Use the 2019 U.S. federal tax rates in the table to calculate answers to the questions below. Give all answers to two decimals. Taxable Income Tax rate $0-$9,700 10% $9,701-$39,475 12 $39,476-$84,200 22 $84,201-160,725 24 $160,726-$204,100 32 $204,101-$510,300 35 Over $510,30O 37 8th attempt O See Hint If you have a taxable income of $363,020.00, what is your top marginal tax rate? 35 total tax bilI? S average tax rate?

Use the 2019 U.S. federal tax rates in the table to calculate answers to the questions below. Give all answers to two decimals. Taxable Income Tax rate $0-$9,700 10% $9,701-$39,475 12 $39,476-$84,200 22 $84,201-160,725 24 $160,726-$204,100 32 $204,101-$510,300 35 Over $510,30O 37 8th attempt O See Hint If you have a taxable income of $363,020.00, what is your top marginal tax rate? 35 total tax bilI? S average tax rate?

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter3: Taxes On The Financial Statements

Section: Chapter Questions

Problem 14P

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In 2019, what is the top tax rate for individual long-term capital gains and the top tax rate for long-term capital gains of collectible items assuming that the Medicare tax does not apply. 10; 20 20; 28 15; 25 25; 28
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