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3) Jack & Mary Jones are married in December 30, 2018, they have no children or dependents. Their divorce became final on December 31, 2018.
3) Jack & Mary Jones are married in December 30, 2018, they have no children or dependents. Their divorce became final on December 31, 2018. Of the Income earned, Jack's total income is $500,000 but his taxable income is $425,000 a) What is Jack's Filing Staus for 2018? b) What is their Marginal Tax Rate for 2018? c) What is his Tax Liability for 2018? d) What is his Average Tax Rate e) What is his effective Tax Rate of taxable income? f) If Jack discover he has an additional tax deduction of $40,000 what is his new Marginal Tax Rate? g) What is his Tax Savings at the New Rate? Focus 10:54 PM 9/9/2020
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