Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Tameka has taxable income of $98,675 that is taxed as follows: $ 987.50 $9,875 x 10% = ($40,125 $9,875) x 12% 3,630.00 ($85,525 $40,125)
Tameka has taxable income of $98,675 that is taxed as follows: $ 987.50 $9,875 x 10% = ($40,125 $9,875) x 12% 3,630.00 ($85,525 $40,125) 22% = ($98,675 $85,525) 24% - 9,988.00 3,156.00 Total tax liability $ 17,761.50 Her marginal tax rate is: Multiple Choice O O 12% 24%. 18% 22%
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started