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Problem 1-35 (LO 1-3) (Algo) ts Chuck, a single taxpayer, earns $79,600 in taxable income and $10,000 in interest from an inv
M https:/ezto-cf meal. 2020 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The tax
$171,050 $326,600 $414,700 $622,050 $171,050 $9,235 plus 22% of the excess over $80,250 $326,600 $29,211 plus 24% of the exce
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Answer #1
Tax on $79600 13302 =4617.5+(79600-40125)*22%
a
Taxable income 120140 =79600+40540
Tax on $120140 22913.10 =14605.5+(120140-85525)*24%
Marginal tax rate 23.71% =(22913.1-13302)/40540
b
Taxable income 39060 =79600-40540
Tax on $39060 4489.70 =987.5+(39060-9875)*12%
Marginal tax rate 21.74% =(13302-4489.7)/40540
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