24. Impact on Taxes. James has a marginal tax rate of 12%. He suddenly realizes that...
24. Impact on Taxes. James has a marginal tax rate of
12%. He suddenly realizes that he neglected to include a $7,500 tax
deduction. How will this oversight affect his taxes?
From question A, if James had forgotten a $7,500 tax credit (instead of a $7500 tax deduction), how would his taxes be affected?
Homework Answers
1-His tax liability decreases by = 7500*12% =900
His tax liability will decrease by an amount of 900
2- Tax credit of 7500 will reduce the amount of tax by 7500 because tax credits reduce the actual amount of tax owed
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24. Impact on Taxes. James has a marginal tax rate of
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