Asked by Sheta
Chuck, a single taxpayer, earns $84,500 in taxable income and $23,000 in interest from an investment in City of Heflin bonds. (Use the U.S. tax rate schedule.)
Required:
If Chuck earns an additional $56,000 of taxable income, what is his marginal tax rate on this income?
What is his marginal rate if, instead, he had $56,000 of additional deductions?
(For all requirements, do not round intermediate calculations. Round your answers to 2 decimal places.)
Required:
If Chuck earns an additional $56,000 of taxable income, what is his marginal tax rate on this income?
What is his marginal rate if, instead, he had $56,000 of additional deductions?
(For all requirements, do not round intermediate calculations. Round your answers to 2 decimal places.)
Answers
Answered by
Leo
Can you please show what your work on this is so far, or let us know where you're getting stuck?
Answered by
Sheta
for the first question:
Taxable income is 163500
which is on the 32% range
for the second question:
Taxable income is 51,500
which is on the 22% range
Taxable income is 163500
which is on the 32% range
for the second question:
Taxable income is 51,500
which is on the 22% range
Answered by
Sheta
I need to know if correct because this is my second time answering the question
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