Susan is single with a gross income of $120,000 and a taxable income of $98,000. In calculating
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Susan is single with a gross income of $120,000 and a taxable income of $98,000. In calculating gross income, she properly excluded $10,000 of tax-exempt interest income. Using the tax rate schedules in the chapter, calculate Susan's
a. Total tax
b. Marginal tax rate
c. Average tax rate
d. Effective tax rate
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Related Book For
Concepts In Federal Taxation 2016
ISBN: 9781305585133
23rd Edition
Authors: Kevin Murphy, Mark Higgins
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