Question
In: Accounting
Piper Wells is single and received the items and amounts of income shown below during 2015,...
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Piper Wells is single and received the items and amounts of income shown below during 2015, as shown below. Determine the marginal tax rate applicable to each item. Note that if the item is not taxable, the marginal rate is 0.
Salary $30,000
Dividends 800
Gift from mother 500
Child support from ex-husband 3,600
Interest on savings account 250
Rental property 900
Loan from bank 2,000
Interest on state government bonds 300
Solutions
Expert Solution
| $ | $ | |
| Salary | 30,000.00 | |
| Dividends | 800.00 | |
| Interest on savings account | 350.00 | |
| Rental income | 900.00 | |
| A. Gross Total Income | 32,050.00 | |
| B. Standard Deduction | -6,300.00 | |
| C. Personal and dependency exemption | -8,100.00 | -14,400.00 |
| Taxable income (A-B-C) | 17,650.00 | |
| Marginal tax rate | ||
| $ 9275 x 10% | 927.50 | |
| ($17650 - $ 9275 ) x 15% | 1,256.25 | |
| Marginal tax | 2,183.75 | 2,183.75 |
| Exempt Income | ||
| Child support from ex-husband | 3,600.00 | |
| Gift from Mother | 500.00 | |
| Loan from bank | 2,000.00 | |
| Interest on state government bonds | 300.00 | |
| Total Exempt Income | 6,400.00 |
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