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Mike and Mindy file married filing jointly. They have taxable income of $109,500 and the following tax liability: $20,550 x 10% = $ 2055.00 ($83,550-$20,550)
Mike and Mindy file married filing jointly. They have taxable income of $109,500 and the following tax liability: $20,550 x 10% = $ 2055.00 ($83,550-$20,550) x 12% = $ 7,560.00 ($109,500 - $83,550) x 22% = $ 5,709.00 Total tax liability = $15,324.00 Their average tax rate is: Group of answer choices 14.67% 22% 7.15% 13.99%
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
