Question: 2 points Using the following table, determine the average tax rate for someone who has a taxable income of $46,000? 10% 12% 22 248 32%

2 points Using the following table, determine the average tax rate for someone who has a taxable income of $46,000? 10% 12% 22 248 32% 35% 37% O 10% O 12% 0 22% Up to $9,875 $9,876-$40,125 $40,126-$85, 525 $ 85,526-$163,300 $163, 301-$207,350 $207,351-$518, 400 Over $518,401 12.85%

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!

2 2 points Using the following table, determine the marginal tax bracket for someone who has a taxable income of $46,000? 10% 12% 22% 24% 32% 35% 378 Up to $9,875 $9,876-$40,125 $40, 126-$85, 525...

Use the following table for the problem: Tax Rate Schedule 2022 Single: If Taxable Income Is: The Tax Is: Not over $10,275 10% of the taxable income Over $10,275 but not over $41,775 $1,028 plus 12%...

2020 Federal Income Tax Information 2020 Federal Tax Rate Schedules Schedule X-Single If taxable income is over: But not over: $0 $9,875 $9.875 $ 40,125 $ 40,125 $ 85,525 $ 85,525 $ 163,300 $ 163,300...

Question at the Bottom 2022 Tax Rate Schedules IndividualsSchedule X-Single If taxable income is over: But not over: The tax is: $ 0 $ 10,275 10% of taxable income $ 10,275 $ 41,775 $1,027.50 plus...

2020 Federal Income Tax Information 2020 Federal Tax Rate Schedules Schedule X-Single If taxable income is over: But not over: $0 $ 9,875 $ 9,875 $ 40,125 $ 40,125 $ 85,525 $ 85,525 $ 163,300 $...

Determine the tax liability for tax year 2019 in each of the following instances. In each case, assume the taxpayer can take only the standard deduction. Use the appropriateTax TablesandTax Rate...

2021 Tax Rate Schedules IndividualsSchedule X-Single If taxable income is over: But not over: The tax is: $ 0 $ 9,950 10% of taxable income $ 9,950 S_40_525 $995 plus 12% of the excess over $9,950...

Using the following tax table to answer the question: Suppose Orange Co. has taxable income of 80,000, what is its average tax rate? Taxable income Tax Rate 0 -- 9,525 10% 9,525 -- 38,700 12% 38,700...

You make $50,000 per year, and you're a single, unmarried person, taking the standard deduction (in other words, everything is just like the previous question). Now, calculate your income tax...

Using the following tax table to answer the question: Suppose Banana, LLC has taxable income of 40,000, how much does it owe in taxes? Tax Rate Taxable income 0 - 9,525 10% 12% 9,525 -- 38,700 38,700...

2018 was an exciting year for Avery Brothers, Inc. Their big expansion was completed and their new line went live. The expansion cost $4,000,000. They had some issues in construction but they managed...

Ajax Inc., an audit client, recently installed a new accounting information system to process its shipping, billing, and accounts receivable records more efficiently. During interim work, an...

If the growth rate ( g ) exceeds the required return ( r ) in the DDM , what happens? Group of answer choices The stock value becomes zero The DDM formula breaks down The dividend becomes negative...

P-1) (100 Pts.) A chemical manufacturing company (CMC) has a contract for the procurement of the neccssaly chemicals from four suppliers. The chemicals purchased from Supplier A are priced at $20...

Ethics. Teamwork. Form a team of three to five students. Each of you will listen to a television news show for one week or read the daily newspaper to identify situations reported in the news that...

How do these technology tools change communication use: Wi-fi, podcasts, and blogs? (Objective 1)

Describe two types of laws that affect agreements between two or more parties. (Objective 3)