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Chuck, a single taxpayer, earns $45,000 in taxable income and $12,700 in interest from an investment in City of Heflin bonds. (Use the U.S tax
Chuck, a single taxpayer, earns $45,000 in taxable income and $12,700 in interest from an investment in City of Heflin bonds. (Use the U.S tax rate schedule.)Individuals
Schedule X-Single
If taxable income is over: | But not over: | The tax is: |
---|---|---|
$ 0 | $ 9,700 | 10% of taxable income |
$ 9,700 | $ 39,475 | $970 plus 12% of the excess over $9,700 |
$ 39,475 | $ 84,200 | $4,543 plus 22% of the excess over $39,475 |
$ 84,200 | $160,725 | $14,382.50 plus 24% of the excess over $84,200 |
$160,725 | $204,100 | $32,748.50 plus 32% of the excess over $160,725 |
$204,100 | $510,300 | $46,628.50 plus 35% of the excess over $204,100 |
$510,300 | $153,798.50 plus 37% of the excess over $510,300 |
Schedule Y-1-Married Filing Jointly or Qualifying Widow(er)
If taxable income is over: | But not over: | The tax is: |
---|---|---|
$ 0 | $ 19,400 | 10% of taxable income |
$ 19,400 | $ 78,950 | $1,940 plus 12% of the excess over $19,400 |
$ 78,950 | $168,400 | $9,086 plus 22% of the excess over $78,950 |
$168,400 | $321,450 | $28,765 plus 24% of the excess over $168,400 |
$321,450 | $408,200 | $65,497 plus 32% of the excess over $321,450 |
$408,200 | $612,350 | $93,257 plus 35% of the excess over $408,200 |
$612,350 | $164,709.50 plus 37% of the excess over $612,350 |
Schedule Z-Head of Household
If taxable income is over: | But not over: | The tax is: |
---|---|---|
$ 0 | $ 13,850 | 10% of taxable income |
$ 13,850 | $ 52,850 | $1,385 plus 12% of the excess over $13,850 |
$ 52,850 | $ 84,200 | $6,065 plus 22% of the excess over $52,850 |
$ 84,200 | $160,700 | $12,962 plus 24% of the excess over $84,200 |
$160,700 | $204,100 | $31,322 plus 32% of the excess over $160,700 |
$204,100 | $510,300 | $45,210 plus 35% of the excess over $204,100 |
$510,000 | $152,380 plus 37% of the excess over $510,300 |
Schedule Y-2-Married Filing Separately
If taxable income is over: | But not over: | The tax is: |
---|---|---|
$ 0 | $ 9,700 | 10% of taxable income |
$ 9,700 | $ 39,475 | $970 plus 12% of the excess over $9,700 |
$ 39,475 | $ 84,200 | $4,543 plus 22% of the excess over $39,475 |
$ 84,200 | $160,725 | $14,382.50 plus 24% of the excess over $84,200 |
$160,725 | $204,100 | $32,748.50 plus 32% of the excess over $160,725 |
$204,100 | $306,175 | $46,628.50 plus 35% of the excess over $204,100 |
$306,175 | $82,354.75 plus 37% of the excess over $306,175 |
Required:
- How much federal tax will he owe?
- What is his average tax rate?
- What is his effective tax rate?
- What is his current marginal tax rate?
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