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Terri Simmons is single and had $159,500 in taxable income. Use the rates from Table 2.3. a. Calculate her income taxes. (Do not round intermediate

Terri Simmons is single and had $159,500 in taxable income. Use the rates from Table 2.3.

a.

Calculate her income taxes. (Do not round intermediate calculations and round your answer to the nearest whole dollar amount, e.g., 32.)

b. What is the average tax rate? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)
c. What is the marginal tax rate? (Do not round intermediate calculations and enter your answer as a percent rounded to the nearest whole number, e.g., 32.)

image text in transcribed

Table 2.3 Personal Tax Rates for 2018 (Unmarried Individuals) Taxable Income Tax Rate 9,525 10% 0 9,525 38,700 12 38,700 82,500 22 82,500 157,500 24 157,500-200,000 32 200,000 500,000 35 500,000+ 37

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