question 28
3. Marc, a single taxpayer, eams $60,000 in taxable income and $5,000 in interest from an wivestment in city of Birmingham bonds. Using the US taxtate schedule for year 2020, what is his current marginal tax rate? (Use tax rate schedule) Multiple Choice 2009 12.00 percent 22.00 percent 2400 percent 32.00 percent None of the choices ore CORTECE ezto-dimediation.com/Media/Connect Frode 2020 Tax Rate Schedules Individuals Schedule X Single If taxable income is over: Bat not over The tax is: $ 0 $ 9,875 10% of taxable income $ 9,575 $ 40,125 5987.50 plus 12% of the excess over $9.875 $ 40,125 $ 85,525 $4,617 50 plus 2296 of the excess over $40.125 5 85 525 $163,300 $14,605 50 plus 24% of the excess over $85,525 $163,300 $207,350 $33,271 50 plus 32% of the excess over $163,300 S207 350 5518 400 $17,367 50 plus 35% of the excess over $207,350 SS1R100 5156 235 plus 37% of the excess over $518,400 Schedule Y 1 Married Filing Jointly or Qualifying Widower) ir table income is over. But not ever The tax is: $ 0 $ 19,750 10% of taxable income $ 19.750 S 80,250 $1.975 plus 12% of the excess over $19,750 $ 80.250 $171 050 59.235 plus 22% of the excess over $10.250 $171,050 $326,600 529 211 plus 24% of the excess over $171,050 $326,600 $414,700 $66,543 plus 32% of the excess over $326,600 $414,700 $622,050 594,735 plus 35% of the excess over $414,700 $622,050 $167,30750 plus 37% of the excess over $622 050 Schedule 2 Head of Household Ir taxable income is over: But not over: The tax is: $ 0 $ 14,100 10% of taxable income $ 14,100 $ 53,700 $1.410 plus 12% of the excess over $14,100 $ 53,700 $ 85,500 56,162 plus 22% of the excess over $53.700 $ 85,500 $163,300 $13,158 plus 24% of the excess over $85.500 $ 163,300 $207,350 $31.830 plus 32% of the excess over $163.300 $207,350 $518,400 $45.926 plus 35% of the excess over $207,350 YOUR $518 400 Schedule Y Married in dointly or Qualifying Widower) Ir taxable income over: Bu of over The tax is: $ $19,750 10% of taxable income $19,750 S 80.250 S1975 plus 12% of the excess over 19,750 $ 80250 $171 050 59,235 plus 22% of the excess over $80.250 5121050 5326 600 $29,211 plus 249 of the CRS Over $171 050 3326,600 5414,700 566543 plus 32% of the excess over $326,600 $414,700 $622,050 $94,735 plus 35% of the excess over $414.700 $622,050 $167,307,50 plus 37% of the excess over $622,050 Schedule 2 Head of Household Ir taxable income is over:But not over: The tax is: $ 0 S 14.100 10% of taxable income $ 14,100 $ 53,700 $1.410 plus 12% of the excess over $14,100 $ 53,700 $ 85,500 $6,162 plus 22% of the excess over $53,700 $ 85,500 $163,300 $13,158 plus 24% of the excess over $85,500 $163,300 $207,350 $31.830 plus 32% of the excess over $163,300 $207,350 $518,400 $45.926 plus 35% of the excess over $207,350 $518,400 $154.793.50 plus 37% of the excess over $518,400 Schedule Y-2-Married Filing Separately If taxable income is over: But not over: The tax is: $ 0 $ 9,875 10% of taxable income $ 9,875 $ 40,125 S987 50 plus 12% of the excess over $9,875 $ 40,125 $ 85,525 $4,617.50 plus 22% of the excess over $40,125 $ 85,525 $163,300 $14,605.50 plus 24% of the excess over $85.525 S163,300 $207,350 $33,271.50 plus 32% of the excess over S163 300 $207 350 $311,025 S47 367.50 plus 35% of the excess over $207,350 $311,025 $83.653.75 plus 37% of the excess over $311,025
