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1. You are given with the following table for 2020 personal income taxes - Marginal Tax Rate Single $0-$9,075 $9,076 - $36,900 Married $0 - $18,150 10% 15% $18,151 $73,800 25% $36,901 - $89,350 $73,801 - $148,850 28% 35% $89,351 $186,350 $186,351 + $148,851 $226,850 $226,850 + a Assume you will be single in 2020 and you are expecting your total salary to be $85,000. What is the total taxable amount that you will pay? b What is the average tax rate for you as a single earning $85,000 (5) (2)

1. You are given with the following table for 2020 personal income taxes - Marginal Tax Rate Single $0-$9,075 $9,076 - $36,900 Married $0 - $18,150 10% 15% $18,151 $73,800 25% $36,901 - $89,350 $73,801 - $148,850 28% 35% $89,351 $186,350 $186,351 + $148,851 $226,850 $226,850 + a Assume you will be single in 2020 and you are expecting your total salary to be $85,000. What is the total taxable amount that you will pay? b What is the average tax rate for you as a single earning $85,000 (5) (2)

Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
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1. You are given with the following table for 2020 personal income taxes - Marginal Tax Rate Single $0-$9,075 $9,076 - $36,900 Married $0 - $18,150 10% 15% $18,151 $73,800 25% $36,901 - $89,350 $73,801 - $148,850 28% 35% $89,351 $186,350 $186,351 + $148,851 $226,850 $226,850 + a Assume you will be single in 2020 and you are expecting your total salary to be $85,000. What is the total taxable amount that you will pay? b What is the average tax rate for you as a single earning $85,000 (5) (2)
Transcribed Image Text:1. You are given with the following table for 2020 personal income taxes - Marginal Tax Rate Single $0-$9,075 $9,076 - $36,900 Married $0 - $18,150 10% 15% $18,151 $73,800 25% $36,901 - $89,350 $73,801 - $148,850 28% 35% $89,351 $186,350 $186,351 + $148,851 $226,850 $226,850 + a Assume you will be single in 2020 and you are expecting your total salary to be $85,000. What is the total taxable amount that you will pay? b What is the average tax rate for you as a single earning $85,000 (5) (2)
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