Maureen Smith is a single individual. She claims a standard deduction of $12,400. Her salary for the
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Question:
Maureen Smith is a single individual. She claims a standard deduction of $12,400. Her salary for the year was $246,100. Assume the following tax table is applicable.
Single Individuals
If Your Taxable Income Is | You Pay This Amount on the Base of the Bracket | Plus This Percentage on the Excess over the Base | Average Tax Rate at Top of Bracket | |
Up to $9,875 | $0.00 | 10.0% | 10.0% | |
$9,875-$40,125 | 987.50 | 12.0 | 11.5 | |
$40,125-$85,525 | 4,617.50 | 22.0 | 17.1 | |
$85,525-$163,300 | 14,605.50 | 24.0 | 20.4 | |
$163,300-$207,350 | 33,271.50 | 32.0 | 22.8 | |
$207,350-$518,400 | 47,367.50 | 35.0 | 30.1 | |
Over $518,400 | 156,235.00 | 37.0 | 37.0 |
calculate her average tax rate?
Related Book For
South Western Federal Taxation 2018 Essentials Of Taxation Individuals And Business Entities
ISBN: 9781337386173
21st Edition
Authors: William A. Raabe, James C. Young, Annette Nellen, David M. Maloney
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