Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Tax Rate (%) 12 Single Taxpayers $0-$9,525 $9,526-$38,700 $38,701-$82,500 $82,501-$157,500 $157,501-$200,000 $200,001-$500,000 $500,00 1 and above Taxable income ($) Married Taxpayers Filing Joint Returns $0-$19,050
Tax Rate (%) 12 Single Taxpayers $0-$9,525 $9,526-$38,700 $38,701-$82,500 $82,501-$157,500 $157,501-$200,000 $200,001-$500,000 $500,00 1 and above Taxable income ($) Married Taxpayers Filing Joint Returns $0-$19,050 $ 19,051-$77,400 $77,401-$165,000 $165,00 1-$315,000 $315,00 1-$400,000 $400,00 1-$600,000 $600,001 and above 32 37 A married couple earned $97,000 in 2018. How much did they pay in taxes? (Use the tax rates presented in Table 3.6) (Do not round intermediate calculations. Round your answer to 2 decimal places.) Answer is complete but not entirely correct. Taxes $ 13,219.00 a. What was their marginal tax bracket? Answer is complete but not entirely correct. Marginal tax rate 22 % b. What was their average tax bracket? (Do not round intermediate calculations. Enter your answer as a percent rounded.) X Answer is complete but not entirely correct. Average tax rate 13.61%
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