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Check my work Chuck, a single taxpayer, earns $60,000 in taxable income and $21700 in interest from an investment in City of Heflin bonds. (Use the U.S tax rate schedule) 0.8 points Required: a. How much federal tax will he owe? b. What is his average tax rate? c. What is his effective tax rate? d. What is his current marginal tax rate? eBook Print References Complete this question by entering your answers in the tabs below. Req A Req B Req c Req D How much federal tax will he owe? (Do not round intermediate calculations: Round Federal tax to 2 decimal places.) Reg B
Check my wor Chuck, a single taxpayer, eans $60,000 in taxable income and $21,700 in interest from an investment in City of Heflin bonds. (Use the U.S tax rate schedule) 0.8 oints Required eBook Print References a. How much federal tax will he owe? b. What is his average tax rate? c. What is his effective tax rate? d. What is his current marginal tax rate? Complete this question by entering your answers in the tabs below Req A Req B Req c Req D What is his average tax rate? (Do not round intermediate calculations. Round total tax to 2 decimal places.) Choose numerator Choose denominator K Reg A Req C >
Chuck, a single taxpayer earns $60000 in taxable income and $21700 in interest from an investment in City of Heflin bonds. (Use the US tax rate schedule Required: nts a. How much federal tax will he owe? b. What is his average tax rate? c. What is his effective tax rate? d. What is his current marginal tax rate? eBook Print eferences Complete this question by entering your answers in the tabs below. Req A Req B Req C Reg D What is his effective tax rate? (de not round internediate calculations. Round total tax to 2 decimal places.) Choose numerator1Choose denominator Reg B Req D >
Check my wo 000 in taxable income and $21,700 in interest from an investment in City of Heflin Chuck, a single taxpayer, earns $60, bonds. (Use the U.S tax rate schedule) Required: 0.8 points a. How much federal tax will he owe? b. What is his average tax rate? c. What is his effective tax rate? d. What is his current marginal tax rate? eBook Print References Complete this question by entering your answers in the tabs below. Req A Req BReq CRed D What is his current marginal tax rate?
2018 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The tax is S 9.525 $ 38,700 $ 82.500 $157500 $200,000 $500,000 9,525 $38,700 $ 82,500 $157,500 $200,000 $500,000 10% of tmable income $952.50 plus 12% ofthe eroess over$9,525 $4453.50 plus 22% of the excess over $38,700 $14,089.50 plus 24% ofthe excess over sa2500 $32,089.50 plus 32% of the excess over $157,500 $45,089.50 plus 35% of the evoess over $200,000 $150,689.50 plus 37% of the excess over $500,000 Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: $ 19.050 $ 77.400 The tax is: 10% of taxable income S 19.050 $1,905 plus 12% of the excess over S19.050
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Homework Answers

Answer #1

Part A

Federal tax

$9139.50

Tax liability on 60000 = 4453.50+(22%*(60000-38700)) = $9139.50

Part B

Average Tax Rate

Choose numerator

/

Choose denominator

=

Total Tax

/

Taxable Income

=

9139.50

/

60000

=

15.23%

Part C

Effective Tax Rate

Choose numerator

/

Choose denominator

=

Total Tax

/

Taxable Income

=

9139.50

/

81700

=

11.19%

Part D

Marginal tax rate

22%
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