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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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answer in text form please (without image)
Transcribed Image Text:Country A levies an individual income tax with the following rate structure:
Percentage Rate
10%
15
25
30
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.
b. Ms. Jinn's taxable income is $313,600. Compute Ms. Jinn's tax on this income as well as average and marginal tax rate.
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
Complete this question by entering your answers in the tabs below.
Required A Required B
Mr. Levi's taxable income is $58,800. Compute Mr. Levi's tax on this income as well as average and marginal tax rate.
Note: Round your percentage answers to 2 decimal places and other answer to the nearest dollar amount.
Mr. Levi
Income tax
Average tax rate
Marginal tax rate
%
%
< Required A
Required B >
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