Melodies taxable income is $38,000 and she pays income tax of $4,370. If Melodies taxable income increases

Question:

Melodie’s taxable income is $38,000 and she pays income tax of $4,370. If Melodie’s taxable income increases to $40,000, she would pay income taxes of $4,740. What is Melodie’s marginal tax rate?

a. 14.66%

b. 22.00%

c. 18.50%

d. 12.00%

e. Some other amount

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For answer-question

Income Tax Fundamentals 2019

ISBN: 9781337703062

37th Edition

Authors: Gerald E. Whittenburg, Steven Gill

See More Books

Question Posted: Jun 28, 2019 07:01 AM

See More Questions

Calculate the 2016 tax liability and the tax or refund due for each situation: a. Mark is single with no dependents and has a taxable income of $60,000. He has $10,700 withheld from his salary for...
Calculate the 2017 tax liability and the tax or refund due for each situation: a. Mark is single with no dependents and has a taxable income of $60,000. He has $10,700 withheld from his salary for...
1. The burden of proof remains on the taxpayer for corporations, trusts, and partnerships with net worth exceeding: a. $1 million b. $3 million c. $5 million d. $7 million e. Some other amount 2. The...
Multiple Choice Questions: 1. Which of the following is most likely a topic of discussion in macroeconomics? a. An increase in the price of a pizza b. A decrease in the production of VCRs by a...
An engineer in a train moving toward the station with a velocity v = 0.60c lights a signal flare as he reaches a marker 1.0 km from the station (according to a scale laid out on the ground). By how...
Devin earns a salary of $90,000 and is part of a defined benefit pension plan. If he earned $500 as an annual pension with his DBP, what would his RRSP contribution room be the following year?
Should the requirements of the UCC be subject to the application of reliance theories? Go back and review the facts in Case 21-3 about the coal contract. Should silence followed by contract execution...
(Entries for Bond TransactionsEffective-Interest) Assume the same information as in E14-4, except that Foreman Company uses the effective-interest method of amortization for bond premium or discount....
Consider the inverse demand function below for a market with 2 dominant firms: P=600-3(Q 1 +Q 2 ) Assume that both firms have identical marginal costs: $300, yet one of them, Firm 1, is the leader...
Bicycling World, a magazine devoted to cycling, reviews hundreds of bicycles throughout the year. Its Road-Race category contains reviews of bicycles used by riders primarily interested in racing....
Jim has a house payment of $2,000 per month of which $1,700 is deductible interest and real estate taxes with the remaining $300 representing a repayment of the principal balance of the note. Jims...
Glens taxable income is $50,000 and he pays income tax of $6,940. If his income were $60,000, he would pay taxes of $9,140. What is Glens marginal tax rate? a. 18.23% b. 22.00% c. 12.00% d. 25.00% e....
Give the domain of each function in Problem. q = 5p 1 2 - p 1 - p 2
A compass needle has a magnetic dipole moment of ||=0.75Am2. It is immersed in a uniform magnetic field of |B|= 3.0010^5T. How much work is required to rotate this compass needle from aligned with...
A call bull spread can be constructed by simultaneously buying a call option at a strike price of K and selling a call option at a strike price of K2, where K K2, and the options have the same...
You measure the mass of your sample of hair gel on a top-loading balance and the value is 3.799 x 103 mg. You fill a graduated cylinder with 40.00 mL of water, and when the hair gel was added the...
While completing form 5402EZ, a California tax payer used the Non- refundable Renter's Credit Qualification Record to determine if they could take a credit on Line 19. Their answers to the questions...
-What is the simple interest rate on a $1050 investment paying $738.15 interest in 19 years? -Chasity wants $9,000 saved in 3 years to make a down payment on a house. How much money should she invest...
During a flyby of the earth, the velocity of a spacecraft is 10.4 km/s as it reaches its minimum altitude of 990 km above the surface at Point A. At Point B the spacecraft is observed to have an...
For each of the following reactions, express the equilibrium constant: a) H20 (I) H2 (g) + 02 (g) Ke = 1.0x107 b) Fe2 (g) 2F (g) Ke= 4.9 x 10-21 c) C (s) + O2 (g) d) H2 (g) + C2H4 (g) C2H6 (g) Ke =...
What is the deadline for making a contribution to a traditional IRA or a Roth IRA for 2019? a. April 15, 2020 b. April 17, 2019 c. December 31, 2019 d. October 15, 2020
What is the maximum tax-deferred contribution that can be made to a Section 401(k) plan by an employee under age 50 in 2019? a. $19,000 b. $20,000 c. $18,500 d. $18,000 e. $56,000
Jessica is a U.S. Army Reservist and in 2019 traveled 130 miles each way to serve duty at a local military installation. She was required to report four times in 2019. Her normal route from home to...
The Foundational 15 (Algo) [LO1-1, LO1-2, LO1-3, LO1-4, LO1-5, LO1-6] [The following information applies to the questions displayed below.] Martinez Company's relevant range of production is 7,500...
Taylor Swift's most recent tour was a success by every measure. Named after the bestselling album of her career 1989, it grossed more than $250 million worldwide the top tour of 2015 raved about the...
Use the following to answer questions 34-36 The year-end adjusted trial balance of the Corporation included the following account balances: Retained earnings $200,000 Service revenue 600,000 Salaries...

Melodies taxable income is $38,000 and she pays income tax of $4,370. If Melodies taxable income increases

Question:

Step by Step Answer:

Income Tax Fundamentals 2019

Students also viewed these Business questions