Question
Calculate your total tax obligations and effective average tax rate using a marginal tax schedule. Using the marginal tax schedule provided in this module, calculate
Calculate your total tax obligations and effective average tax rate using a marginal tax schedule. Using the marginal tax schedule provided in this module, calculate your tax obligation and an effective tax rate (%). For this assignment assume your taxable income is $200,000. Need help finding the values in "?" and if you could show how you got them would appreciate. Been struggling to find those values.
Taxable Income | Tax Rate |
$0-$9,275 | 10% |
$9,276-$37,650 | $927.50 plus 15% of the amount over $9,275 |
$37,651-$91,150 | $5,183.75 plus 25% of the amount over $37,650 |
$91,151-$190,150 | $18,558.75 plus 28% of the amount over $91,150 |
$190,151-$413,350 | $46,278.75 plus 33% of the amount over $190,150 |
Total tax obligation for the individual with $200,000 of income =
$46,278.75 + (? x ?)
$46,278.75 + ?
=
The average tax rate for the individual with $200,000 of taxable income =
Total Taxes/Taxable Income
?/$200,000
=
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