Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribed

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 $518,400

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Students also viewed these Accounting questions