Marc, a single taxpayer, earns $64,800 in taxable income and $5,480 in interest from an investment in city of Birmingham bonds. Using the U.S. tax rate schedule for 2023, what is his average tax rate? Individuals Schedule X-Single If taxable income is over: But not over: The tax is: $ 0 $ 11,000 10% of taxable income $ 11,000 $ 44,725 $1,100 plus 12% of the excess over $11,000 $ 44,725 $ 95,375 $5,147 plus 22% of the excess over $44,725 $ 95,375 $ 182,100 $16,290 plus 24% of the excess over $95,375 $ 182,100 $ 231,250 $37,104 plus 32% of the excess over $182,100 $ 231,250 $ 578,125 $52,832 plus 35% of the excess over $231,250 $ 578,125 — $174,238.25 plus 37% of the excess over $578,125 a)14.76 percent b)12.08 percent c)11.85 percent d)22.00 percent e)None of the choices are correct.
Marc, a single taxpayer, earns $64,800 in taxable income and $5,480 in interest from an investment in city of Birmingham bonds. Using the U.S. tax rate schedule for 2023, what is his average tax rate?
Individuals Schedule X-Single
|
If taxable income is over: |
But not over: |
The tax is: |
|
$ 0 |
$ 11,000 |
10% of taxable income |
|
$ 11,000 |
$ 44,725 |
$1,100 plus 12% of the excess over $11,000 |
|
$ 44,725 |
$ 95,375 |
$5,147 plus 22% of the excess over $44,725 |
|
$ 95,375 |
$ 182,100 |
$16,290 plus 24% of the excess over $95,375 |
|
$ 182,100 |
$ 231,250 |
$37,104 plus 32% of the excess over $182,100 |
|
$ 231,250 |
$ 578,125 |
$52,832 plus 35% of the excess over $231,250 |
|
$ 578,125 |
— |
$174,238.25 plus 37% of the excess over $578,125 |
a)14.76 percent
b)12.08 percent
c)11.85 percent
d)22.00 percent
e)None of the choices are correct.
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