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Marc, a single taxpayer, earns $60,000 in taxable income and $5,000 in interest from an investment in city of Birmingham bonds. Using the U.S. tax
Marc, a single taxpayer, earns $60,000 in taxable income and $5,000 in interest from an investment in city of Birmingham bonds. Using the U.S. tax rate schedule for year 2021, how much federal tax owed? (Round your final answer to two decimal places.) (Use tax rate 2021 schedule.)
2021 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The tax is: $ 0 $ 9,950 10% of taxable income $ 9,950 $ 40,525 $995 plus 12% of the excess over $9.950 $ 40,525 S 86,375 S4,664 plus 22% of the excess over $40,525 $ 86,375 S 164,925 S14,751 plus 24% of the excess over $86,375 $ 164,925 S 209,425 $33,603 plus 32% of the excess over $164.925 $ 209,425 S 523,600 $47,843 plus 35% of the excess over $209,425 $ 523,600 $157,804.25 plus 37% of the excess over $523,600Step by Step Solution
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