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Maureen Smith is a single individual. She claims one exemption of $4,000 for herself and claims a standard deduction of $6,3oo. Her salary for the
Maureen Smith is a single individual. She claims one exemption of $4,000 for herself and claims a standard deduction of $6,3oo. Her salary for the year was $170,600. 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 $9,225 $ 0 10.0% 10.0% $9,225-$37,450 922.50 15.0 13.8 $37,450-$90,750 5,156.25 25.0 20.4 $90,750-$189,750 18,481.25 28.0 24.3 $189,750-$411,500 46,075.25 33.0 29.0 $411,500-$413,200 119,401.25 35.0 29.0 Over $413,200 119,996.25 39.6 39.6 What is her marginal tax rate? 35.0% 28.0% 33.0% 15.0% 25.0%
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