Mr. and Mrs. Brock own a bakery. Their marginal tax rate on the bakery's income is 32
Question:
Mr. and Mrs. Brock own a bakery. Their marginal tax rate on the bakery's income is 32 percent. The Brocks' 18-year-old daughter Megan works part-time in the bakery. This year, Megan earned $15,284 of wages, which was her only income.
a. Compute Megan's income tax this year.
b. Compute the Brock family's income tax savings from Megan's
Assume the taxable year is 2018.
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a Megans AGI 15284 Standard deduction 12000 Taxable inco...View the full answer
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Related Book For 
Principles Of Taxation For Business And Investment Planning 2019 Edition
ISBN: 9781260161472
22nd Edition
Authors: Sally Jones, Shelley C. Rhoades Catanach, Sandra R Callaghan
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