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Determine the 1) marginal tax rate; 2) total taxes; and 3) effective tax rate for the following taxable incomes: a) $13,000,872 taxable income b) $85,400
Determine the 1) marginal tax rate; 2) total taxes; and 3) effective tax rate for the following taxable incomes:
a) $13,000,872 taxable income
b) $85,400 ordinary taxable income, plus salvage of $25,000 for equipment with book value of $9,500.
c) $85,400 ordinary taxable income, plus salvage of $9,500 on equipment with book value of $25,000, plus salvage of $40,000 on machines with book value of $20,000
Rate For Singles With Taxable income Over For Married Filing Jointly With Taxable Income Over For Heads of Household With Taxable income Over 10% $0 $0 $0 12% $9,875 $19,750 $14,100 22% $40,125 $80,250 $53,700 24% $85,525 $171,050 $85,500 32% $163,300 $326,600 $163,300 35% $207,350 $414,700 $207,350 37% $518,400 $622,050 $518,400 Rate For Singles With Taxable income Over For Married Filing Jointly With Taxable Income Over For Heads of Household With Taxable income Over 10% $0 $0 $0 12% $9,875 $19,750 $14,100 22% $40,125 $80,250 $53,700 24% $85,525 $171,050 $85,500 32% $163,300 $326,600 $163,300 35% $207,350 $414,700 $207,350 37% $518,400 $622,050 $518,400Step by Step Solution
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