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Did I answer these correctly? Brandon Mann has $84,750 in gross income from his job at the Acme Pro. During 2020 he had $2,600 in
Did I answer these correctly?
Brandon Mann has $84,750 in gross income from his job at the Acme Pro. During 2020 he had $2,600 in adjustments. He had $19000 in qualified medical expenses and $14,200 in other fully itemized deductions. He has 1 dog. Use 2020 tax tables posted on Canvas. Use the following information to answer the next 7 tax questions. Income tax held throughout the year = $13,440 Standard Deduction: Head of Household=$18,650; Single=$12,400; Married Filing Jointly=$24,800 5. What is the household's average tax? $13,226/$55,111 = 23% 6. What is the household's marginal tax bracket? $55,111 - $18,650 = $36,461 x.12 = $4,375 $18,650 - $0 = $18,650 x.10 = $1,865 $4,375 + $1,865 = $6,240 Marginal tax bracket: 12%Step by Step Solution
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