Requirement Based on the amounts of taxable income below, compute the federal income tax payable in 2014
Question:
Requirement
Based on the amounts of taxable income below, compute the federal income tax payable in 2014 on each amount assuming the taxpayer is married filing a joint return. Also, for each amount of taxable income, compute the average tax rate and the marginal tax rate.
Begin by computing the amounts for scenario a. and then scenarios b, and c. (Enter the federal nearest cent, $X.XX. Round all tax rates to the nearest hundredth percent, X.XX %.)
Income amounts
Taxable income of $30,000
Taxable income of $100,000
Taxable income of $375,000
| Scenario A | Scenario B | Scenario C | ||
Federal Income Tax Payable | | | | ||
Average Tax Rate | % | % | % | ||
Marginal Tax Rate | % | % | % | | |
Federal Taxation 2016 Comprehensive
ISBN: 9780134104379
29th edition
Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson