Jennifer and Paul have taxable income of $86,225 and the following tax liability: $17,000 10% =
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Jennifer and Paul have taxable income of $86,225 and the following tax liability: $17,000 × 10% = $ 1,700.00 ($69,000 − $17,000) × 15% = 7,800.00 ($86,225 − $69,000) × 25% = 4,306.25 ------------- Total tax liability $ 13,806.25 ======== Their marginal tax rate is: a. 10% b. 15% c. 16% d. 25%
Related Book For
Intermediate Accounting principles and analysis
ISBN: 978-0471737933
2nd Edition
Authors: Terry d. Warfield, jerry j. weygandt, Donald e. kieso
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