Question
In: Economics
Use the 2019 U.S. federal tax rates in the table to calculate answers to the questions...
Use the 2019 U.S. federal tax rates in the table to calculate
answers to the questions below. Give all answers to two
decimals.
1st attempt
See Hint
If you have a taxable income of $323,420.00, what is your
top marginal tax
rate? %
total tax bill? $
average tax
rate? %
Solutions
Expert Solution
Solution:-
Taxable Income = $3, 23,420
(a)Marginal tax rate = 35%
(b) Total Tax Bill = 9,700 x 10% + (39,475 - 9,700) x 12% + (84,200 - 39,475) x 22% + (160,725 - 84,200) x 24% + (160,725 – 204,100) * 32% + (3,23,420 - 204,100 ) * 35%
= (9,700 * 10%) + (29,775 * 12%) + (44,725 * 22%) + (76,525 * 24%) + (43,375 * 32%) + (1,19,320 * 35%)
= 970 + 3573 + 9839.5 + 18366 + 13880 + 41762
= 88,390.5
(c) Average tax rate = Total tax bill / Taxable Income * 100
= 88,390.5 / 3,23,420 * 100
= 0.2733 * 100
= 27.33%
Rahul Sunny answered 2 years agoRelated Solutions
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