Chuck, a single taxpayer, earns $51,000 in taxable income and $16,300 in interest from an investment...

Transcribed Image Text:

Chuck, a single taxpayer, earns $51,000 in taxable income and $16,300 in interest from an investment in City of Heflin bonds. (Use the U.S tax rate schedule.) Required: a. How much federal tax will he owe? b. What is his average tax rate? c. What is his effective tax rate? d. What is his current marginal tax rate? Req A Req B Req C Req D How much federal tax will he owe? (Do not round intermediate calculations. Round "Federal tax" to nearest whole dollar amount.) Federal tax $ 59,707 What is his average tax rate? (Do not round intermediate calculations. Round total tax to nearest whole dollar amount.) Average Tax Rate Choose denominator Taxable income $ Choose numerator Total tax $ 60 51,000 0.12% 2019 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: $ 0 $ 9,700 $ 39,475 $ 84,200 The tax is: $ 9,700 $ 39,475 $ 84,200 |10% of taxable income $970 plus 12% of the excess over $9,700 $4,543 plus 22% of the excess over $39,475 $160,725 $14,382.50 plus 24% of the excess over $84,200 $160,725 $204,100 $32,748.50 plus 32% of the excess over $160,725 $204,100 $510,300 $46,628.50 plus 35% of the excess over $204,100 $510,300 $153,798.50 plus 37% of the excess over $510,300 Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: $ 0 $ 19,400 $ 78,950 The tax is: $ 19,400 $ 78,950 10% of taxable income $1,940 plus 12% of the excess over $19,400 $9,086 plus 22% of the excess over $78,950 $168,400 $168,400 $321,450 $28,765 plus 24% of the excess over $168,400 $321,450 $408,200 $65,497 plus 32% of the excess over $321,450 $408,200 $612,350 $93,257 plus 35% of the excess over $408,200 $612,350 $164,709.50 plus 37% of the excess over $612,350 Schedule Z-Head of Household If taxable income is over: But not over: The tax is: $ 13,850 $ 52,850 $1,385 plus 12% of the excess over $13,850 $ 84,200 S6,065 plus 22% of the excess over $52,850 $ 10% of taxable income $ 13,850 $ 52,850 $ 84,200 $160,700 $12,962 plus 24% of the excess over $84,200 $31,322 plus 32% of the excess over $160,700 $510,300 $45,210 plus 35% of the excess over $204,100 $160,700 $204,100 $204,100 $510,300 $152,380 plus 37% of the excess over $510,300 Schedule Y-2-Married Filing Separately If taxable income is over: But not over: The tax is: $ 0 $ 9,700 $ 9,700 $ 39,475 10% of taxable income $970 plus 12% of the excess over $9,700 $ 39,475 $ 84,200 $ 84,200 $4,543 plus 22% of the excess over $39,475 $160,725 $14,382.50 plus 24% of the excess over $84,200 $160,725 $204,100 $32,748.50 plus 32% of the excess over $160,725 $204,100 $306,175 $46,628.50 plus 35% of the excess over $204,100 $306,175 $82,354.75 plus 37% of the excess over $306,175 Chuck, a single taxpayer, earns $51,000 in taxable income and $16,300 in interest from an investment in City of Heflin bonds. (Use the U.S tax rate schedule.) Required: a. How much federal tax will he owe? b. What is his average tax rate? c. What is his effective tax rate? d. What is his current marginal tax rate? Req A Req B Req C Req D How much federal tax will he owe? (Do not round intermediate calculations. Round "Federal tax" to nearest whole dollar amount.) Federal tax $ 59,707 What is his average tax rate? (Do not round intermediate calculations. Round total tax to nearest whole dollar amount.) Average Tax Rate Choose denominator Taxable income $ Choose numerator Total tax $ 60 51,000 0.12% 2019 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: $ 0 $ 9,700 $ 39,475 $ 84,200 The tax is: $ 9,700 $ 39,475 $ 84,200 |10% of taxable income $970 plus 12% of the excess over $9,700 $4,543 plus 22% of the excess over $39,475 $160,725 $14,382.50 plus 24% of the excess over $84,200 $160,725 $204,100 $32,748.50 plus 32% of the excess over $160,725 $204,100 $510,300 $46,628.50 plus 35% of the excess over $204,100 $510,300 $153,798.50 plus 37% of the excess over $510,300 Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: $ 0 $ 19,400 $ 78,950 The tax is: $ 19,400 $ 78,950 10% of taxable income $1,940 plus 12% of the excess over $19,400 $9,086 plus 22% of the excess over $78,950 $168,400 $168,400 $321,450 $28,765 plus 24% of the excess over $168,400 $321,450 $408,200 $65,497 plus 32% of the excess over $321,450 $408,200 $612,350 $93,257 plus 35% of the excess over $408,200 $612,350 $164,709.50 plus 37% of the excess over $612,350 Schedule Z-Head of Household If taxable income is over: But not over: The tax is: $ 13,850 $ 52,850 $1,385 plus 12% of the excess over $13,850 $ 84,200 S6,065 plus 22% of the excess over $52,850 $ 10% of taxable income $ 13,850 $ 52,850 $ 84,200 $160,700 $12,962 plus 24% of the excess over $84,200 $31,322 plus 32% of the excess over $160,700 $510,300 $45,210 plus 35% of the excess over $204,100 $160,700 $204,100 $204,100 $510,300 $152,380 plus 37% of the excess over $510,300 Schedule Y-2-Married Filing Separately If taxable income is over: But not over: The tax is: $ 0 $ 9,700 $ 9,700 $ 39,475 10% of taxable income $970 plus 12% of the excess over $9,700 $ 39,475 $ 84,200 $ 84,200 $4,543 plus 22% of the excess over $39,475 $160,725 $14,382.50 plus 24% of the excess over $84,200 $160,725 $204,100 $32,748.50 plus 32% of the excess over $160,725 $204,100 $306,175 $46,628.50 plus 35% of the excess over $204,100 $306,175 $82,354.75 plus 37% of the excess over $306,175

Answer rating: 100% (QA)

Answer For single taxpayer aFederal Tax 4543 2251000 39475 70785 ... View the full answer