Chuck, a single taxpayer, earns $79,600 in taxable income and $10,000 in interest from an investment...

Question

Question

Chuck, a single taxpayer, earns $79,600 in taxable income and $10,000 in interest from an investment in City of Heflin bonds.

business accounting

Add a comment Improve this question Transcribed image text

Answer 1

Answer #1

Answer:

a) Marginal tax Rate will be 24% as his new income (79600+40540 = 120140) lies between $85525 and $163300.

b) Marginal tax rate will be 12 % because his new taxable income (79600-40540 = 39060) lies between income $9875 and $40125.

Add a comment

Answer 2

Similar Homework Help Questions

Chuck, a single taxpayer, earns $75,000 in taxable income and $10,000 in interest from an investment...

Chuck, a single taxpayer, earns $75,000 in taxable income and $10,000 in interest from an investment in City of Heflin bonds. (Use the U.S. tax rate schedule.) Required: If Chuck earns an additional $40,000 of taxable income, what is his marginal tax rate on this income? What is his marginal rate if, instead, he had $40,000 of additional deductions? (For all requirements, do not round intermediate calculations. Round your answers to 2 decimal places.) a Marginal tax rate ____% b...
5. Chuck, a single taxpayer, earns $70,000 in taxable income and $10,000 in interest from an...

5. Chuck, a single taxpayer, earns $70,000 in taxable income and $10,000 in interest from an investment in City of Heflin bonds. If Chuck earns an additional $40,000 of taxable income, what is his marginal tax rate on this income? 6. Chuck, a single taxpayer, earns $70,000 in taxable income and $10,000 in interest from an investment in City of Heflin bonds. If Chuck claims an additional $40,000 of deductions, what is his marginal tax rate on this income? 7....
Chuck, a single taxpayer, earns $80,750 in taxable income and $30,750 in interest from an investment...

Chuck, a single taxpayer, earns $80,750 in taxable income and $30,750 in interest from an investment in City of Heflin bonds. (Use the U.S. tax rate schedule.) Required: If Chuck earns an additional $64,500 of taxable income, what is his marginal tax rate on this income? What is his marginal rate if, instead, he had $64,500 of additional deductions? (For all requirements, do not round intermediate calculations. Round your answers to 2 decimal places.)

work (Chapter 1)6 Chuck, a single taxpayer, earns $75,000 In taxable income and $10,000 in interest...

work (Chapter 1)6 Chuck, a single taxpayer, earns $75,000 In taxable income and $10,000 in interest from an Investment in City of Heflin bonds. (Use the U.S. taxrate schedule) Required: a. If Chuck earns an additional $40,000 of taxable income, what is his marginal tax rate on this income? b. What is his marginal rate it, instead, he had $40,000 of additional deductions? For all requirements, do not round Intermediate calculations. Round your answers to 2 decimal places) < Prev...
Chuck, a single taxpayer,earns $86,000 in taxable income and $24750 in interest from an investment in...

Chuck, a single taxpayer,earns $86,000 in taxable income and $24750 in interest from an investment in City of Heflin bonds. (Use the U.S. tax rate schedule) Required: a. If Chuck earns an additional $41,000 of taxable income, what is his marginal tax rate on this income? b. What is his marginal rate if, instead, he had $41,000 of additional deductions? (For all requirements, do not round intermediate calculations. Round your answers to 2 decimal places.) a. Marginal tax rate b...
Chuck, a single taxpayer, earns $86,750 in taxable income and $16,500 in interest from an investment...

Chuck, a single taxpayer, earns $86,750 in taxable income and $16,500 in interest from an investment in City of Heflin bonds. (Use the U.S. tax rate schedule.) Required: a.) If Chuck earns an additional $59,750 of taxable income, what is his marginal tax rate on this income? b.) What is his marginal rate if, instead, he had $59,750 of additional deductions?

Chuck, a single taxpayer, earns $85,000 in taxable income and $10,000 in interest from an investment...

Chuck, a single taxpayer, earns $85,000 in taxable income and $10,000 in interest from an investment in City of Heflin bonds. Using the U.S. tax rate schedule, how much federal tax will he owe? What is his average tax rate? What is his effective tax rate? What is his current marginal tax rate? If Chuck earns an additional $40,000 of taxable income, what is his marginal tax rate on this income? If Chuck claims an additional $40,000 of deductions, what...
QUESTIONS Chuck, a single taxpayer, earns $65,000 in taxable income and $10,000 in interest from an...

QUESTIONS Chuck, a single taxpayer, earns $65,000 in taxable income and $10,000 in interest from an investment in City of Heflin bonds. If Chuck earns an additional $40,000 of taxable income, what is his marginal tax rate on this income? QUESTION 6 Chuck, a single taxpayer, carns $65,000 in taxable income and $10,000 in interest from an investment in City of Heflin bonds. If Chuck claims an additional $40,000 of deductions, what is his marginal tax rate on this income?...
1. Chuck, a single taxpayer, earns $70,000 in taxable income and $10,000 in interest from an...

1. Chuck, a single taxpayer, earns $70,000 in taxable income and $10,000 in interest from an investment in City of Heflin bonds. Using the U.S. tax rate schedule, how much federal tax will he owe? 2.Chuck, a single taxpayer, earns $70,000 in taxable income and $10,000 in interest from an investment in City of Heflin bonds. What is his average tax rate? (Carry your answer two decimals, i.e., 20.05) 3. Chuck, a single taxpayer, earns $70,000 in taxable income and...

Chuck, a single taxpayer, earns $85,000 irn taxable income and $10,000 in interest from an investment...

Chuck, a single taxpayer, earns $85,000 irn taxable income and $10,000 in interest from an investment in City of Heflin bonds. Using the U.S. tax rate schedule, how much federal tax will he owe? What is his average tax rate? What is his effective tax rate? What is his current marginal tax rate? If Chuck earns an additional $40,000 of taxable income, what is his marginal tax rate on this income? If Chuck claims an additional $40,000 of deductions, what...

Chuck, a single taxpayer, earns $79,600 in taxable income and $10,000 in interest from an investment...

Homework Answers

Add Answer to:
Chuck, a single taxpayer, earns $79,600 in taxable income and $10,000 in interest from an investment...

Post as a guest

Earn Coins

Chuck, a single taxpayer, earns $75,000 in taxable income and $10,000 in interest from an investment...

5. Chuck, a single taxpayer, earns $70,000 in taxable income and $10,000 in interest from an...

Chuck, a single taxpayer, earns $80,750 in taxable income and $30,750 in interest from an investment...

work (Chapter 1)6 Chuck, a single taxpayer, earns $75,000 In taxable income and $10,000 in interest...

Chuck, a single taxpayer,earns $86,000 in taxable income and $24750 in interest from an investment in...

Chuck, a single taxpayer, earns $86,750 in taxable income and $16,500 in interest from an investment...

Chuck, a single taxpayer, earns $85,000 in taxable income and $10,000 in interest from an investment...

QUESTIONS Chuck, a single taxpayer, earns $65,000 in taxable income and $10,000 in interest from an...

1. Chuck, a single taxpayer, earns $70,000 in taxable income and $10,000 in interest from an...

Chuck, a single taxpayer, earns $85,000 irn taxable income and $10,000 in interest from an investment...

Chuck, a single taxpayer, earns $79,600 in taxable income and $10,000 in interest from an investment...

Homework Answers

Add Answer to: Chuck, a single taxpayer, earns $79,600 in taxable income and $10,000 in interest from an investment...

Post as a guest

Earn Coins

Add Answer to:
Chuck, a single taxpayer, earns $79,600 in taxable income and $10,000 in interest from an investment...