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2017.total tax for Gordon Geist, a single taxpayer without dependents and no itemized deductions. He has active income of s of $4,400 from the sale of stock, and $7,600 from book royalties. What is Gordons average tax rate? capital come Sordons fotal gross i the 2017 tax year is (Round to the nearest cent.)

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Answer #1

Gordon Geist’s Total Income:

Active Income = $ 42,000

Capital Gains from Stock Sales = $4,400

Royalty Income = $7,600

Total = $54,000

*Income Tax Paid (10% on $9,325+15% on 32,675+ add. $932.5) = $6,766.25

*Capital Gain Tax paid (10%) = $440

*Royalty Tax paid (30%) = $2,280

Total Ta paid = $9,486.25

Average Tax paid on Total Income =$9,486.25/$54,000x100 = 17.567%

(*2017 Tax Rates)

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