d. Next, you can either take the so-called standard deduction of apply for itemized deductions (which involve a lot of tedious paperwork). You opt for the standard deduction that allows you as head of your household to exempt another $18,350 from your taxable income. Taking that into account, what is your taxable income? $ 44950 e. Apply the tax rates shown in the table below to your taxable income. Total Taxable Income $0 $19,400 $78,950 $ $19,401 $78,951 $168,400 $168,401 $321,450 $321,451 $408, 200 $408,201 $612,350 $612,351 and above How much federal income tax will you owe? Instructions: Enter your answer rounded to 2 decimal places. 5394 Marginal Tax Rate % 10% 12% 22% 24% 32% 35% 37% What marginal tax rate applies to your last dollar of taxable income? 12 percent

d. Next, you can either take the so-called standard deduction of apply for itemized deductions (which involve a lot of tedious paperwork). You opt for the standard deduction that allows you as head of your household to exempt another $18,350 from your taxable income. Taking that into account, what is your taxable income? $ 44950 e. Apply the tax rates shown in the table below to your taxable income. Total Taxable Income $0 $19,400 $78,950 $ $19,401 $78,951 $168,400 $168,401 $321,450 $321,451 $408, 200 $408,201 $612,350 $612,351 and above How much federal income tax will you owe? Instructions: Enter your answer rounded to 2 decimal places. 5394 Marginal Tax Rate % 10% 12% 22% 24% 32% 35% 37% What marginal tax rate applies to your last dollar of taxable income? 12 percent

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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