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11) (2 points) Marc, a single taxpayer, earns $60,000 in taxable income and $5,000 in interest from an investment in city of Birmingham Bonds.
11) (2 points) Marc, a single taxpayer, earns $60,000 in taxable income and $5,000 in interest from an investment in city of Birmingham Bonds. Using the U.S. tax rate schedule in the text for year 2021, how much federal tax will he owe? Answer - Based on the 2021 U.S. Tax rate schedule 12) (2 points) Manny, a single taxpayer, earns $75,000 per year in taxable income. If he receives an additional $12,000 per year in taxable income, what is Manny's marginal tax rate for year 2021? 13) (2 points) Allen filed his 2020 tax return on May 15th, 2021 and underreported his gross income by 30 percent. Assuming Allen's underreporting is not due to fraud, the statute of limitations for IRS assessment on Allen's 2020 tax return should end:
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