HomeworkLib
Question

manny a single taxpayer erans 66400 per year in taxable income and an additional 12140 per...

manny a single taxpayer erans 66400 per year in taxable income and an additional 12140 per year in city of boston bonds.

if manny earns an additional 36400 in taxable income 2020 what is his marginal tax rate on this income?

business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1
Tax on $66,400 $10,398 =4617.5+((66400-40125)*22%)
Additional Income 36,400
Revised Taxable Income        102,800 =66400+36400
Tax on $ 102,800 $18,751.50 =14605.5+((102800-85525)*24%)
Marginal tax rate on this income 22.95% =(18751.5-10398)/36400
or
23%
0 0
Add a comment
Know the answer?
Add Answer to:
manny a single taxpayer erans 66400 per year in taxable income and an additional 12140 per...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • Manny, a single taxpayer, earns $68,200 per year in taxable income and an additional $12,320 per...

    Manny, a single taxpayer, earns $68,200 per year in taxable income and an additional $12,320 per year in city of Boston bonds. If Manny earns an additional $38,400 in taxable income in 2020, what is his marginal tax rate on this income? (Use tax rate schedule.) (Round your final answer to two decimal places.) Multiple Choice 17.91 percent 22.00 percent 23.10 percent < Prev 5 of 33 Next > 40 50G 9/13. Search ORI *

  • 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

  • Manny, a single taxpayer, earns $65,000 per year in taxable income and an additional $12,000 per...

    Manny, a single taxpayer, earns $65,000 per year in taxable income and an additional $12,000 per year in city of Boston bonds. What is Manny's current marginal tax rate for 2019? (Use tax rate schedule.)

  • Help Seven Manny, a single taxpayer, earns $350,000 per year in taxable income and an additional...

    Help Seven Manny, a single taxpayer, earns $350,000 per year in taxable income and an additional $21.500 per year in city of Boston bonds If Manny earns an additional 565,000 in taxable income in 2019, what is his marginal tax rate on this income? Use antecedut Multiple Choice 0 30.11 percent 0 34.10 percent 0 O 35.00 percent 0 3610 percent None of the choices are correct

  • A married (MFJ) taxpayer, earns $60,000 per year in taxable income and an additional $12,000 per year in city of Boston...

    A married (MFJ) taxpayer, earns $60,000 per year in taxable income and an additional $12,000 per year in city of Boston bonds. If the TP earns an additional $35,000 in taxable income in year 2019, what is his marginal tax rate (rounded) on this income? A. 16.59% B. 18.29% C. 12.00% D. 17.03% E. 22.00% Which of the following statements is false? (There could be more than one answer) A. Municipal bond interest is subject to implicit tax. B. All...

  • 5. Chuck, a single taxpayer, earns $70,000 in taxable income and $10,000 in interest from an...

    5. Chuck, a single taxpayer, earns $70,000 in taxable income and $10,000 in interest from an investment in City of Heflin bonds. If Chuck earns an additional $40,000 of taxable income, what is his marginal tax rate on this income? 6. Chuck, a single taxpayer, earns $70,000 in taxable income and $10,000 in interest from an investment in City of Heflin bonds. If Chuck claims an additional $40,000 of deductions, what is his marginal tax rate on this income? 7....

  • QUESTIONS Chuck, a single taxpayer, earns $65,000 in taxable income and $10,000 in interest from an...

    QUESTIONS Chuck, a single taxpayer, earns $65,000 in taxable income and $10,000 in interest from an investment in City of Heflin bonds. If Chuck earns an additional $40,000 of taxable income, what is his marginal tax rate on this income? QUESTION 6 Chuck, a single taxpayer, carns $65,000 in taxable income and $10,000 in interest from an investment in City of Heflin bonds. If Chuck claims an additional $40,000 of deductions, what is his marginal tax rate on this income?...

  • 1. Chuck, a single taxpayer, earns $70,000 in taxable income and $10,000 in interest from an...

    1. Chuck, a single taxpayer, earns $70,000 in taxable income and $10,000 in interest from an investment in City of Heflin bonds. Using the U.S. tax rate schedule, how much federal tax will he owe? 2.Chuck, a single taxpayer, earns $70,000 in taxable income and $10,000 in interest from an investment in City of Heflin bonds. What is his average tax rate? (Carry your answer two decimals, i.e., 20.05) 3. Chuck, a single taxpayer, earns $70,000 in taxable income and...

  • Chuck, a single taxpayer, earns $86,750 in taxable income and $16,500 in interest from an investment...

    Chuck, a single taxpayer, earns $86,750 in taxable income and $16,500 in interest from an investment in City of Heflin bonds. (Use the U.S. tax rate schedule.) Required: a.) If Chuck earns an additional $59,750 of taxable income, what is his marginal tax rate on this income? b.) What is his marginal rate if, instead, he had $59,750 of additional deductions?

  • Chuck, a single taxpayer, earns $85,000 in taxable income and $10,000 in interest from an investment...

    Chuck, a single taxpayer, earns $85,000 in taxable income and $10,000 in interest from an investment in City of Heflin bonds. Using the U.S. tax rate schedule, how much federal tax will he owe? What is his average tax rate? What is his effective tax rate? What is his current marginal tax rate? If Chuck earns an additional $40,000 of taxable income, what is his marginal tax rate on this income? If Chuck claims an additional $40,000 of deductions, what...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT