Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A single person earned $98,000 in 2018. How much did they pay in taxes? (Use the tax rates presented in Table 3.6) (Do not round

image text in transcribedimage text in transcribed

A single person earned $98,000 in 2018. How much did they pay in taxes? (Use the tax rates presented in Table 3.6) (Do not round intermediate calculations. Round your answer to 2 decimal places.) Taxes a. What was their marginal tax bracket? Marginal tax rate % b. What was their average tax bracket? (Do not round intermediate calculations. Enter your answer as a percent rounded.) Average tax rate % TABLE 3.6 Personal tax rates, 2018 Tax Rate (%) 10 Taxable income ($) Married Taxpayers Flling Joint Returns $0-$19,050 $19,051-$77,400 $77,401-$165,000 $165,00 1-$315,000 $315,001-$400,000 $400,001-$600,000 $600,001 and above Single Taxpayers $0-$9,525 $9,526-$38,700 $38,701-$82,500 $82,501-$157,500 $157,501-$200,000 $200,001-$500,000 $500,001 and above 12 22 35 37

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Performance Measurement In Finance

Authors: John Knight, Stephen Satchell, Nathalie Farah

1st Edition

0750650265, 978-0750650267

More Books

Students also viewed these Finance questions