Justin Timberlake, a single taxpayer, earns $78, 200 in taxable income and $13,600 in interest from an investment in City of Los Angeles bonds. (Use the U.S. tax rate schedule.) Required: If Justinearns an additional $40,000 of taxable income, what is his marginal tax rate on this income? What is his marginal rate if, instead, he had $40,000 of additional deductions?

Tax on $78,200 = ($11,000 x 10%) + ($44,725 - $11,000) x 12% + ($78,200 - $44,725) x 22%…

Justin earns Timberlake, a single taxpayer, earns $78, 200 in taxable income and $13,600 in interest from an investment in City of Los Angeles bonds. (Use the U.S. tax rate schedule.) Required: If J an additional $40,000 of taxable income, what is his marginal tax rate on this income? What is his marginal rate if, instead, he had $40,000 of additional deductions?

Justin earns Timberlake, a single taxpayer, earns $78, 200 in taxable income and $13,600 in interest from an investment in City of Los Angeles bonds. (Use the U.S. tax rate schedule.) Required: If J an additional $40,000 of taxable income, what is his marginal tax rate on this income? What is his marginal rate if, instead, he had $40,000 of additional deductions?

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter12: Tax Administration And Tax Planning

Section: Chapter Questions

Problem 22MCQ: Melodie's taxable income is $39,000 and she pays income tax of $4,489. If Melodie's taxable income...

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