Use the 2019 U.S. federal tax rates in the table to calculate answers to the questions below. Give all answers to two decimals. If you have a taxable income of $289,980.00, what is your top marginal tax rate? % total tax bill? $ average tax rate? %

Use the 2019 U.S. federal tax rates in the table to calculate answers to the questions below. Give all answers to two decimals. If you have a taxable income of $289,980.00, what is your top marginal tax rate? % total tax bill? $ average tax rate? %

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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Question

Use the 2019 U.S. federal tax rates in the table to calculate answers to the questions below. Give all answers to two decimals.

If you have a taxable income of $289,980.00, what is your

top marginal tax rate? %

total tax bill? $

average tax rate? %

Taxable Income
Tax rate
$0-$9,700
10%
$9,701-$39,475
12
$39,476-$84,200
22
$84,201-160,725
24
$160,726-$204,100
32
$204,101-$510,300
35
Over $510,300
37

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