Sally earns $107,000 (Gross Salary) and is currently single with no dependents. Using the 2021 standard deduction
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Question:
Sally earns $107,000 (Gross Salary) and is currently single with no dependents. Using the 2021 standard deduction of $12,550 determine her taxable income, marginal tax rate, due tax and average tax rate
Taxable Income | Tax Rate | ||
0 | 9,950.00 | 10% | |
9,951.00 | 40,525.00 | 12% | |
40,526.00 | 86,375.00 | 22% | |
86,376.00 | 164,925.00 | 24% | |
164,926.00 | 209,425.00 | 32% | |
209,426.00 | 523,600.00 | 35% | |
523,601.00 | 37% |
Related Book For
Income Tax Fundamentals 2021
ISBN: 9780357141366
39th Edition
Authors: Gerald E. Whittenburg, Martha Altus-Buller, Steven Gill
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