Question
The Piquette family had the following income in 2019: Salaries: Devin $46,000 Kerry 68,000 Interest on investments: Boeing bonds $1,000 New York City bond 1,400
The Piquette family had the following income in 2019:
Salaries: | Devin | $46,000 |
Kerry | 68,000 |
Interest on investments:
Boeing bonds | $1,000 |
New York City bond | 1,400 |
Savings account | 250 |
The family also sold Astra-Zeneca stock they owned for 11 months for a profit of $3,500 and they also sold Dell stock they had owned for 5 years for a profit of $4,000. The family made home mortgage payments that included interest of $12,000, and paid real estate (property) tax of $3,500 on their home. They also paid state income tax of $5,000 and donated $2,000 to well-known charities. There are two dependent children. The exemption rate is $4,000 per person. Use Personal Tax Schedules given below.
Single Individuals | Married Couples Filing Jointly | ||||
Income ($) | Rate (%) | Income ($) | Rate (%) | ||
0-9,225 | 10 | 0-18,450 | 10 | ||
9,225-37,450 | 15 | 18,450-74,900 | 15 | ||
37,450-90,750 | 25 | 74,900-151,200 | 25 | ||
90,750-189,300 | 28 | 151,200-230,450 | 28 | ||
189,300-411,500 | 33 | 230,450-411,500 | 33 | ||
411,500-413,200 | 35 | 411,500-464,850 | 35 | ||
Over 413,200 | 39.6 | Over 464,850 | 39.6 |
The family's taxable income is No decimal places. Write commas in your answer.
The family's tax liability is TWO DECIMAL place in your answer. Write COMMAS in your answer.
Their marginal rate is % No decimal places and NO % sign
Their average rate is % Have 2 decimal places and no % sign.
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