iven your avatar's annual salary $48,050 how much will your avatar pay in federal income tax for 2020? The 2020 Single Filer Tax Brackets are below for your reference. Please note. YOU may have a family, but your avatar is single. So, your avatar pays the single filer tax rate.
iven your avatar's annual salary $48,050 how much will your avatar pay in federal income tax for 2020? The 2020 Single Filer Tax Brackets are below for your reference. Please note. YOU may have a family, but your avatar is single. So, your avatar pays the single filer tax rate.
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Question
Given your avatar's annual salary $48,050 how much will your avatar pay in federal income tax for 2020? The 2020 Single Filer Tax Brackets are below for your reference. Please note. YOU may have a family, but your avatar is single. So, your avatar pays the single filer tax rate. In the image.

Transcribed Image Text:If Taxable Income is Between:
0-$9,875
$9,876 - $40,125
$40,126-$85,525
$85,526 - $163,300
$163,301 - $207,350
$207,351 - $518,400
$518,401 and above
The Tax Due is:
10% of Taxable Income
$987.50 +12% of the Amount Over
$9,875
$4,617.50 + 22% of the Amount Over
$40,125
$14,605.50 +24% of the Amount Over
$85,525
$33,271.50 +32% of the Amount Over
$163,300
$47,367.50 +35% of the Amount Over
$207,350
$156,235 + 37% of the Amount Over
$518,400
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