Question

Manny a single taxpayer earns 69600 per year in taxable income and an additional 12460 per...

Manny a single taxpayer earns 69600 per year in taxable income and an additional 12460 per year in city of boston bonds. What is manny's current marginal tax rate for 2020?

$40125-$85525 and the tax is $4617.50 plus 24% of excess over $40125

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Answer #1
Tax liability for 2020 $ 11,102.00 =4617.5+((69600-40125)*22%)

Manny's current marginal tax rate for 2020 is 22% because a dollar increase

in taxable income upto total taxable income of $ 85,525 , Manny will be liable to

pay tax @ 22% on increased income.

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