In: Accounting
* Chuck, a single taxpayer, earns $70,000 in taxable income and $10,000 in interest from an investment in City of Heflin bonds. Using the U.S. tax rate schedule, how much federal tax will he owe?
* Chuck, a single taxpayer, earns $70,000 in taxable income and $10,000 in interest from an investment in City of Heflin bonds. What is his effective tax rate?
* Chuck, a single taxpayer, earns $70,000 in taxable income and $10,000 in interest from an investment in City of Heflin bonds. What is his current marginal tax rate?
Income Slab | Tax Percent | Tax | |||||
0-9700 | 10% | 970 | |||||
9701-39475 | 12% | 3573 | |||||
39476-84200 | 22% | 6715.5 | |||||
11258.5 | |||||||
Effective Rate | Amount | ||||||
Total Tax | 11258.5 | ||||||
Total Income | 80000 | ||||||
Effective Rate | 14.07% | ||||||
Marginal Tax Rate will remain 22% rate tax bracket if this income increases upto $ 14200 (84200-70000) and | |||||||
deductions from income upto $ 30524 (70000-39476) |