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Marc, a single taxpayer, earns $214,000 in taxable income and $6,600 in interest from an investment in city of Birmingham bonds. Using the U.S. tax rate schedule for year 2022, what is his current marginal tax rate?   a. 22.00 percent b. 32.00 percent c. 34.00 percent d. 44.00 percent e. none of the choices are correct

Marc, a single taxpayer, earns $214,000 in taxable income and $6,600 in interest from an investment in city of Birmingham bonds. Using the U.S. tax rate schedule for year 2022, what is his current marginal tax rate?   a. 22.00 percent b. 32.00 percent c. 34.00 percent d. 44.00 percent e. none of the choices are correct

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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Marc, a single taxpayer, earns $214,000 in taxable income and $6,600 in interest from an investment in city of Birmingham bonds. Using the U.S. tax rate schedule for year 2022, what is his current marginal tax rate?

 
a. 22.00 percent
b. 32.00 percent
c. 34.00 percent
d. 44.00 percent
e. none of the choices are correct

2022 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over:But not over: $ 0 $ 10,275 $ 41,775 $ 89,075 $ 170,050 $ 215,950 $ 539,900 $ 0 $ 20,550 $ 83,550 $ 178,150 $ 340,100 $ 431,900 $ 647,850 Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: S 0 $ 14,650 $ 55,900 $ 89,050 $ 170,050 $ 215,950 $ 539,900 $ 10,275 $ 41,775 $ 89,075 $ 170,050 $ 215,950 $ 539,900 Schedule Z-Head of Household If taxable income is over:But not over: $ 0 $ 10,275 $ 41,775 $ 89,075 $ 170,050 $ 20,550 $ 83,550 $ 178,150 $ 340,100 $ 431,900 $ 647,850 35°F Cloudy Schedule Y-2-Married Filing Separately If taxable income is over:But not over: $ 14,650 $ 55,900 $ 89,050 $ 170,050 $215,950 $ 539,900 The tax is: 10% of taxable income $1,027.50 plus 12% of the excess over $10,275 $4,807.50 plus 22% of the excess over $41,775 $15,213.50 plus 24% of the excess over $89,075 $34,647.50 plus 32% of the excess over $170,050 $49,335.50 plus 35% of the excess over $215,950 $162,718 plus 37% of the excess over $539,900 $ 10,275 $ 41,775 $ 89,075 $ 170,050 $215,950 The tax is: 10% of taxable income, HS $2,055 plus 12% of the excess over $20,550 $9,615 plus 22% of the excess over $83,550 $30,427 plus 24% of the excess over $178,150 $69,295 plus 32% of the excess over $340,100 $98,671 plus 35% of the excess over $431,900 $174,253.50 plus 37% of the excess over $647,850 The tax is: 10% of taxable income $1,465 plus 12% of the excess over $14,650 $6,415 plus 22% of the excess over $55,900 $13,708 plus 24% of the excess over $89,050 $33,148 plus 32% of the excess over $170,050 $47,836 plus 35% of the excess over $215,950 $161,218.50 plus 37% of the excess over $539.900 The tax is: 10% of taxable income $1,027.50 plus 12% of the excess over $10,275 $4,807.50 plus 22% of the excess over $41,775 $15,213.50 plus 24% of the excess over $89,075 $34,647.50 plus 32% of the excess over $170,050
Transcribed Image Text:2022 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over:But not over: $ 0 $ 10,275 $ 41,775 $ 89,075 $ 170,050 $ 215,950 $ 539,900 $ 0 $ 20,550 $ 83,550 $ 178,150 $ 340,100 $ 431,900 $ 647,850 Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: S 0 $ 14,650 $ 55,900 $ 89,050 $ 170,050 $ 215,950 $ 539,900 $ 10,275 $ 41,775 $ 89,075 $ 170,050 $ 215,950 $ 539,900 Schedule Z-Head of Household If taxable income is over:But not over: $ 0 $ 10,275 $ 41,775 $ 89,075 $ 170,050 $ 20,550 $ 83,550 $ 178,150 $ 340,100 $ 431,900 $ 647,850 35°F Cloudy Schedule Y-2-Married Filing Separately If taxable income is over:But not over: $ 14,650 $ 55,900 $ 89,050 $ 170,050 $215,950 $ 539,900 The tax is: 10% of taxable income $1,027.50 plus 12% of the excess over $10,275 $4,807.50 plus 22% of the excess over $41,775 $15,213.50 plus 24% of the excess over $89,075 $34,647.50 plus 32% of the excess over $170,050 $49,335.50 plus 35% of the excess over $215,950 $162,718 plus 37% of the excess over $539,900 $ 10,275 $ 41,775 $ 89,075 $ 170,050 $215,950 The tax is: 10% of taxable income, HS $2,055 plus 12% of the excess over $20,550 $9,615 plus 22% of the excess over $83,550 $30,427 plus 24% of the excess over $178,150 $69,295 plus 32% of the excess over $340,100 $98,671 plus 35% of the excess over $431,900 $174,253.50 plus 37% of the excess over $647,850 The tax is: 10% of taxable income $1,465 plus 12% of the excess over $14,650 $6,415 plus 22% of the excess over $55,900 $13,708 plus 24% of the excess over $89,050 $33,148 plus 32% of the excess over $170,050 $47,836 plus 35% of the excess over $215,950 $161,218.50 plus 37% of the excess over $539.900 The tax is: 10% of taxable income $1,027.50 plus 12% of the excess over $10,275 $4,807.50 plus 22% of the excess over $41,775 $15,213.50 plus 24% of the excess over $89,075 $34,647.50 plus 32% of the excess over $170,050
$ 0 $ 10,275 $ 41,775 $ 89,075 $ 170,050 $215,950 $ 539,900 Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) f taxable income is over: But not over: 0 $ $ 20,550 $ 83,550 $ 178,150 $ 340,100 $ 431,900 $ 647,850 $ 10,275 $ 41,775 $ 89,075 $ 170,050 $ 215,950 $539,900 chedule Z-Head of Household taxable income is over: But not over: 0 $ 14,650 $ $ 14,650 $ 55,900 $ 89,050 $ 55,900 $ 89,050 $ 170,050 $ 215,950 $ 539,900 $ 170,050 $ 215,950 $ 539,900 $ 0 $ $ 10,275 hedule Y-2-Married Filing Separately taxable income is over: But not over: $ 41,775 $ 89,075 $ 170,050 $ 215,950 $ 323,925 $ 20,550 $ 83,550 $ 178,150 $ 340,100 $ 431,900 $ 647,850 35°F Cloudy 10% of taxable income $1,027.50 plus 12% of the excess over $10,275 $4,807.50 plus 22% of the excess over $41,775 $15,213.50 plus 24% of the excess over $89,075 $34,647.50 plus 32% of the excess over $170,050 $49,335.50 plus 35% of the excess over $215,950 $162,718 plus 37% of the excess over $539,900 $ 10,275 10,275 $ 41,775 $ 89,075 $ 170,050 $ 215,950 $ 323,925 The tax is: 10% of taxable income $2,055 plus 12% of the excess over $20,550 $9,615 plus 22% of the excess over $83,550 $30,427 plus 24% of the excess over $178,150 $69,295 plus 32% of the excess over $340,100 $98,671 plus 35% of the excess over $431,900 $174,253.50 plus 37% of the excess over $647,850 The tax is: 10% of taxable income $1,465 plus 12% of the excess over $14,650 $6,415 plus 22% of the excess over $55,900 $13,708 plus 24% of the excess over $89,050 $33,148 plus 32% of the excess over $170,050 $47,836 plus 35% of the excess over $215,950 $161,218.50 plus 37% of the excess over $539,900 The tax is: 10% of taxable income $1,027.50 plus 12% of the excess over $10,275 $4,807.50 plus 22% of the excess over $41,775 $15,213.50 plus 24% of the excess over $89,075 $34,647.50 plus 32% of the excess over $170,050 $49,335.50 plus 35% of the excess over $215,950 $87,126.75 plus 37% of the excess over $323,925 Q Search
Transcribed Image Text:$ 0 $ 10,275 $ 41,775 $ 89,075 $ 170,050 $215,950 $ 539,900 Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) f taxable income is over: But not over: 0 $ $ 20,550 $ 83,550 $ 178,150 $ 340,100 $ 431,900 $ 647,850 $ 10,275 $ 41,775 $ 89,075 $ 170,050 $ 215,950 $539,900 chedule Z-Head of Household taxable income is over: But not over: 0 $ 14,650 $ $ 14,650 $ 55,900 $ 89,050 $ 55,900 $ 89,050 $ 170,050 $ 215,950 $ 539,900 $ 170,050 $ 215,950 $ 539,900 $ 0 $ $ 10,275 hedule Y-2-Married Filing Separately taxable income is over: But not over: $ 41,775 $ 89,075 $ 170,050 $ 215,950 $ 323,925 $ 20,550 $ 83,550 $ 178,150 $ 340,100 $ 431,900 $ 647,850 35°F Cloudy 10% of taxable income $1,027.50 plus 12% of the excess over $10,275 $4,807.50 plus 22% of the excess over $41,775 $15,213.50 plus 24% of the excess over $89,075 $34,647.50 plus 32% of the excess over $170,050 $49,335.50 plus 35% of the excess over $215,950 $162,718 plus 37% of the excess over $539,900 $ 10,275 10,275 $ 41,775 $ 89,075 $ 170,050 $ 215,950 $ 323,925 The tax is: 10% of taxable income $2,055 plus 12% of the excess over $20,550 $9,615 plus 22% of the excess over $83,550 $30,427 plus 24% of the excess over $178,150 $69,295 plus 32% of the excess over $340,100 $98,671 plus 35% of the excess over $431,900 $174,253.50 plus 37% of the excess over $647,850 The tax is: 10% of taxable income $1,465 plus 12% of the excess over $14,650 $6,415 plus 22% of the excess over $55,900 $13,708 plus 24% of the excess over $89,050 $33,148 plus 32% of the excess over $170,050 $47,836 plus 35% of the excess over $215,950 $161,218.50 plus 37% of the excess over $539,900 The tax is: 10% of taxable income $1,027.50 plus 12% of the excess over $10,275 $4,807.50 plus 22% of the excess over $41,775 $15,213.50 plus 24% of the excess over $89,075 $34,647.50 plus 32% of the excess over $170,050 $49,335.50 plus 35% of the excess over $215,950 $87,126.75 plus 37% of the excess over $323,925 Q Search
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