MCGRAW-HILL'S TAX.OF INDIV.+BUS.2020
20th Edition
ISBN: 9781259969614
Author: SPILKER
Publisher: MCG
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Chapter 1, Problem 38P
To determine
Compute the federal tax obligation of J and A, married taxpayer, their average tax rate, effective tax rate and the marginal tax rate.
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Jorge and Anita, married taxpayers, earn $150,000 in taxable income and $40,000 in interest from an investment in City of Heflin
bonds. Using the U.S. tax rate schedule for married filing jointly, how much federal tax will they owe? What is their average tax rate?
What is their effective tax rate? What is their current marginal tax rate?
Note: Round your percentage answers to 2 decimal places.
Federal tax
Average tax rate
Effective tax rate
Marginal tax rate
%
%
%
Schedule Y-1-Married Filing Jointly or Qualifying surviving spouse
If taxable income is over: But not over:
The tax is:
$ 22,000
$ 89,450
$ 190,750
$364,200
$462,500
$ 693,750
$ 0
$ 22,000
$ 89,450
$ 190,750
$364,200
$ 462,500
$ 693,750
10% of taxable income
$2,200 plus 12% of the excess over $22,000
$10,294 plus 22% of the excess over $89,450
$32,580 plus 24% of the excess over $190,750
$74,208 plus 32% of the excess over $364,200
$105,664 plus 35% of the excess over $462,500
$186,601.5 plus 37% of the excess over $693,750
Jorge and Anita, married taxpayers, earn $155,600 in taxable income and $41,400 in interest from an investment in City of Heflin bonds. Using the U.S. tax rate schedule for married filing jointly, how much federal tax will they owe? What is their average tax rate? What is their effective tax rate? What is their current marginal tax rate?
Note: Do not round intermediate calculations. Round your answers to 2 decimal places.
Jorge and Anita, married
taxpayers, earn $161,200 in
taxable income and $42,800 in
interest from an investment in City
of Heflin bonds. Using the U.S. tax
rate schedule for married filing
jointly, how much federal tax will
they owe? What is their average
tax rate? What is their effective tax
rate? What is their current
marginal tax rate?
Chapter 1 Solutions
MCGRAW-HILL'S TAX.OF INDIV.+BUS.2020
Ch. 1 - Prob. 1DQCh. 1 - Prob. 2DQCh. 1 - Prob. 3DQCh. 1 - Courtney recently received a speeding ticket on...Ch. 1 - Prob. 5DQCh. 1 - To help pay for the citys new stadium, the city of...Ch. 1 - Prob. 7DQCh. 1 - If the general objective of our tax system is to...Ch. 1 - One common argument for imposing so-called sin...Ch. 1 - Prob. 10DQ
Ch. 1 - Describe the three different tax rates discussed...Ch. 1 - Which is a more appropriate tax rate to use to...Ch. 1 - Describe the differences between proportional,...Ch. 1 - Arnold and Lilly recently had a heated discussion...Ch. 1 - Which is the largest tax collected by the U.S....Ch. 1 - Prob. 16DQCh. 1 - Prob. 17DQCh. 1 - Prob. 18DQCh. 1 - Prob. 19DQCh. 1 - Prob. 20DQCh. 1 - What is the difference between a sales tax and a...Ch. 1 - What is an ad valorem tax? Name an example of this...Ch. 1 - Prob. 23DQCh. 1 - Prob. 24DQCh. 1 - Prob. 25DQCh. 1 - Kobe strongly dislikes SUVs and is appalled that...Ch. 1 - Prob. 27DQCh. 1 - What is the difference between horizontal and...Ch. 1 - Montel argues that a flat income tax rate system...Ch. 1 - Discuss why evaluating vertical equity simply...Ch. 1 - Prob. 31DQCh. 1 - Many years ago a famous member of Congress...Ch. 1 - Prob. 33DQCh. 1 - Prob. 34PCh. 1 - Prob. 35PCh. 1 - Campbell, a single taxpayer, earns 400,000 in...Ch. 1 - Using the facts in problem 36, if Campbell earns...Ch. 1 - Prob. 38PCh. 1 - Prob. 39PCh. 1 - Prob. 40PCh. 1 - Prob. 41PCh. 1 - Melinda invests 200,000 in a City of Heflin bond...Ch. 1 - Hugh has the choice between investing in a City of...Ch. 1 - Using the facts in problem 43, what interest rate...Ch. 1 - Fergie has the choice between investing in a State...Ch. 1 - Prob. 46PCh. 1 - Given the following tax structure, what minimum...Ch. 1 - Using the facts in problem 47, what minimum tax...Ch. 1 - Song earns 100,000 taxable income as an interior...Ch. 1 - Prob. 50PCh. 1 - Prob. 51PCh. 1 - Using the facts in problem 51, what is the minimum...Ch. 1 - Using the facts in problem 51, what is the minimum...Ch. 1 - Prob. 54PCh. 1 - Consider the following tax rate structure. Is it...Ch. 1 - Consider the following tax rate structure. Is it...Ch. 1 - Prob. 57PCh. 1 - Prob. 58PCh. 1 - Using the Internet, find a comparison of income...
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