Mrs. King, a single taxpayer, earns a $42,000 annual salary and pays 15 percent in state and
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Mrs. King, a single taxpayer, earns a $42,000 annual salary and pays 15 percent in state and federal income tax. If tax rates increase so that Mrs. King’s annual tax rate is 20 percent, how much additional income must Mrs. King earn to maintain the same after-tax disposable income?
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Before the rate increase Mrs Kings disposable income is 35700 42000 6300 tax If the tax rate in...View the full answer
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Related Book For 
Principles Of Taxation For Business And Investment Planning 2023
ISBN: 9781264229741
26th Edition
Authors: Sally Jones, Shelley Rhoades-Catanach, Sandra Callaghan, Thomas Kubick
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