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Justin had AGI of $106,000 and taxable income of $91,000 (after $15,000 itemized deductions). His taxes were $15,682. It is sometimes useful to express taxes
Justin had
- AGI of $106,000 and
- taxable income of $91,000 (after $15,000 itemized deductions).
- His taxes were $15,682.
It is sometimes useful to express taxes in percentage terms.
- What were Justins taxes as a percentage of AGI?
- As a percentage of taxable income?
- Research what a marginal tax rate means and indicate below the definition in your own words (not related to Justins example). You will want to look at the tax tables for Single taxpayers in 2022 provided below.
- What was Justins marginal tax rate?
- Comment on what you have learned.
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