# (Solved Homework): McGraw-Ha Education mheducat Imported From " I mework iported Fron, Fre Domain Manag CheapDomain.com St…

McGraw-Ha Education mheducat Imported From ” I mework iported Fron, Fre Domain Manag CheapDomain.com Studenl.onsgov MOn Campus&ODevry University Help Save & Exit Check myw Problem 1-37 (LO 1-3) Campbell, a single taxpayer, earns \$241,500 in taxable income and \$10.000 in interest from an investment in State of New York bonds (Use the US tax.rate schedule) (Do not round intermediate calculations. Round “Federal tox” to 2 decimal pleces.) a. How much federal tax will she owe? b. What is her average tax rate? c. What is her effective tax rate? d. What is her current marginal tax rate? Complete this question by entering your answers in the tabs below. Req D Req A Req B Req c What is her current marginal tax rate? 《ReqC Prex 3 Next> ACK

 Campbell Single Taxpayer Taxable Income \$    241,500.00 Interest Income \$      10,000.00 Total Income \$    251,500.00 Rate Tax bracket Tax Owed 33% \$191,650 to \$416,700 \$46,643.75 plus 33% of the excess over \$191,650 1) How much federal tax she owed \$46643.75+33%(\$241500-\$191650) \$46643.75+33%*\$49850 \$46643.75+\$16450.50 \$63,094.25 2) Average TaxRate Average Tax Rate=Total Tax/Taxable Income Average Tax Rate=\$63094.25/\$241500 Average Tax Rate= 26.13 % 3) Effective Tax rate=Total Tax/Total Income Effective Tax rate=\$63094.25/\$251500 Effective Tax Rate= 25.09 % 4) Marginal Tax Rate= 33% Income between \$191650 to \$416700 marginal tax rate in case of single taxpayer is 33%

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