Homework Answers
Answer :
The Lees’ marginal tax bracket is 15 percent as shown in Table 4.1.
|
2014 |
|
|
$68,000.00 |
Gross Income |
|
$0.00 |
Adjustments |
|
–$12,400.00 |
Standard Deduction, Married filing jointly |
|
–$15,800.00 |
Exemptions (x4) |
|
$39,800.00 |
Taxable income |
|
2014 |
|
|
$1,815.00 |
Liability (10% bracket) |
|
+$3,247.50 |
Liability (15% bracket) |
|
$5,062.50 |
Total tax liability |
|
– $2,000.00 |
Tax credits (Child tax) |
|
$3,062.50 |
Final tax liability |
Average tax rate 2014: Total Tax Liability = $3,062.50 = 4.50%
Total Income $68,000
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