Jill lived and worked in North Carolina for the entire 2013 tax year. Her adjusted gross income was $75,000 and she qualifies for the standard deduction of $3000 and exemption of $2000. Use the following 2011-2013 NC tax rate schedule (taken from http://www.dor.state.nc.us/taxes/individual/rates.html) to calculate her 2013 NC tax. If your filing status is single; and taxable income is more but not your tax is: than: over: 6% OF THE NC TAXABLE INCOME AMOUNT ON FORM D- 400 $12,750 $12,750 $60,000 5765 + 7% OF THE AMOUNT OVER S12,750 $60,000 $4,072.50 + 7.75% OF THE AMOUNT OVER $60,000 Jill's 2013 NC tax is: $ (Round to the nearest dollar.) What is Jill's effective tax rate? [Tax paid divided by taxable income]
Jill lived and worked in North Carolina for the entire 2013 tax year. Her adjusted gross income was $75,000 and she qualifies for the standard deduction of $3000 and exemption of $2000. Use the following 2011-2013 NC tax rate schedule (taken from http://www.dor.state.nc.us/taxes/individual/rates.html) to calculate her 2013 NC tax. If your filing status is single; and taxable income is more but not your tax is: than: over: 6% OF THE NC TAXABLE INCOME AMOUNT ON FORM D- 400 $12,750 $12,750 $60,000 5765 + 7% OF THE AMOUNT OVER S12,750 $60,000 $4,072.50 + 7.75% OF THE AMOUNT OVER $60,000 Jill's 2013 NC tax is: $ (Round to the nearest dollar.) What is Jill's effective tax rate? [Tax paid divided by taxable income]
Chapter5: Gross Income: Exclusions
Section: Chapter Questions
Problem 18DQ
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT