Aida Hassen is single and earns $40,000 in taxable income. She uses the following tax rate schedule to calculate the taxes she owes.Up to $9,525$9,525 $38,700$38,700 - $82,500.$82,500 $157,500What is Aida's marginal tax rate?Multiple ChoiceOO10%24%22%12%10%128228248

A marginal tax rate is the difference in taxes imposed for each dollar of additional income over the…

Answered: Aida Hassen is single and earns $40,000…

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter12: Tax Administration And Tax Planning

Section: Chapter Questions

Problem 21MCQ

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Similar questions

Lisa records nonrefundable Federal income tax credits of 65,000 for the year. Her regular income tax liability before credits is 190,000, and her TMT is 150,000. a. What is Lisas AMT? b. What is Lisas regular income tax liability after credits?
Compute the 2019 standard deduction for the following taxpayers. a. Ellie is 15 and claimed as a dependent by her parents. She has 800 in dividends income and 1,400 in wages from a part-time job. b. Ruby and Woody are married and file a joint tax return. Ruby is age 66, and Woody is 69. Their taxable retirement income is 10,000. c. Shonda is age 68 and single. She is claimed by her daughter as a dependent. Her earned income is 500, and her interest income is 125. d. Frazier, age 55, is married but is filing a separate return. His wife itemizes her deductions.
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Dana and Larry are married and live in Texas. Dana earns a salary of $45,000 and Larry has $25,000 of rental income from his separate property. If Dana and Larry file separate tax returns, what amount of income must Larry report? $0 $22,500 $25,000 $47,500 None of the above
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Aida Hassen is single and earns $40,000 in taxable income. She uses the following tax rate schedule to calculate the taxes she owes. Up to $9,525 $9,525 - $38,700 $38,700 $82,500 $82,500 $157,500 What is Aida's marginal tax rate? Multiple Choice O 10% 24% 22% 12% 10% 128 228 248