Question
You are a financial manager for Shah Corporation. You earned taxable income of $220,000. Based on the following tax brackets, what is your average federal
You are a financial manager for Shah Corporation. You earned taxable income of $220,000. Based on the following tax brackets, what is your average federal tax rate for year 2020?
Federal Personal Income Tax Brackets and Tax Rates | |
2021 Taxable Income | Tax Rate |
First $49,020 | 15.0% |
Over $49,020 up to $98,040 | 20.5% |
Over $98,040 up to $151,978 | 26.0% |
Over $151,978 up to $216,511 | 29.0% |
Over $216,511 | 33.0% |
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
