Question
Sally earns $107,000 (Gross Salary) and is currently single with no dependents. Using the 2021 standard deduction of $12,550 determine her taxable income, marginal tax
Sally earns $107,000 (Gross Salary) and is currently single with no dependents. Using the 2021 standard deduction of $12,550 determine her taxable income, marginal tax rate, due tax and average tax rate
| Taxable Income | Tax Rate | ||
| 0 | 9,950.00 | 10% | |
| 9,951.00 | 40,525.00 | 12% | |
| 40,526.00 | 86,375.00 | 22% | |
| 86,376.00 | 164,925.00 | 24% | |
| 164,926.00 | 209,425.00 | 32% | |
| 209,426.00 | 523,600.00 | 35% | |
| 523,601.00 | 37% |
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Income Tax Fundamentals 2021
Authors: Gerald E. Whittenburg, Martha Altus-Buller, Steven Gill
39th Edition
0357141369, 9780357141366
