200. • She received $12,000 from the sale...
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Mary Jarvis is a single individual who is working on filing her
tax return for the previous year. She has assembled the following
relevant information:
She received $94,000 in salary.
She received $15,000 of dividend income.
She received $6,200 of interest income on Home Depot
bonds.
She received $23,000 from the sale of Disney stock that was
purchased 2 years prior to the sale at a cost of $6,100.
She received $11,500 from the sale of Google stock that was...
Mary Jarvis is a single individual who is working on filing her
tax return for the previous year. She has assembled the following
relevant information:
She received $70,000 in
salary.
She received $12,000 of
dividend income.
She received $8,300 of
interest income on Home Depot bonds.
She received $22,000 from the
sale of Disney stock that was purchased 2 years prior to the sale
at a cost of $6,500.
She received $11,500 from the
sale of Google stock that was...
• She received $76,000 in salary. • She received $10,500 of dividend income. • She received $5,900 of interest income on Home Depot bonds. • She received $21,500 from the sale of Disney stock that was purchased 2 years prior to the sale at a cost of $5,300. • She received $12,500 from the sale of Google stock that was purchased 6 months prior to the sale at a cost of $6,600. • Mary receives one exemption ($4,000), and she...
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PLEASEEEEEE someone
help!! I have posted four times now.
Mary Jarvis is a
single individual who is working on filing her tax return for the
previous year. She has assembled the following relevant
information:
She received $70,000 in
salary.
She received $12,000 of
dividend income.
She received $8,300 of
interest income on Home Depot bonds.
She received $22,000 from the
sale of Disney stock that was purchased 2 years prior to the sale
at a cost of $6,500.
She received...
Excel Online Structured Activity: Personal taxes Mary Jarvis is a single individual who is working on filing her tax return for the previous year. She has assembled the following relevant information: • She received $124,000 in salary. • She received $19,000 of dividend income. • She received $4,900 of interest income on Home Depot bonds. • She received $21,000 from the sale of Disney stock that was purchased 2 years prior to the sale at a cost of $6,300. •...
Susan and Stan Britton are a
married couple who file a joint income tax return, where the tax
rates are based on the tax table 3.5. Assume that their taxable
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calculation.
What is their federal tax liability? Round your answer to the
nearest dollar.
$
What is their marginal tax rate? Round your answer to the
nearest whole number.
%
What is their average tax rate? Round your answer to two...
Mary Jarvis is a single individual who is working on filing her tax return for the previous year. She has assembled the following relevant information: • She received $139,000 in salary • She received $15,000 of dividend income. • She received $5,500 of interest income on Home Depot bonds. . She received $22,000 from the sale of Disney stock that was purchased 2 years prior to the sale at a cost of $5,200. • She received $12,000 from the sale...
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