Marc, a single taxpayer, earns $100,000 in taxable income and $10,000 in interest from an investment...

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Marc, a single taxpayer, earns $100,000 in taxable income and $10,000 in interest from an investment...

Marc, a single taxpayer, earns $100,000 in taxable income and $10,000 in interest from an investment in city of Birmingham Bonds. Using the U.S. tax rate schedule for year 2019, what is his effective tax rate (rounded)? (Tax rate schedule)

rev: 08_14_2019_QC_CS-175061

Multiple Choice

22.00%
24.00%
12.47%
16.52%
None of the choices are correct.

business accounting

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Answer 1

Answer #1

March falls in the tax bracket $84201-$160725

Federal Income tax payable	18174.5	=14382.5+(100000-84200)*24%
Divide by Total Income	110000	=100000+10000
Effective tax rate	16.52%

Option D 16.52% is correct

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Answer 2

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