Question: Problem 3 - 2 7 Taxes ( LO 4 ) A single person earned $ 9 5 , 0 0 0 in 2 0 1

Problem 3-27 Taxes (LO4)
A single person earned $95,000 in 2018. How much did they pay in taxes? (Use the tax rates presented in:Table 3.6(Do not round intermediate calculations. Round your answer to 2 decimal places.)
\table[[Taxes,$,24.00]]
a. What was their marginal tax bracket?
Marginal tax rate
b. What was their average tax bracket? (Enter your answer as a percent rounded to 2 decimal places.)
Average tax rate
\table[[Taxable Income ($),],[Single Taxpayers,Marrled Taxpayers Fillng Jolnt Returns,Tax Rate (%)],[$0-$9,525,$0-$19,050,10],[$9,526-$38,700,$19,051-$77,400,12],[$38,701-$82,500,$77,401-$165,000,22],[$82,501-$157,500,$165,001-$315,000,32],[$157,501-$200,000,$315,001-$400,000,35],[$200,001-$500,000,$400,001-$600,000,37],[$500,001 and above,$600,001 and above,]]A single person earned $95,000 in 2018. How much did they pay in taxes? (Use the tax rates presented in Table 3.6)(Do not round intermediate calculations. Round your answer to 2 decimal places.)
Taxes
a. What was their marginal tax bracket?
Marginal tax rate
%
b. What was their average tax bracket? (Enter your answer as a percent rounded to 2 decimal places.)
Average tax rate
%

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!