Amelia Hall is single and received the items and amounts of income shown as follows during...
Amelia Hall is single and received the items and amounts of income shown as follows during 2018. Determine the marginal tax rate applicable to each item. Note that if the item is not taxable, the marginal rate is 0. Enter "0" if the marginal rate is zero. Assume that rental property given is net rental income after deductions. Refer to Exhibit 3.2 and Exhibit 3.3 .
This is based on the 2018 Tax Schedules.
Please provide a breakdown/ explanation for how you calculated this.
| Item | Amount | Marginal Rate |
| Salary | $25,000 | % |
| Qualified dividends | 700 | % |
| Gift from mother | 300 | % |
| Child support from ex-husband | 2,700 | % |
| Interest on savings account | 150 | % |
| Rental property | 950 | % |
| Loan from bank | 1,000 | % |
| Interest on state government bonds | 500 | % |
Homework Answers
Salary is taxable as per slab rate prescribed by Income tax ie. 10%, 20% or 30%.
Qualified Diviend Marginal tax rate is Zero, becuase Dividend form Domestic company is Exmept income
Gift from mother is also not taxable, Because Gift recived from relative person, Marginal Rate 0%
Interest on saving bank upto 10000 rupess exempt from tax. deduction allow under section 80TTA. Marginal tax 0% upto 10000 and thereafter taxable as per slab rate.
Rent properly marginao tax as per slab.
Loan from bank - Marginal tax 0%
Interst on Bond - marginal tax as per slab.
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