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Part 1 What would be your federal income tax if your taxable income was $117,000.00? S What is the average tax rate for $117,000.00 in taxable income? Part. How much tax would you owe if your income increased by $25,000 to $142,000.00? S What would be your average tax rate with $142,000.00 of taxable income?

Part 1 What would be your federal income tax if your taxable income was $117,000.00? S What is the average tax rate for $117,000.00 in taxable income? Part. How much tax would you owe if your income increased by $25,000 to $142,000.00? S What would be your average tax rate with $142,000.00 of taxable income?

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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Part 1 What would be your federal income tax if your taxable income was $117,000.00?S What is the average tax rate for $117,000.00 in taxable income? Part How much tax would you owe if your income increased by $25,000 to $142,000.00?S What would be your average tax rate with $142,000.00 of taxable income?
Transcribed Image Text:Part 1 What would be your federal income tax if your taxable income was $117,000.00?S What is the average tax rate for $117,000.00 in taxable income? Part How much tax would you owe if your income increased by $25,000 to $142,000.00?S What would be your average tax rate with $142,000.00 of taxable income?
PRACTICE WHAI TƯU Using the 2019 marginal tax rates provided in the table below, find the marginal and average tax rates for the incomes shown. Give all answers to two decimals. Taxable Income Tax rate $০-$9.700 $9,701-$39,475 10% 12 $39,476-$84,200 22 $84,201-160,725 24 32 $160,726-$204,100 35 $204,101-$S10.,300 37 Over $510,30O 1st attempt
Transcribed Image Text:PRACTICE WHAI TƯU Using the 2019 marginal tax rates provided in the table below, find the marginal and average tax rates for the incomes shown. Give all answers to two decimals. Taxable Income Tax rate $০-$9.700 $9,701-$39,475 10% 12 $39,476-$84,200 22 $84,201-160,725 24 32 $160,726-$204,100 35 $204,101-$S10.,300 37 Over $510,30O 1st attempt
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