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Business
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Effective Tax

Effective Tax

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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1. 10 years after your graduation, you are married and both of you have good jobs. The incomes are split $130,000 and $70,000 Combined your income is $200,000. After a good year, one of you received bonuses of $13,000, the other $7,000. Your filing status Is Married Filing Jointly. You will use the standard deduction. What is the total Federal income tax and FICA tax? What is your effective tax rate? $ % Effective Tax Rate I need to a solution with how to do it? | have no idea how to do this. Thank you
Transcribed Image Text:1. 10 years after your graduation, you are married and both of you have good jobs. The incomes are split $130,000 and $70,000 Combined your income is $200,000. After a good year, one of you received bonuses of $13,000, the other $7,000. Your filing status Is Married Filing Jointly. You will use the standard deduction. What is the total Federal income tax and FICA tax? What is your effective tax rate? $ % Effective Tax Rate I need to a solution with how to do it? | have no idea how to do this. Thank you
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