- Mayfield Baker Is A Single Taxpayer Living In Cleveland Ohio Mayfield Earns 64 400 In Total Income Baker Is A Team As 1 (52.86 KiB) Viewed 51 times
- Mayfield Baker Is A Single Taxpayer Living In Cleveland Ohio Mayfield Earns 64 400 In Total Income Baker Is A Team As 2 (53.02 KiB) Viewed 51 times
Mayfield Baker is a single taxpayer living in Cleveland Ohio. Mayfield earns $64,400 in total income. Baker is a team assistant manager for the Cleveland Browns where his salary is $59,000. He has also invested in city of Cleveland bonds which earned $5,400 of interest income. Using the U.S. tax rate schedule for year 2021 below, what is Mayfield's: 1. Federal tax liability? 24564 2. Average tax rate? 41.63 3. Effective tax rate? 38.14 4. Federal tax liability if he earns an additional $30,000 bonus? 5. Marginal tax rate if he earns additional $30,000 bonus? Round your "tax liability" answers to the nearest dollar (e.g., $1.5 = $2; $1.49 = $1) and format as follows: $1,234 Round tax rates to two decimal places and format as follows: 12.34% Schedule X-Single But not If taxable income is over: over: O $ 9.950 $ 40,525 The tax is: 10% of taxable income $995 plus 12% of the excess over $ 9,950
Single If taxable income But not is over: over: $ 0 $ 9,950 $ 9,950 $ 40,525 $ 40,525 $ 86,375 $ 86,375 $164,925 The tax is: 10% of taxable income $995 plus 12% of the excess over $9,950 $4,664 plus 22% of the excess over $40,525 $14,751 plus 24% of the excess over $86,375 $33,603 plus 32% of the excess over $164,925 $47,843 plus 35% of the excess over $209,425 $157,804.25 plus 37% of the excess over $523,600 $164,925 $209,425 $209,425 $523,600 $523,600