Assume your income for the year was $ 70,000. Using the tax data from my PPT, calculate
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Question:
Assume your income for the year was $ 70,000. Using the tax data from my PPT, calculate your federal income taxes if you take the standard deduction for a single person of $12,500. You are also told you have $30,000 of student debt and paid $2,000 in student loan interest. (Do not use a tax program)
Calculate::
- Dollar amount of Federal Income tax due
- Federal income tax as percent of total gross income,
- What is your the marginal federal tax rate (tax bracket).
- If you are not self-employed, what is the dollar amount of FICA & Medicare tax to be paid.
- With the dollars above, what is the total tax paid as % of gross income (1+4)/gross income
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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