In 2021, Madden, who is single, has adjusted gross income of $145,200, uses the standard deduction of

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In 2021, Madden, who is single, has adjusted gross income of $145,200, uses the standard deduction of $12,550, and has $132,650 of taxable income. Compute the following for Madden.

a. Federal income tax liability using the appropriate Tax Rate Schedule.

b. Statutory tax rate(s).

c. Marginal tax rate.

d. Average tax rate.

e. Effective tax rate, using adjusted gross income.

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South-Western Federal Taxation 2022 Essentials Of Taxation Individuals And Business Entities

ISBN: 9780357519431

25th Edition

Authors: Annette Nellen, Andrew D. Cuccia, Mark Persellin, James C. Young, David M. Maloney

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Question Posted: Feb 24, 2022 07:16 AM

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In 2021, Madden, who is single, has adjusted gross income of $145,200, uses the standard deduction of

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South-Western Federal Taxation 2022 Essentials Of Taxation Individuals And Business Entities

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