Please show how you get the answer IndividualsSchedule X-SingleIf taxable income is over: But not over:S0$ 9,950$ 40,525$ 86,375$ 164,925$ 209,425$ 523,600$ 9,950$ 40,525$ 86,375$164,925$ 209,425$ 523,600The 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 Chuck, a single taxpayer, earns $75,000 in taxable income and $10,000 in interest from an investment in City of Heflin bonds. (Use theU.S. tax rate schedule.)Required:a. If Chuck earns an additional $40,000 of taxable income, what is his marginal tax rate on this income?b. What is his marginal rate if, instead, he had $40,000 of additional deductions?(For all requirements, do not round intermediate calculations. Round percentage answers to 2 decimal places.)a. Marginal tax rateb. Marginal tax rate%%

1. First, we need to determine Chuck's current tax bracket based on his taxable income of $75,000.…

Answered: Individuals Schedule X-Single If…

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter17: Business Tax Credits And The Alternative Minimum Tax

Section: Chapter Questions

Problem 32P

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Chuck, a single taxpayer, earns $75,000 in taxable income and $10,000 in interest from an investment in City of Heflin bonds. (Use the U.S. tax rate schedule.) Required: a. If Chuck earns an additional $40,000 of taxable income, what is his marginal tax rate on this income? b. What is his marginal rate if, instead, he had $40,000 of additional deductions? (For all requirements, do not round intermediate calculations. Round percentage answers to 2 decimal places.) a. Marginal tax rate % b. Marginal tax rate %
Chuck, a single taxpayer, earns $77,200 in taxable income and $12,400 in interest from an investment in City of Heflin bonds. (Use the U.S. tax rate schedule.) Required: a. If Chuck earns an additional $40,000 of taxable income, what is his marginal tax rate on this income? b. What is his marginal rate if, instead, he had $40,000 of additional deductions? Note: For all requirements, do not round intermediate calculations. Round percentage answers to 2 decimal places. a. Marginal tax rate b. Marginal tax rate 53.58% 30.56 %
Chuck, a single taxpayer, earns $79,400 in taxable income and $15,300 in interest from an investment in City of Heflin bonds. (Use the U.S. tax rate schedule.) Required: a. If Chuck earns an additional $40,000 of taxable income, what is his marginal tax rate on this income? b. What is his marginal rate if, instead, he had $40,000 of additional deductions? Note: For all requirements, do not round intermediate calculations. Round percentage answers to 2 decimal places. Answer is complete but not entirely correct. a. Marginal tax rate b. Marginal tax rate 24.00% 12.00%
Chuck, a single taxpayer, earns $79,000 in taxable income and $14,700 in interest from an investment in City of Heflin bonds. (Use the U.S. tax rate schedule.) Required: A. If Chuck earns an additional $40,000 of taxable income, what is his marginal tax rate on this income? B. What is his marginal rate if, instead, he had $40,000 of additional deductions? Note: For all requirements, do not round intermediate calculations. Round percentage answers to 2 decimal places.
Chuck, a single taxpayer, earns $77,400 in taxable income and $12,600 in interest from an investment in City of Heflin bonds. (Use the U.S. tax rate schedule.) Required: A. If Chuck earns an additional $40,000 of taxable income, what is his marginal tax rate on this income? B. What is his marginal rate if, instead, he had $40,000 of additional deductions? Please I need fast subparts a and b please i give up vote 2
1. Chuck, a single taxpayer, earns $76,400 in taxable income and $11,500 in interest from an investment in City of Heflin bonds. (Use the U.S. tax rate schedule.) Required: 1a. If Chuck earns an additional $40,000 of taxable income, what is his marginal tax rate on this income? 1b. What is his marginal rate if, instead, he had $40,000 of additional deductions?
$ 0 $ 9,950 $ 9,950 $ 40,525 $ 86,375 $ 164,925 $ 209,425 $ 523,600 $ 40,525 $ 86,375 $ 164,925 $ 209,425 $ 523,600 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 Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: $ 0 $ 19,900 $ 81,050 $ 172,750 $ 329,850 $ 418,850 $ 628,300 $ 19,900 $ 81,050 $172,750 $ 329,850 $418,850 $ 628,300 The tax is: 10% of taxable income $1,990 plus 12% of the excess over $19,900 $9,328 plus 22% of the excess over $81,050 $29,502 plus 24% of the excess over $172,750 $67,206 plus 32% of the excess over $329,850 $95,686 plus 35% of the excess over $418,850 $168,993.50 plus 37% of the excess over $628,300 Schedule Z-Head of Household If taxable income is over: But not over: $ 0…
Chuck, a single taxpayer, earns $79,800 in taxable income and $15,900 in interest from an investment in City of Heflin bonds. (Use the U.S. tax rate schedule.) W Required: a. If Chuck earns an additional $40,000 of taxable income, what is his marginal tax rate on this income? b. What is his marginal rate if, instead, he had $40,000 of additional deductions? Note: For all requirements, do not round intermediate calculations. Round percentage answers to 2 decimal places. a. Marginal tax rate b. Marginal tax rate % %
Chuck , a single taxpayer earns $81,400 in taxable income and $13,600 in interest from an investment in City of Heflin bonds. 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?
Chuck, a single taxpayer, earns $75,000 in taxable income and $10,000 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
s
Chuck, a single taxpayer, earns $80,200 in taxable income and $12,900 in interest from an investment in City of Heflin bonds. (Us 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. Required A Required B Required C Required D How much federal tax will he owe? Note: Do not round intermediate calculations. Round "Federal tax" to nearest whole dollar amount. Federal tax

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