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Campbell, a single taxpayer, earns $296,500 in taxable income and $14,000 in interest from an investment in State of New York bonds. (Use the U.S.
Campbell, a single taxpayer, earns $296,500 in taxable income and $14,000 in interest from an investment in State of New York bonds. (Use the U.S. tax rate schedule.) Required: a. How much federal tax will she owe? b. What is her average tax rate? c. What is her effective tax rate? d. What is her current marginal tax rate? Complete this question by entering your answers in the tabs below. Reg A Reg B Reg C ReqD How much federal tax will she owe? (Do not round intermediate calculations. Round "Federal tax" to 2 decimal places.) Federal tax 2020 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The tax is: $ 0 $ 9,875 10% of taxable income $ 9,875 $ 40,125 987.50 plus 12% of the excess over $9.875 $ 40,125 $ 85,525 S4.617.50 plus 22% of the excess over $40.125 $ 85,525 $163,300 $14.605.50 plus 24% of the excess over $85,525 $163,300 $207,350 $33,271.50 plus 32% of the excess over $163,300 $207,350 $518,400 $47.367.50 plus 35% of the excess over $207,350 $518,400 $156,235 plus 37% of the excess over $518.400
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