DS Timmy Tappan is single and had $175,500 in taxable income. Use the rates from Table 2.3. a. Calculate his income taxes. (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) b. What is the average tax rate? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) c. What is the marginal tax rate? (Do not round intermediate calculations and enter your answer as a percent rounded to the nearest whole number, e.g., 32.) a. Income taxes b. Average tax rate c. Marginal tax rate de do %. 32 %
DS Timmy Tappan is single and had $175,500 in taxable income. Use the rates from Table 2.3. a. Calculate his income taxes. (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) b. What is the average tax rate? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) c. What is the marginal tax rate? (Do not round intermediate calculations and enter your answer as a percent rounded to the nearest whole number, e.g., 32.) a. Income taxes b. Average tax rate c. Marginal tax rate de do %. 32 %
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Table 2.3 Personal Tax Rates for 2021 (Unmarried Individuals)
Taxable Income
$0-9,950
9,950-40,525
40,525-86,375
86,375-164,925
164,925-209,425
209,425-523,600
523,600+
Tax Rate
10%
12
22
24
32
35
37
Transcribed Image Text:es
Timmy Tappan is single and had $175,500 in taxable income. Use the rates from Table
2.3.
a. Calculate his income taxes. (Do not round intermediate calculations and round your
answer to the nearest whole number, e.g., 32.)
b. What is the average tax rate? (Do not round intermediate calculations and enter
your answer as a percent rounded to 2 decimal places, e.g., 32.16.)
c. What is the marginal tax rate? (Do not round intermediate calculations and enter
your answer as a percent rounded to the nearest whole number, e.g., 32.)
a. Income taxes
b. Average tax rate
c. Marginal tax rate
de de
%.
32 %
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