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chuck, a single taxpayer earns 73,500 in taxable income and 29800 in tnterest from an investment...

chuck, a single taxpayer earns 73,500 in taxable income and 29800 in tnterest from an investment in city of Hefin bonds. how much federal tax will be owe? what is his average tax rate? what is his effective tax rate? What is his current marginal tax rate?

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Answer #1

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As per 2018 Tax rate schedule: In this case, $29800 interest income is tax exempt as per IRS, therefore, tax will be calculated on $73500 only: Federal tax owed by Chuck: (4453.50)473500-38700)*22% Average tax rate (12109.50)/(73500) Effective tax rate (12109.50)/(73500+29800) Solution Answers are highlighted in yellow: $12,109.50 a) b) c) d) Current Marginal tax rate 16.48% 11.72% the last applicable rate in slab) 22.00%

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