Done AA a ezto.mheducation.com C Homework #3 i Saved Help Save & Exit Submit Check my work 3 What would be the average tax rate for a person who paid taxes of $9,346.37 on taxable income of $73,420? (Enter your answer as a percent rounded to 2 decimal places.) 2 points Average tax rate % 8 03:04:17 eBook Print References Mc Graw HillDone AA a ezto-cf-media.mheducation.com C Rate on Taxable Married Taxpayers Filing Income Single Taxpayers Jointly Heads of Household 10% Up to $9 , 875 Up to $19 , 750 Up to $14 , 100 12 $9 , 876-$40 , 125 $19, 751-$80, 250 $14 , 101-$53 , 700 228 $40, 126-$85, 525 $80, 251-$171, 050 $53, 701-$85, 500 24% $85 , 526-$163 , 300 $171, 051-$326, 600 $85, 501-$163, 300 32 8 $163, 301-$207, 350 $326, 601-$414, 700 $163, 301-$207, 350 35 % $207, 351-$518, 400 $414, 701-$622, 050 $207, 351-$518 , 400 378 Over $518, 401 Over $622 , 051 Over $518, 401Done HillDone AA a ezto.mheducation.com C Homework #3 i Saved Help Save & Exit Submit Check my work 8 Would you prefer a fully taxable investment earning 11.6 percent or a tax-exempt investment earning 8.7 percent? (Assume a 30 percent tax rate.) 2 points O Taxable investment earning 11.6 percent. 03:03:4 O Tax-exempt investment earning 8.7 percent. eBook Print References Mc Graw HillDone Hill Done AA a ezto.mheducation.com C Homework #3 i Saved Help Save & Exit Submit Check my work 5 If $4,333 were withheld during the year and taxes owed were $4,127, would the person owe an additional amount or receive a refund? What is the amount? (Enter the amount as a positive value.) 2 points The person would of 8 03:04:0 eBook Print References Mc Graw HillDone AA a ezto.mheducation.com C Homework #3 i Saved Help Save & Exit Submit Check my work 6 Using the tax table, determine the amount of taxes for the following situations: (Do not round intermediate calculations. Round your answers to 2 decimal places.) 2 a. A head of household with taxable income of $62,000. points 8 Tax amount 03:04:0 eBook Hint Print b. A single person with taxable income of $37,800. References Tax amount c. Married taxpayers filing jointly with taxable income of $73,400. Tax amount Mc Graw HillDone AA a ezto.mheducation.com C Homework #3 i Saved Help Save & Exit Submit Check my work Daniel Simmons arrived at the following tax information: Gross salary $ 55, 600 Interest earnings $ 210 2 Dividend income $ 150 Adjustments to income $ 1, 110 points Standard deduction $ 12, 400 03:04:26 What amount would Daniel report as taxable income? Taxable income eBook Hint Print References Mc Graw HillDone AA a ezto.mheducation.com C Homework #3 i Saved Help Save & Exit Submit Check my work 2 Assume Samantha Jones had the following itemized deductions: Donations to church and other charities $ 3, 050 2 Medical and dental expenses exceeding 10 percent of adjusted gross income $ 1, 810 points Mortgage interest $ 3, 600 State income tax $ 1, 320 03:04:22 Should she use the itemized deduction or the standard deduction? The standard deduction for her tax situation is $12,400. eBook Hint O Itemized deduction Print O Standard deduction References Mc Graw Hill