Question
5. Taxes and Incentives: Suppose that the federal income tax for single filers is set up as follows: Income Bracket Tax Rate $1-$8,000 10% $8.001-$30,000
5. Taxes and Incentives: Suppose that the federal income tax for single filers is set up as follows:
Income Bracket Tax Rate $1-$8,000 10% $8.001-$30,000 12% $30,001 & up 22%
a. Calculate the total taxes paid, the average tax rate, and marginal tax rate for the average graduate student making $33,000.
b. Suppose that there is a tax reform and the new federal income tax on individuals is set up as follows:
Income Bracket Tax Rate $1-$10,000 10% $10.001-$35,000 12% $35,001 & up 22% Calculate the total taxes paid, the average tax rate, and marginal tax rate for the average graduate student making $33,000.
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a For the original federal income tax structure Income 33000 Calculate the total taxes paid First 80...
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
