manny a single taxpayer erans 66400 per year in taxable income and an additional 12140 per...
manny a single taxpayer erans 66400 per year in taxable income and an additional 12140 per year in city of boston bonds.
if manny earns an additional 36400 in taxable income 2020 what is his marginal tax rate on this income?
Homework Answers
| Tax on $66,400 | $10,398 | =4617.5+((66400-40125)*22%) |
| Additional Income | 36,400 | |
| Revised Taxable Income | 102,800 | =66400+36400 |
| Tax on $ 102,800 | $18,751.50 | =14605.5+((102800-85525)*24%) |
| Marginal tax rate on this income | 22.95% | =(18751.5-10398)/36400 |
| or | ||
| 23% | ||
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