Question
Maureen Smith is a single individual. She claims a standard deduction of $12,400. Her salary for the year was $246,100. Assume the following tax table
Maureen Smith is a single individual. She claims a standard deduction of $12,400. Her salary for the year was $246,100. Assume the following tax table is applicable.
Single Individuals
| If Your Taxable Income Is | You Pay This Amount on the Base of the Bracket | Plus This Percentage on the Excess over the Base | Average Tax Rate at Top of Bracket | |
| Up to $9,875 | $0.00 | 10.0% | 10.0% | |
| $9,875-$40,125 | 987.50 | 12.0 | 11.5 | |
| $40,125-$85,525 | 4,617.50 | 22.0 | 17.1 | |
| $85,525-$163,300 | 14,605.50 | 24.0 | 20.4 | |
| $163,300-$207,350 | 33,271.50 | 32.0 | 22.8 | |
| $207,350-$518,400 | 47,367.50 | 35.0 | 30.1 | |
| Over $518,400 | 156,235.00 | 37.0 | 37.0 | |
calculate her average tax rate?
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South Western Federal Taxation 2018 Essentials Of Taxation Individuals And Business Entities
Authors: William A. Raabe, James C. Young, Annette Nellen, David M. Maloney
21st Edition
978-0357109175, 978-1337386173
