(5 points) Give the following tax table, compute the taxes on an income of $220,000. What...
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(5 points) Give the following tax table, compute the taxes on an income of $220,000. What is the marginal tax rate? What is the average tax rate? O Tax rate 10% 12% 22% 24% 32% 35% 37% Taxable income bracket 50 to $9,525 $9,526 to $38,700 $38,701 to $82,500 $82,501-$157,500 $157,501-$200,000 $200,001-$500,000 $500,001 or more Single Filers 2023 Tax owed 10% of taxable income $952.50 plus 12% of the amount over $9.525 $4,453.50 plus 22% of the amount over $38,700 $14.089.50 plus 24% of the amount over $82,500 $32,089.50 plus 32% of the amount over $157.500 $45,689.50 plus 35% of the amount over $200,000 $150,689,50 plus 37% of the amount over $500,000 (5 points) Give the following tax table, compute the taxes on an income of $220,000. What is the marginal tax rate? What is the average tax rate? O Tax rate 10% 12% 22% 24% 32% 35% 37% Taxable income bracket 50 to $9,525 $9,526 to $38,700 $38,701 to $82,500 $82,501-$157,500 $157,501-$200,000 $200,001-$500,000 $500,001 or more Single Filers 2023 Tax owed 10% of taxable income $952.50 plus 12% of the amount over $9.525 $4,453.50 plus 22% of the amount over $38,700 $14.089.50 plus 24% of the amount over $82,500 $32,089.50 plus 32% of the amount over $157.500 $45,689.50 plus 35% of the amount over $200,000 $150,689,50 plus 37% of the amount over $500,000
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ANSWER To compute the taxes on an income of 220000 we need to calculate the taxable income first Ass... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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