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Please sovle and explain what formulas where used at each step! Thank you in advance! -E Tax Example Maureen Smith is a single individual. She
Please sovle and explain what formulas where used at each step! Thank you in advance! -E Tax Example Maureen Smith is a single individual. She claims a standard deduction of $12,000. Her salary for the year was $125,000. Assume the following tax table is applicable. What is her average tax rate? Single Individuals You Pay This Amount on the Plus This Percentage on the Excess over the Base (Marginal Rate) Average Tax If Your Taxable Rate at Top of Bracket Income Is Base of the Bracket Up to $9,225 $9,225-837,450 10.0% 10.0% 922.50 15.0 13.8 $37,450-S90,750 5,156.25 25.0 20.4 24.3 $90,750-$189,750 18,481.25 28.0 $189,750-S411,500 46,075.25 33.0 29.0 $411,500-SS413,200 119,401.25 35.0 29.0 Over $413,200 119,996.25 39.6 39.6
Please sovle and explain what formulas where used at each step! Thank you in advance! -E
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