If you could help me out that would be awesome, let me know,
thanks
Homework Answers
| a |
| Federal tax = 4453.50+(58500-38700)*22%= $8809.50 |
| b |
| Average tax rate = Total tax/Taxable income |
| Average tax rate = 8809.50/58500= 15.06% |
| c |
| Effective tax rate = Total tax/Total income |
| Effective tax rate = 8809.50/79300= 11.11% |
| d |
| Current marginal tax rate is 22% for additional income upto $24000 and additional deductions upto $19800 |
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If you could help me out that would be awesome, let me know,
thanks
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