Country A levies an individual income tax with the following rate structure: Percentage Rate 10% 15 25 30 Bracket Income from -0 to $20,000 Income from $20,001 to $75,000 Income from $75,001 to $160,000 Income in excess of $160,000 Required: a. Mr. Levi's taxable income is $58,800. Compute Mr. Levi's tax on this income as well as average and marginal tax rate. ɔ. Ms. Jinn's taxable income is $313,600. Compute Ms. Jinn's tax on this income as well as average and marginal tax rate.

Country A levies an individual income tax with the following rate structure: Percentage Rate 10% 15 25 30 Bracket Income from -0 to $20,000 Income from $20,001 to $75,000 Income from $75,001 to $160,000 Income in excess of $160,000 Required: a. Mr. Levi's taxable income is $58,800. Compute Mr. Levi's tax on this income as well as average and marginal tax rate. ɔ. Ms. Jinn's taxable income is $313,600. Compute Ms. Jinn's tax on this income as well as average and marginal tax rate.

PAYROLL ACCT.,2019 ED.(LL)-TEXT

19th Edition

ISBN:9781337619783

Author:BIEG

Publisher:BIEG

Chapter4: Income Tax Withholding

Section: Chapter Questions

Problem 3SSQ

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