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Problem 1-37 (LO 1-3) Campbell, a single taxpayer, earns $400,000 in taxable income and $2,000 in interest from an investment in State of New York
Problem 1-37 (LO 1-3) Campbell, a single taxpayer, earns $400,000 in taxable income and $2,000 in interest from an investment in State of New York bonds (Use the U.S. tax rate schedule). Required a. If Campbell earns an additional $15,000 of taxable income, what is her marginal tax rate on this income? b. What is her marginal rate if, instead, she had $15,000 of additional deductions? (For all requirements, do not round intermediate calculations.) a Marginal tax rate b. Marginal tax rate Problem 1-37 (LO 1-3) Campbell, a single taxpayer, earns $400,000 in taxable income and $2,000 in interest from an investment in State of New York bonds (Use the U.S. tax rate schedule). Required a. If Campbell earns an additional $15,000 of taxable income, what is her marginal tax rate on this income? b. What is her marginal rate if, instead, she had $15,000 of additional deductions? (For all requirements, do not round intermediate calculations.) a Marginal tax rate b. Marginal tax rate
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