Marc, a single taxpayer, earns $30,000 in taxable income and $1,000 in interest from an investment...
Marc, a single taxpayer, earns $30,000 in taxable income and $1,000 in interest from an investment in city of Birmingham bonds. Using the U.S. tax rate schedule for year 2019, what is his current marginal tax rate? (Use Tax rate schedule)
Homework Answers
hIs Tax Rate would br as under
on 9700 = (9700-0)X10% = 970
On Balance Rs 20300 = (30,000-9700)*12% = 2436
Total Tax = 3406
therefore, Average Tax Rate = 3406/31000 = 10.99%
And Current MArginal Tax Rate = 12%
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