Jocelyn's filing status is head of household and had AGI of $106,000 in 2023. Her total itemized deduction amount is $12,000 a. What is her taxable income? b. What is her income tax liability? c. What is her marginal tax rate? d. What is her average tax rate?

Jocelyn's filing status is head of household and had AGI of $106,000 in 2023. Her total itemized deduction amount is $12,000 a. What is her taxable income? b. What is her income tax liability? c. What is her marginal tax rate? d. What is her average tax rate?

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter3: Income Sources

Section: Chapter Questions

Problem 66P

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Concept explainers

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.

Question

Jocelyn's filing status is head of household and had AGI of $106,000 in 2023. Her total itemized deduction amount is $12,000
a. What is her taxable income?
b. What is her income tax liability?
c. What is her marginal tax rate?
d. What is her average tax rate?

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Step 3: calculation of taxable income

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Step 4: calculation of income tax liability

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Step 5: marginal tax rate

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