Manny a single taxpayer earns 69600 per year in taxable income and an additional 12460 per...
Manny a single taxpayer earns 69600 per year in taxable income and an additional 12460 per year in city of boston bonds. What is manny's current marginal tax rate for 2020?
$40125-$85525 and the tax is $4617.50 plus 24% of excess over $40125
Homework Answers
| Tax liability for 2020 | $ 11,102.00 | =4617.5+((69600-40125)*22%) |
|
Manny's current marginal tax rate for 2020 is 22% because a dollar increase in taxable income upto total taxable income of $ 85,525 , Manny will be liable to pay tax @ 22% on increased income. |
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