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 percentb. 32.00 percentc. 34.00 percentd. 44.00 percente. none of the choices are correct 2022 Tax Rate SchedulesIndividualsSchedule X-SingleIf 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$ 647,850Schedule Y-1-Married Filing Jointly or Qualifying Widow(er)If taxable income is over: But not over:S0$ 14,650$ 55,900$ 89,050$ 170,050$ 215,950$ 539,900$ 10,275$ 41,775$ 89,075$ 170,050$ 215,950$ 539,900Schedule Z-Head of HouseholdIf 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$ 647,85035°FCloudySchedule Y-2-Married Filing SeparatelyIf taxable income is over:But not over:$ 14,650$ 55,900$ 89,050$ 170,050$215,950$ 539,900The 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$215,950The 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 $647,850The 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 $539.900The 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$215,950$ 539,900Schedule Y-1-Married Filing Jointly or Qualifying Widow(er)f taxable income is over: But not over:0$$ 20,550$ 83,550$ 178,150$ 340,100$ 431,900$ 647,850$ 10,275$ 41,775$ 89,075$ 170,050$ 215,950$539,900chedule Z-Head of Householdtaxable income is over: But not over:0$ 14,650$$ 14,650$ 55,900$ 89,050$ 55,900$ 89,050$ 170,050$ 215,950$ 539,900$ 170,050$ 215,950$ 539,900$0$$ 10,275hedule Y-2-Married Filing Separatelytaxable 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$ 647,85035°FCloudy10% 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$10,27510,275$ 41,775$ 89,075$ 170,050$ 215,950$ 323,925The 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 $647,850The 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 $539,900The 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 $323,925Q Search

The tax rate that is applied to the final dollar of a person's income is known as the marginal tax…

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

Personal Finance

13th Edition

ISBN:9781337669214

Author:GARMAN

Publisher:GARMAN

Chapter4: Managing Income Taxes

Section: Chapter Questions

Problem 3DTM

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Schedule Y-1 - Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: The tax is: Plus: $- $20,550.00 $- 10% $20,550.00 $83,550.00 12% $83,550.00 $178,150.00 22% $178,150.00 $340,100.00 24% $340,100.00 $431,900.00 32% $431,900.00 $647,850.00 35% $647,850.00 $- 37% Option 1 Filing Status:
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