1 | ||
Federal Tax | 12290 | =4617.5+(75000-40125)*22% |
2 | ||
Federal Tax | 12290 | |
/ Taxable income | 75000 | |
Average tax rate | 16.39% | |
3 | ||
Federal Tax | 12290 | |
/ Total income | 105700 | =75000+30700 |
Effective tax rate | 11.63% | |
4 | ||
Marginal tax rate | 22% | |
The above solution is based on 2020 tax rates |
vork Problem 1-34 (LO 1-3) (Algo) Chuck, a single taxpayer, earns $75,000 in taxable income and...
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