Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Marginal Tax Rate. What would be the marginal tax rate for a single person who has a taxable income of (a) $31,560, (b) $58,150, (c)

Marginal Tax Rate. What would be the marginal tax rate for a single person who has a taxable income of (a) $31,560, (b) $58,150, (c) $66,450, and (d) $100,580?image text in transcribed

Individual Taxpayers If Taxable Income Is Between: The Tax Due Is: \begin{tabular}{|c|c|} \hline 0$9,700 & 10% of taxable income \\ \hline$9,701$39,475 & $970+12% of the amount over $9,700 \\ \hline$39,476$84,200 & $4,543+22% of the amount over $39,475 \\ \hline$84,201$160,725 & $14,382.50+24% of the amount over \\ $84,200 \\ \hline$160,726$204,100 & $32,748.50+32% of the amount over \\ $160,725 \\ \hline$204,101$510,300 & $46,628.50+35% of the amount over \\ $204,100 \end{tabular} Married Individuals Filing Joint Returns and Surviving Spouses If Taxable Income Is Between: The Tax Due Is: 0$19,400 10% of taxable income $19,401$78,950$78,951$168,400$168,401$321,450$1,940+12%oftheamountover$19,400$9,086+22%oftheamountover$78,950$28,765+24%oftheamountover$168,400 $321,451$408,200$65,497+32%oftheamountover$321,450 $408,201$612,350$93,257+35%oftheamountover$408,200 $612,351+ $164,709.50+37% of the amount over $612,350

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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

Recommended Textbook for

Control And Audit In Management Accounting Cima Stage 4

Authors: Jeff Coates, Colin Rickwood, Ray Stacey

1st Edition

0750609958, 978-0750609951

More Books

Students also viewed these Accounting questions