a. A married couple earned $107,000 in 2020. How much did they pay in taxes? (Use...
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a. A married couple earned $107,000 in 2020. How much did they pay in taxes? (Use the tax rates presented in Table 3.6.) (Do not round intermediate calculations.) b. What was their marginal tax bracket? c. What was their average tax bracket? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.) a. Taxes b. Marginal tax rate c. Average tax rate % % Taxable Income ($) Single Taxpayers 0-9,950 9,950-40,525 40,525-86,375 86,375-164,925 164,925-209,425 209,425-523,600 523,600 and above Married Taxpayers Filing Joint Returns 0-19,900 19,900-81,050 81,050-172,750 172,750-329,850 329,850-418,850 418,850-628,300 628,300 and above Tax Rate (3) 10% 128 228 248 328 35% 37% a. A married couple earned $107,000 in 2020. How much did they pay in taxes? (Use the tax rates presented in Table 3.6.) (Do not round intermediate calculations.) b. What was their marginal tax bracket? c. What was their average tax bracket? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.) a. Taxes b. Marginal tax rate c. Average tax rate % % Taxable Income ($) Single Taxpayers 0-9,950 9,950-40,525 40,525-86,375 86,375-164,925 164,925-209,425 209,425-523,600 523,600 and above Married Taxpayers Filing Joint Returns 0-19,900 19,900-81,050 81,050-172,750 172,750-329,850 329,850-418,850 418,850-628,300 628,300 and above Tax Rate (3) 10% 128 228 248 328 35% 37%
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To calculate the taxes paid by the married couple we need to determine the taxable income based on t... View the full answer
Related Book For
Fundamentals of Corporate Finance
ISBN: 978-0077861629
8th edition
Authors: Richard Brealey, Stewart Myers, Alan Marcus
Posted Date:
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