1 Chuck, a single taxpayer, earns $77,600 in taxable income and $12,900 in interest from an investment in City of Heflin

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1 Chuck A Single Taxpayer Earns 77 600 In Taxable Income And 12 900 In Interest From An Investment In City Of Heflin 1 (267.98 KiB) Viewed 23 times

1 Chuck, a single taxpayer, earns $77,600 in taxable income and $12,900 in interest from an investment in City of Heflin bonds. (Use the U.S tax rate schedule.) Required: a. How much federal tax will he owe? b. What is his average tax rate? c. What is his effective tax rate? d. What is his current marginal tax rate? Complete this question by entering your answers in the tabs below. Req A Req B Req C Req D How much federal tax will he owe? (Do not round intermediate calculations. Round "Federal tax" to nearest whole dollar amount.) Federal tax < Req A Req B > 1.66 points eBook Print References
Req A Req B Req C Req D What is his average tax rate? (Do not round intermediate calculations. Round total tax to nearest whole dollar amount.) Choose Numerator 1 Choose Denominator = 1 Average Tax Rate 1 = 0 < Req A Req C >
Req A Req B Req C Req D What is his effective tax rate? (Do not round intermediate calculations. Round total tax to nearest whole dollar amount.) Choose Numerator 1 Choose Denominator = 1 = Effective Tax Rate 1 = 0 < Req B Req D >
Req A Req B Req C What is his current marginal tax rate? Marginal tax rate % Req D < Req C Req D >
Schedule X-Single If taxable income is over: But not over: $ 0 $ 9,950 $ 9,950 $ 40,525 $ 40,525 $ 86,375 $164,925 $ 86,375 $164,925 $ 209,425 $ 523,600 $ 209,425 $ 523,600 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