Manny is a single taxpayer, earns $65,000 per year in taxable income and an additional $12,000 per year in city of Boston bonds. If Manny earns an additional $35,000 in taxable income in 2023, what is his marginal tax rate on this income? (Use tax rate schedule.) 2023 Tax Rate Schedules IndividualsSchedule X-Single If taxable income is over: But not over: The tax is: $ 0 $ 11,000 10% of taxable income $ 11,000 $ 44,725 $1,100 plus 12% of the excess over $11,000 $ 44,725 $ 95,375 $5,147 plus 22% of the excess over $44,725 $ 95,375 $ 182,100 $16,290 plus 24% of the excess over $95,375 $ 182,100 $ 231,250 $37,104 plus 32% of the excess over $182,100 $ 231,250 $ 578,125 $52,832 plus 35% of the excess over $231,250 $ 578,125 — $174,238.25 plus 37% of the excess over $578,125 Schedule Z-Head of Household If taxable income is over: But not over: The tax is: $ 0 $ 15,700 10% of taxable income $ 15,700 $ 59,850 $1,570 plus 12% of the excess over $15,700 $ 59,850 $ 95,350 $6,868 plus 22% of the excess over $59,850 $ 95,350 $ 182,100 $14,678 plus 24% of the excess over $95,350 $ 182,100 $ 231,250 $35,498 plus 32% of the excess over $182,100 $ 231,250 $ 578,100 $51,226 plus 35% of the excess over $231,250 $ 578,100 — $172,623.5 plus 37% of the excess over $578,100
Manny is a single taxpayer, earns $65,000 per year in taxable income and an additional $12,000 per year in city of Boston bonds.
If Manny earns an additional $35,000 in taxable income in 2023, what is his marginal tax rate on this income? (Use tax rate schedule.)
2023 Tax Rate Schedules
IndividualsSchedule X-Single
|
If taxable income is over: |
But not over: |
The tax is: |
|
$ 0 |
$ 11,000 |
10% of taxable income |
|
$ 11,000 |
$ 44,725 |
$1,100 plus 12% of the excess over $11,000 |
|
$ 44,725 |
$ 95,375 |
$5,147 plus 22% of the excess over $44,725 |
|
$ 95,375 |
$ 182,100 |
$16,290 plus 24% of the excess over $95,375 |
|
$ 182,100 |
$ 231,250 |
$37,104 plus 32% of the excess over $182,100 |
|
$ 231,250 |
$ 578,125 |
$52,832 plus 35% of the excess over $231,250 |
|
$ 578,125 |
— |
$174,238.25 plus 37% of the excess over $578,125 |
Schedule Z-Head of Household
|
If taxable income is over: |
But not over: |
The tax is: |
|
$ 0 |
$ 15,700 |
10% of taxable income |
|
$ 15,700 |
$ 59,850 |
$1,570 plus 12% of the excess over $15,700 |
|
$ 59,850 |
$ 95,350 |
$6,868 plus 22% of the excess over $59,850 |
|
$ 95,350 |
$ 182,100 |
$14,678 plus 24% of the excess over $95,350 |
|
$ 182,100 |
$ 231,250 |
$35,498 plus 32% of the excess over $182,100 |
|
$ 231,250 |
$ 578,100 |
$51,226 plus 35% of the excess over $231,250 |
|
$ 578,100 |
— |
$172,623.5 plus 37% of the excess over $578,100 |
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