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Problem 2-4 Calculating Taxes Terri Simmons is single and had $161,000 in taxable income. Use the rates from Table 2.3. a. Calculate her income taxes.
Problem 2-4 Calculating Taxes Terri Simmons is single and had $161,000 in taxable income. Use the rates from Table 2.3. a. Calculate her income taxes. (Do not round intermediate calculations and round your answer to the nearest whole dollar amount, e.g., 32.) b. What is the average tax rate? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) c. What is the marginal tax rate? (Do not round intermediate calculations and enter your answer as a percent rounded to the nearest whole number, e.g., 32.) Answer is complete but not entirely correct. a. $ b. Income taxes Average tax rate Marginal tax rate 32,837 20.40 X % 32 % C
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