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Jill lived and worked in North Carolina for the entire 2013 tax year. Her adjusted gross income was $80,000 and she qualifies for the standard
Jill lived and worked in North Carolina for the entire 2013 tax year. Her adjusted gross income was $80,000 and she qualifies for the standard deduction of $3000 and exemption of $2000. Use the following 2011-2013 NC tax rate schedule (taken from http://www.dor.state.nc.us/taxes/individual/rates.html) to calculate her 2013 NC tax. If your filing status is single; and taxable income is more than: but not over: your tax is: $ 0 $12,750 6% OF THE NC TAXABLE INCOME AMOUNT ON FORM D-400 $765 + 7% OF THE AMOUNT OVER $12,750 $4,072.50 +7.75% OF THE AMOUNT OVER $60,000 $12,750 $60,000 $60,000 Jill's 2013 NC tax is: $ 5622 (Round to the nearest dollar.) What is Jill's effective tax rate? [Tax paid divided by taxable income] 7.0 % (Write as a percent, rounded to one decimal place.) Xander's after tax income is $48,000. He spends $180 per week on food. He spends $3,000 per month to cover all his mortgage, utilities and household costs. He pays $200 per month for his car payment. The rest of his spending comes out to $11,000 for the year. Please fill in the following blanks: Xander's receipts are his outlays are and his net income is Does Xander have a surplus or a deficit? Surplus Deficit
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