Question
The Lees, a family of two adults and two dependent children under age 16, had a gross annual income of $85 comma 000.0085,000.00 for 20202020.
The Lees, a family of two adults and two dependent children under age 16, had a gross annual income of
$85 comma 000.0085,000.00
for
20202020.
Determine their standard deduction and child tax credit amounts, as well as their marginal and average tax rates, assuming their filing status is married filing jointly. Why is their average tax rate lower than their marginal rate?
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Financial Accounting Information For Decisions
Authors: Robert w Ingram, Thomas L Albright
6th Edition
9780324313413, 324672705, 324313411, 978-0324672701
