Timmy Tappan is single and had $204,000 in taxable income. Using the rates from the table below, calculate his income taxes. Taxable Income Tax Rate $ 0–9,875 10% 9,875–40,125 12 40,125–85,525 22 85,525–163,300 24 163,300–207,350 32 207,350–518,400 35 518,400+ 37 a. What is the average tax rate? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) b. What is the marginal tax rate?
Timmy Tappan is single and had $204,000 in taxable income. Using the rates from the table below, calculate his income taxes. Taxable Income Tax Rate $ 0–9,875 10% 9,875–40,125 12 40,125–85,525 22 85,525–163,300 24 163,300–207,350 32 207,350–518,400 35 518,400+ 37 a. What is the average tax rate? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) b. What is the marginal tax rate?
Chapter1: Federal Income Taxation—an Overview
Section: Chapter Questions
Problem 43P
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Question
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Timmy Tappan is single and had $204,000 in taxable income. Using the rates from the table below, calculate his income taxes.
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| a. |
What is the average tax rate? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) |
| b. | What is the marginal tax rate? |
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT