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the country is the United States 1. Fill in the blanks of the 1040 Income Tax Return for this family of four (assume none of
the country is the United States
1. Fill in the blanks of the 1040 Income Tax Return for this family of four (assume none of the income is capital gains or dividends): Adjustments $50,000 $50 $49,950 $14,000 $10,900 (4.x $3,500) or Tentative $ 2,000 800 in question 2. Fill in all the percentages in the table. Then show how the tentative 1 is calculated: Taxable Income $0 to $16,050 $ 16,050 to $65,100 $65, 100 to $131,450 $131,450 to $200,300 $200,300 to $357,700 Over $357,700 Tax Rate % % % % % % 3. For the family above, the tax is % of its taxable income and % of its total income. 4. If a household with $357,700 labor income earns another $10,000 of labor income, the household's tax will increase $ ; but if that household earns $10.000 of dividends or capital gains, the household's tax will increaseStep by Step Solution
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