Question: Please answer ASAP due Sunday 6/2/22 before 12pm EST I attached the Tax Rate Schedule as well to work with as well Chuck, a single

Please answer ASAP due Sunday 6/2/22 before 12pm EST

I attached the Tax Rate Schedule as well to work with as well

Please answer ASAP due Sunday 6/2/22 before 12pm EST I attached the

Tax Rate Schedule as well to work with as well Chuck, a

Chuck, a single taxpayer, earns $78,000 in taxable income and $32,500 in interest from an investment in City of Heflin bonds. (Use the U.Stax 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? Complete this question by entering your answers in the tabs below. Req A Req B Reqc ReqD How much federal tax will he owe? (Do not round intermediate calculations. Round "Federal tax" to nearest whole dollar amount.) Federal tax 2020 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over:But not over: The tax is: $ 0 S 9,875 10% of taxable income $ 9,875 S 40,125 $987.50 plus 12% of the excess over $9.875 $ 40,125 S 85.525 S4.617.50 plus 22% of the excess over $40.125 $ 85,525 $163,300 $14.605.50 plus 24% of the excess over $85,525 $163,300 $207,350 $33.271.50 plus 32% of the excess over $163,300 $207,350 $518,400 S47,367.50 plus 35% of the excess over $207,350 $518,400 $156,235 plus 37% of the excess over $518.400 Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: The tax is: $ 0 $ 19,750 10% of taxable income $ 19,750 S 80,250 $1,975 plus 12% of the excess over $19,750 $ 80,250 $171,050 $9,235 plus 22% of the excess over $80,250 $171,050 $326,600 $29,211 plus 24% of the excess over $171,050 $326,600 $414,700 S66,543 plus 32% of the excess over $326,600 $414,700 $622,050 $94.735 plus 35% of the excess over $414,700 $622,050 $167,307.50 plus 37% of the excess over $622,050 Schedule Z-Head of Household If taxable income is over: But not over: The tax is: $ 0 $ 14,100 10% of taxable income $ 14,100 S 53,700 51.410 plus 12% of the excess over $14.100 $ 53,700 S 85,500 56.162 plus 22% of the excess over $53,700 $ 85,500 $163,300 $13.158 plus 24% of the excess over $85,500 $163,300 $207,350 $31.830 plus 32% of the excess over $163,300 $207,350 $518,400 S45,926 plus 35% of the excess over $207,350 $518,400 $154.793.50 plus 37% of the excess over $518,400 Schedule Y-2-Married Filing Separately If taxable income is over:But not over: The tax is: $ 0 S 9,875 10% of taxable income $ 9,875 S 40,125 $987.50 plus 12% of the excess over $9.875 $ 40,125 S 85,525 $4.617.50 plus 22% of the excess over $40.125 $ 85,525 $163,300 $14.605.50 plus 24% of the excess over $85,525 $163,300 $207,350 $33,271.50 plus 32% of the excess over $163,300 $207,350 $311,025 S47,367.50 plus 35% of the excess over $207,350 $311,025 $83.653.75 plus 37% of the excess over $311,025

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!