Chuck, a single taxpayer, earns $66,000 in taxable income and
$25,300 in interest from an investment in City of Heflin bonds.
(Use the U.S tax rate schedule.)
Required:
Ans: Dear Student No information is give related to tax year therefore we will assume it to be of current year i.e. 2020
1. Federal tax he will owe: $4,617.50+22% of {66,000-40,125}
=> $4,617.50+ 22% of 25,875
=> $4,617.50+ 5,692.50
=> $10,310
2. Average tax rate= Tax liability/taxable income
=> $10,310/$66,000*100
=> 15.62%
3. Effective tax rate= tax liability/total income
=> 10,310/{66,000+25,300}
=> 10,310/91,300*100
=> 11.29%
4. Marginal tax Rate= Taxpayer is currently in the tax bracket of 22% , his marginal tax rate will be same as marginal tax rate on increases in income up to $19,525 and deductions from income up to $25,875 is 22 percent
Chuck, a single taxpayer, earns $66,000 in taxable income and $25,300 in interest from an investment...
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