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Victoria Bassett is from Eau Claire, Wisconsin and she has a $61,500 gross income in 2016. What amount of taxes on a gross income will
Victoria Bassett is from Eau Claire, Wisconsin and she has a $61,500 gross income in 2016. What amount of taxes on a gross income will she pay? (Hint: Use Table 4-1.) Round your answer for tax liability to the nearest cent, answer for an average tax rate to two decimal places and answer for a marginal tax rate to the nearest whole number.
How Your Income Is Really Taxed Victoria Bassett is from Eau Claire, Wisconsin and she has a $61,500 gross income in 2016. What amount of taxes on a gross income will she pay? (Hint: Use Table 4-1.) Round your answer for tax liability to the nearest cent, answer for an average tax rate to two decimal places and answer for a marginal tax rate to the nearest whole number. She paid $ li in taxes on a gross income. An average tax rate would be percent on gross income. A marginal tax rate would be 25 percent. Table 4-1 The Progressive Nature of the Federal Income Tax Single Individuals If taxable income is: Up to $9,275 Over $9,276 but not over $37,650 Over $37,651 but not over $91,150 Over $91,151 but not over $190,150 Over $190,151 but not over $413,350 Over $413,351 but not over $415,050 Over $415,051 Marginal Tax Rate 10% 15% 25% 28% 33% 35% 39.6%Step by Step Solution
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