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Campbell, a single taxpayer, earns $189,000 in taxable income and $3,500 in interest from an investment in State of New York bonds. (Use the U.S.
Campbell, a single taxpayer, earns $189,000 in taxable income and $3,500 in interest from an investment in State of New York bonds. (Use the U.S. tax rate schedule.) (Do not round intermediate calculations. Round "Federal tax" to 2 decimal places.)
How much federal tax will she owe?
What is her average tax rate?
What is her effective tax rate?
What is her current marginal tax rate?
2017 Tax Rate Schedule Schedule X-Single Schedule Z-Head of Household If taxable income is over: If taxable income is over: But not But not The tax is: The tax is: over: $ 1 3.350 $ 50,800 over: 0 $ 0 10% of taxable income $932.50 plus 15% of the excess aver $9,325 $5.226.25 plus 25% of the excess aver $37,950 $ 1 8.71 3.75 plus 28% of the excess aver $91,900 $46,643.75 plus 33% of the excess over $191,650 $ 1 20,9 10.25 plus 35% of the excess over $416,700 $12 1,505.25 plus 39.6% of the excess cver $418,400 10% of taxable income $1,335.00 plus 15% of the excess over $13,350 $6,952.50 plus 25% of the excess over $50,800 $27,052.50 plus 28% of the excess over $131,200 $49,816.50 plus 33% of the excess over $212,500 $117,202.50 plus 35% of the excess over $416,700 $126,950.00 plus 39.6% of the excess over $444,550 9.325 $ 9,325 $ 37,950 $ 9 1 ,900 $191,650 $41 6,700 $418,400 $. 37,950 $ 91,900 $ 1 9 1 ,650 $416,700 $41 8,400 $ 13,350 $ 50,800 $1 3 1,200 $212,500 $416,700 $444,550 $ 1 3 1,200 $21 2,500 $416,700 $444,550 Schedule Y-1-Married Fng Jointly or Quallfylng Widow(er) Schedule Y-2-Married Fng Separately If taxable income is over: But not If taxable income is over: The tax is: But not over: $ 1 8,650 $ 75,900 over: The tax is: 10% of taxable income $932.50 plus 15% of the excess over $9,325 $5,226.25 plus 25% of the excess over $37,950 $ 14,876.25 plus 28% of the excess over $76,550 $26.11 1.25 plus 33% of the excess over $116,675 $56,364.00 plus 35% of the excess over $208,350 $65,81 4.00 plus 39.6% of the excess over $235,350 0 $ 9,325 1 0% of taxable income $ 1.865.00 plus 15% of the excess over $18,650 $ 1 0,452.50 plus 25% of the excess over $75,900 $29,752.50 plus 28% of the excess over $153,100 $52.222.50 plus 33% of the excess cver $233,350 11 2,728.00 plus 35% of the excess over $416,700 $13 1 ,628.00 plus 39.6% of the excess over $470,700 $ 9,325 $37,950 $ 37,950 $ 76,550 $ 76,550 $116,675 $1 16,675 $208,350 $208,350 $235,350 $235,350 0 $ 1 8,650 $ 75,900 $153,100 $233,350 $41 6,700 $470,700 $1 531 00 $233,350 $416,700 $470,700Step by Step Solution
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