Maureen Smith is a single individual. She claims a standard deduction of $12,400. Her salary for the year was $188,000. Assume the following tax table is applicable. Single Individuals You Pay This Amount on the Base of the Bracket If Your Taxable Income Is Up to $9,875 $9,875-$40,125 $40,125-$85,525 $85,525-$163,300 $163,300-$207,350 $207,350-$518,400 Over $518,400 What is her marginal tax rate? O a. 12.0% O b. 32.0% O c. 35.0% O d. 24.0% Oe. 22.0% $0.00 987.50 4,617.50 14,605.50 33,271.50 47,367.50 156,235.00 Plus This Percentage on the Excess over the Base 10.0% 12.0 22.0 24.0 32.0 35.0 37.0 Average Tax Rate at Top of Bracket 10.0% 11.5 17.1 20.4 22.8 30.1 37.0

Maureen Smith is a single individual. She claims a standard deduction of $12,400. Her salary for the year was $188,000. Assume the following tax table is applicable. Single Individuals You Pay This Amount on the Base of the Bracket If Your Taxable Income Is Up to $9,875 $9,875-$40,125 $40,125-$85,525 $85,525-$163,300 $163,300-$207,350 $207,350-$518,400 Over $518,400 What is her marginal tax rate? O a. 12.0% O b. 32.0% O c. 35.0% O d. 24.0% Oe. 22.0% $0.00 987.50 4,617.50 14,605.50 33,271.50 47,367.50 156,235.00 Plus This Percentage on the Excess over the Base 10.0% 12.0 22.0 24.0 32.0 35.0 37.0 Average Tax Rate at Top of Bracket 10.0% 11.5 17.1 20.4 22.8 30.1 37.0

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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