Government G levies an income tax with the following rate structure: Percentage Rate Bracket Income from -0- to $30,000 Income from $30,001 to $70,000 Required: 6% 10 20 28 Income from $70,001 to $200,000 Income in excess of $200,000 a. Taxpayer A's taxable income is $156,600. Compute A's income tax liability and average tax rate. What is A's marginal tax rate? b. Taxpayer B's taxable income is $486,100. Compute B's income tax liability and average tax rate. What is B's marginal tax rate? Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required A Required B Taxpayer A's taxable income is $156,600. Compute A's income tax liability and average tax rate. What is A's marginal tax rate? Note: Round your percentage answers to 2 decimal places and other answers to the nearest whole dollar amount. Taxpayer A Income tax $ 23,519 x Average tax rate Marginal tax rate 15.02 x % 20.00 % < Required A Required B >
Government G levies an income tax with the following rate structure: Percentage Rate Bracket Income from -0- to $30,000 Income from $30,001 to $70,000 Required: 6% 10 20 28 Income from $70,001 to $200,000 Income in excess of $200,000 a. Taxpayer A's taxable income is $156,600. Compute A's income tax liability and average tax rate. What is A's marginal tax rate? b. Taxpayer B's taxable income is $486,100. Compute B's income tax liability and average tax rate. What is B's marginal tax rate? Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required A Required B Taxpayer A's taxable income is $156,600. Compute A's income tax liability and average tax rate. What is A's marginal tax rate? Note: Round your percentage answers to 2 decimal places and other answers to the nearest whole dollar amount. Taxpayer A Income tax $ 23,519 x Average tax rate Marginal tax rate 15.02 x % 20.00 % < Required A Required B >
Chapter9: Payroll, Estimated Payments, And Retirement Plans
Section: Chapter Questions
Problem 16MCQ
Related questions
Question
Transcribed Image Text:Government G levies an income tax with the following rate structure:
Percentage Rate
Bracket
Income from -0- to $30,000
Income from $30,001 to $70,000
Required:
6%
10
20
28
Income from $70,001 to $200,000
Income in excess of $200,000
a. Taxpayer A's taxable income is $156,600. Compute A's income tax liability and average tax rate. What is A's marginal tax rate?
b. Taxpayer B's taxable income is $486,100. Compute B's income tax liability and average tax rate. What is B's marginal tax rate?
Answer is complete but not entirely correct.
Complete this question by entering your answers in the tabs below.
Required A Required B
Taxpayer A's taxable income is $156,600. Compute A's income tax liability and average tax rate. What is A's marginal tax
rate?
Note: Round your percentage answers to 2 decimal places and other answers to the nearest whole dollar amount.
Taxpayer A
Income tax
$
23,519 x
Average tax rate
Marginal tax rate
15.02 x %
20.00 %
< Required A
Required B >
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