marc a single taxpayer earns 133500 in taxable income and 4150 in interest from an investment...
marc a single taxpayer earns 133500 in taxable income and 4150 in interest from an investment in city of Birmingham bonds. Using the US tax rate schedule for 2020, what is his current marginal tax rate?
85525-163300 and tax is 14605.50 plus 24% of the excess over 85525
Homework Answers
| Tax liability for 2020 | $ 44,785.50 | =33271.5+((133500-85525)*24%) |
|
Marc's current marginal tax rate for 2020 is 24% because a dollar increase in taxable income upto total taxable income of $ 163,300 , Marc will be liable to pay tax @ 24% . |
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