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Refer to the table below: 2020 Tax Data Tax Bracket Marginal Tax Rate $0-9,875 10% $9,876-40,125 12% $40,126-85,525 22% $85,526-163,300 24% $163,301-207,350 32% $207,351-518,400
Refer to the table below: 2020 Tax Data Tax Bracket Marginal Tax Rate $0-9,875 10% $9,876-40,125 12% $40,126-85,525 22% $85,526-163,300 24% $163,301-207,350 32% $207,351-518,400 35% Over $518,400 37% Compute the taxable income and taxes for the following taxpayers: Instructions: Enter your responses as a whole number. Taxpayer Gross Income Deductions Taxable Income Tax A $20,000 $4,000 $ 16,000 B 40,000 16,000 $ 24,000 C 80,000 34,000 $ 46,000 D 200,000 110,000 $ 90,000
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