Homework Answers
| a) | Federal tax owed = 46643.75+33%*(400000-191650) = | 115399.25 |
| b) | Average tax rate = Total tax/Taxable income = 115399.25/400000 = | 28.85% |
| c) | Effective tax rate = Total tax/Total income = 115399.25/402000 = | 28.71% |
| d) | Current marginal tax rate is the tax rate applicable to the next $1 of taxable income, which is 33%(as income from 191650 to 416700 is taxable at 33%) |
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Campbell, a single taxpayer, earns $400,000 in taxable in bonds. (Use the US tax rate sch...
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Check my word Campbell, a single taxpayer, earns $400,000 in taxable income and $2,000 in interest...
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Problem 1-36 (LO 1-3) Campbell, a single taxpayer, earns $400,000 in taxable income and $2,000 in interest from an investment in State of New York bonds. (Use the U.S. tax rate schedule.) Required a. How much federal tax will she owe? b. What is her average tax rate? c. What is her effective tax rate? d. What is her current marginal tax rate? Complete this question by entering your answers in the tabs below Req A Req B Req C...
Campbell, a single taxpayer, earns $400,000 in taxable income and $2,000 in interest from an investment in State of New York bonds. (Use the U.S. tax rate schedule). Required: a. If Campbell earns an additional $15,000 of taxable income, what is her marginal tax rate on this income? b. What is her marginal rate if, instead, she had $15,000 of additional deductions? (For all requirements, do not round intermediate calculations Chdpter 1Homewor3 Saved Save &Exit Help Check r Jorge and...
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2019 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The tax is: $ 0 $ 9,700 10% of taxable income $ 9,700 $ 39,475 8970 plus 12% of the excess over $9.700 $ 39,475 $ 84,200 $4,543 plus 22% of the excess over $39,475 $ 84,200 $160.725 $14.382.50 plus 24% of the excess over $84.200 $160,725 $204,100 $32.748.50 plus 32% of the excess over $160,725 $204,100 $510,300 $46.628.50 plus 35% of the excess over...
Tax Year 2019
Campbell, a single taxpayer, earns $205,000 in taxable income and $6,000 in interest from an investment in State of New York bonds. (Use the U.S. tax rate schedule.) Required: a. How much federal tax will she owe? b. What is her average tax rate? c. What is her effective tax rate? d. What is her current marginal tax rate? Jorge and Anita, married taxpayers, earn $42,000 in taxable income and $32,500 in interest from an investment in...
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Check my word Campbell, a single taxpayer, earns $400,000 in taxable income and $2,000 in interest from an investment in State of New York! bonds. (Use the U.S. tax rate schedule;) Required: a. How much federal tax will she owe? b. What is her average tax rate? c. What Is her effective tax rate? d. What is her current marginal tax rate? Complete this question by entering your answers in the tabs below. Reg A Reg B ReqC Reg D...
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