4. Susan and Stan Britton are a married couple who file a joint income tax return, where the tax rates are based on the tax tables presented in the chapter. Assume that their taxable income this year was $375,000. (a) What is their federal tax liability? (b) What is their marginal tax rate? (c) What is their average tax rate? Married couples Filing Joint Returns If Your Taxable Income is Up to $19,750 $19,750-$80,250 $80,250-$171,050 $171,050-5326,600 $326,600-$414,700 $414,700-$622,050 Over $622,050 You Pay This Amount on the Base of the Bracket $ 0.00 1,975.00 9,235.00 29,211.00 66,543.00 94,735.00 167,307.50 Plus This Percentage on the Excess over the Base (Marginal Rate) 10.0% 12.0 22.0 24.0 32.0 35.0 37.0 Average Tax Rate at Top of Bracker 10.0% 11.5 17.1 20.4 22.8 26.9 37.0

4. Susan and Stan Britton are a married couple who file a joint income tax return, where the tax rates are based on the tax tables presented in the chapter. Assume that their taxable income this year was $375,000. (a) What is their federal tax liability? (b) What is their marginal tax rate? (c) What is their average tax rate? Married couples Filing Joint Returns If Your Taxable Income is Up to $19,750 $19,750-$80,250 $80,250-$171,050 $171,050-5326,600 $326,600-$414,700 $414,700-$622,050 Over $622,050 You Pay This Amount on the Base of the Bracket $ 0.00 1,975.00 9,235.00 29,211.00 66,543.00 94,735.00 167,307.50 Plus This Percentage on the Excess over the Base (Marginal Rate) 10.0% 12.0 22.0 24.0 32.0 35.0 37.0 Average Tax Rate at Top of Bracker 10.0% 11.5 17.1 20.4 22.8 26.9 37.0

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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