Answered: a. Use the 2020 federal tax tables to…

a. Use the 2020 federal tax tables to determine your tax liability given your filing status. b. What is your marginal tax rate? c. What is your average tax rate?

Personal Finance

13th Edition

ISBN:9781337669214

Author:GARMAN

Publisher:GARMAN

Chapter4: Managing Income Taxes

Section: Chapter Questions

Problem 1DTM

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Question

6. You have a taxable income of $35,600.
a. Use the 2020 federal tax tables to determine your tax liability given your filing
status.
b. What is your marginal tax rate?
c. What is your average tax rate?
d. You had $4400 withheld from your paychecks for federal taxes. When you file
your return will you have a refund or owe money? How much?

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