Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Can someone please help me find how much federal tax she will owe and a breakdown of how to do so please ? thank you
Can someone please help me find how much federal tax she will owe and a breakdown of how to do so please ? thank you
Campbell, a single taxpayer earns $406,000 in taxable income and $2,300 in interest from an investment in State of New York bonds. (Use the US 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 ROG ROG D How much federal tax will she owe? (Do not round Intermediate calculations. Round "Federal tax to the nearest dollar) Federal tax RoqB > 2021 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over:But not over: The tax is: $ 0 $ 9,950 10% of taxable income $ 9,950 $ 40,525 $995 plus 12% of the excess over $9.950 $ 40,525 $ 86,375. $4.664 plus 22% of the excess over $40.525 $ 86,375 $ 164,925 $14.751 plus 24% of the excess over $86,375) $ 164,925 $ 209,425 $33,603 plus 32% of the excess over $164.925 $ 209,425 S 523,600, S47.843 plus 35% of the excess over $209.425 $ 523.600 $157,80425 plus 37% of the excess over $523.600 Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over:But not over: The tax is: $ 0 $ 19.900 110% of taxable income $ 19,900 $ 81,050 $1.990 plus 12% of the excess over $19.900 S 81,050 $ 172.750 $9.328 plus 22% of the excess over $81,050 S 172.750 S 329,850 $29,502 plus 2.4% of the excess over $172.750 $ 329,850 $ 418,850 $67 206 plus 32% of the excess over $329.850 $ 418,850 $ 628,300 $95.686 plus 35% of the excess over $418.850 $ 628,300 $168.993.50 plus 37% of the excess over $628 300W Schedule Z-Head of Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started