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Mayfield Baker is a single taxpayer living in Cleveland Ohio. Mayfield earns $64,400 in total income. Baker is a team assistant manager for the Cleveland
Mayfield Baker is a single taxpayer living in Cleveland Ohio. Mayfield earns $64,400 in total income. Baker is a team assistant manager for the Cleveland Browns where his salary is $59,000. He has also invested in city of Cleveland bonds which earned $5,400 of interest income. Using the U.S. tax rate schedule for year 2021 below, what is Mayfield's: 1. Federal tax liability? 24564 2. Average tax rate? 41.63 3. Effective tax rate? 38.14 4. Federal tax liability if he earns an additional $30,000 bonus? 5. Marginal tax rate if he earns additional $30,000 bonus? Round your "tax liability" answers to the nearest dollar (e.g., $1.5 = $2; $1.49 = $1) and format as follows: $1,234 Round tax rates to two decimal places and format as follows: 12.34% Schedule X-Single If taxable income But not is over: The tax is: over: 0 $ 9.950 10% of taxable income $ 9,950 $ 40,525 $995 plus 12% of the excess over If taxable income But not -Single is over: 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 $ 86,375 $4,664 plus 22% of the excess over $40,525 $ 86,375 $164,925 $14,751 plus 24% of the excess over $86,375 $164,925 $209,425 $33,603 plus 32% of the excess over $164,925 $209,425 $523,600 $523,600 $47,843 plus 35% of the excess over $209,425 $157,804.25 plus 37% of the excess over $523,600
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