Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Check my work 8 8.33 points Scot and Vidia, married taxpayers, earn $244,000 in taxable income and $5,000 in interest from an investment in City

image text in transcribed
image text in transcribed
Check my work 8 8.33 points Scot and Vidia, married taxpayers, earn $244,000 in taxable income and $5,000 in interest from an investment in City of Tampa bonds. (Use the U.S. tax rate schedule for married filing jointly) Required: a. If Scot and Vidia eam an additional $80,800 of taxable income, what is their marginal tax rate on this income? b. What is their marginal tax rate it. Instead, they report an additional $80,800 in deductions? Book Hint (For all requirements, do not round Intermediate calculations. Round your answers to 2 decimal places.) Print References Marginal tax rate Marginal tax rate b Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: The tax is: $ 0 $ 19,750 10% of taxable income $ 19,750 $ 80,250 $1,975 plus 12% of the excess over $19,750 $ 80,250 $171,050 $9,235 plus 22% of the excess over $80,250 $171.050 $326,600 $29,211 plus 24% of the excess over $171,050 $326,600 $414,700 $66,543 plus 32% of the excess over $326,600 $414,700 $622,050 $94,735 plus 35% of the excess over $414,700 $622,050 $167 307.50 plus 37% of the excess over $622,050

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

Financial Accounting Study Guide

Authors: Jerry J. Weygandt ,Donald E. Kieso ,Paul D. Kimmel

4th Edition

0471205117, 978-0471205111

More Books

Students also viewed these Accounting questions