Homework Answers
Computation of the taxable income
| Values in $ | ||
| Gross Income(A) | 75000 | |
|
Less Adjustment: |
4000 | |
| Less Deduction | ||
| Mortgage interest | 28000 | |
| Property tax | 4200 | |
| Charitable contribution | 3000 | |
| Total adjustment and deduction(B) | 39200 | |
| Taxable income(A-B) | 35800 |
Marginal tax rate for 2012
| Taxable income | Tax on this income |
|---|---|
| $18,201 – $37,000 | 19c for each $1 over $18,200 |
| $37,001 – $80,000 | $3,572 plus 32.5c for each $1 over $37,000 |
| $80,001 – $180,000 | $17,547 plus 37c for each $1 over $80,000 |
| $180,001 and over | $54,547 plus 45c for each $1 over $180,000 |
Since our taxable income is $35800.
So marginal tax slab will be
| $18,201 – $37,000 | 19c for each $1 over $18,200 |
ie ($35800-18200)=$17600X 0.19cents
=$3344.
(Note; 1 dollar =100 Cent)
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levied on “taxable income” rather than gross income. The difference
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