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Need help with 30,32,34 TABLE 4E.1 2021 Marginal Tax Rates and Standard Deductions, by Filing Status * Each higher marginal rate begins where the prior
Need help with 30,32,34
TABLE 4E.1 2021 Marginal Tax Rates and Standard Deductions, by Filing Status * Each higher marginal rate begins where the prior one leaves off. For example, for a single person, the 12% rate applies to income above $9950 (because that is where the 10% rate ends) but below $40,525. 29-36: Marginal Tax Calculations. Do the following for each question. Ignore any tax credits that might otherwise apply. a. Determine the person's (or couple's) taxable income. Assume the standard deduction unless otherwise stated. b. Use Table 4E.1 to compute the tax owed. c. State the person's (or couple's) marginal tax rate (tax bracket); then calculate the effective tax rate as a percentage of taxable income. d. Calculate the effective tax rate as a percentage of adjusted gross income, and comment on why it differs from what you found in part (c). 30. Jules and Lin are married and filing jointly, with an adjusted gross income of $87,500. 32. Tashay is single, with an adjusted gross income of $123,800. 34. Meredith is a head of household with an adjusted gross income of $57,000 and itemized deductions of $23,300Step by Step Solution
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