Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Use this table to answer the following questions: 2018 Federal Income / Tax Rate $0 - $9,525 / 10.0% $9,526 - $ 38,700 / 15.0%

Use this table to answer the following questions:

2018 Federal Income / Tax Rate

$0 - $9,525 / 10.0%

$9,526 - $ 38,700 / 15.0%

$38,701 - $93,700 / 25%

$93,701 - $195,450 / 28.0%

$195,451 - $424,950 / 33.0%

1- Using the table, what is the marginal income tax rate for someone who makes $77,000 per year?

2- What is the average tax rate for someone who makes $77,000 per year?

3- What is the total tax on income, including social security tax (assume zero state and local income taxes), for an employee who makes $77,000 per year?

4- What is the new average tax rate for a person who currently makes $180,000 per year and receives a $10,000 raise?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Fundamental accounting principle

Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta

21st edition

1259119831, 9781259311703, 978-1259119835, 1259311708, 978-0078025587

Students also viewed these Economics questions