Steve and Claire are married, and both lived and worked in North Carolina for the entire 2013 tax year. Their total adjusted gross income was $71,000 and they qualified for the standard deduction of $6000 and exemption of $2500 (per person). Use the following 2011-2013 NC tax rate schedule (taken from http://www.dor.state.nc.us/taxes/individual/rates.html) to calculate her 2013 NC tax. If your filing status is married, filing jointly or qualifying widow or widower; and taxable income is more than: but not over: your tax is: $ 0 $21,250 6% OF THE NC TAXABLE INCOME AMOUNT ON FORM D-400 $21,250 $100,000 $1275 + 7% OF THE AMOUNT OVER $21,250 $100,000 _______ $6,787.50 + 7.75% OF THE AMOUNT OVER $100,000 Steve and Claire's 2013 NC tax is: $ (Round to the nearest dollar.) What is Steve and Claire's effective tax rate? [Tax paid divided by taxable income] % (Write as a percent, rounded to one decimal place.)
Steve and Claire are married, and both lived and worked in North Carolina for the entire 2013 tax year. Their total adjusted gross income was $71,000 and they qualified for the standard deduction of $6000 and exemption of $2500 (per person). Use the following 2011-2013 NC tax rate schedule (taken from http://www.dor.state.nc.us/taxes/individual/rates.html) to calculate her 2013 NC tax. If your filing status is married, filing jointly or qualifying widow or widower; and taxable income is more than: but not over: your tax is: $ 0 $21,250 6% OF THE NC TAXABLE INCOME AMOUNT ON FORM D-400 $21,250 $100,000 $1275 + 7% OF THE AMOUNT OVER $21,250 $100,000 _______ $6,787.50 + 7.75% OF THE AMOUNT OVER $100,000 Steve and Claire's 2013 NC tax is: $ (Round to the nearest dollar.) What is Steve and Claire's effective tax rate? [Tax paid divided by taxable income] % (Write as a percent, rounded to one decimal place.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Steve and Claire are married, and both lived and worked in North Carolina for the entire 2013 tax year. Their total adjusted gross income was $71,000 and they qualified for the standard deduction of $6000 and exemption of $2500 (per person). Use the following 2011-2013 NC tax rate schedule (taken from http://www.dor.state.nc.us/taxes/individual/rates.html) to calculate her 2013 NC tax.
If your filing status is married, filing jointly or qualifying widow or widower;
| and taxable income is more than: | but not over: | your tax is: |
|---|---|---|
| $ 0 | $21,250 | 6% OF THE NC TAXABLE INCOME AMOUNT ON FORM D-400 |
| $21,250 | $100,000 | $1275 + 7% OF THE AMOUNT OVER $21,250 |
| $100,000 | _______ | $6,787.50 + 7.75% OF THE AMOUNT OVER $100,000 |
Steve and Claire's 2013 NC tax is: $
(Round to the nearest dollar.)
What is Steve and Claire's effective tax rate? [Tax paid divided by taxable income]
%
(Write as a percent, rounded to one decimal place.)
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