Question
Maureen Smith is a single individual. She claims one exemption of $4,050 for herself and claims a standard deduction of $6,350. Her salary for the
Maureen Smith is a single individual. She claims one exemption of $4,050 for herself and claims a standard deduction of $6,350. Her salary for the year was $71,850. 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 $9,325 | $0.00 | 10.0% | 10.0% | |
| $9,325-$37,950 | 932.50 | 15.0 | 13.8 | |
| $37,950-$91,900 | 5,226.25 | 25.0 | 20.4 | |
| $91,900-$191,650 | 18,713.75 | 28.0 | 24.3 | |
| $191,650-$416,700 | 46,643.75 | 33.0 | 29.0 | |
| $416,700-$418,400 | 120,910.25 | 35.0 | 29.0 | |
| Over $418,400 | 121,505.25 | 39.6 | 39.6 | |
What is her average tax rate?
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Your Financial Future How To Take Control Of Your Financial Future
Authors: Deloris Lutke
1st Edition
979-8388730831
