Homework Answers
ANSWER:
Required 1) Calculating Federal Tax:
Taxable Income of Chuck = $76,500
Federal Tax = (9,875 * 10%) + [(40,125 - 9875) * 12%] + [(76,500 - 40125) * 22%]
= 987.5 + 3,630 + 8,002.5 = $12,620
Required 2) Calculating Average Tax Rate:
Average tax rate = Total Tax / Total taxable income
= 12,620 / 76,500 = 16.49%
Required 3) Calculating Effective Tax Rate
Effective tax rate = Total tax / Total income
= 12,620 / (76,500 + 31,600) = 11.67%
Required 4) Calculating Current Marginal Tax Rate
Marginal tax rate = 22% (the last applicable tax rate in the slab)
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