Sole proprietorship for 2019 what is the highest marginal income tax rate that an individual can...

Sole proprietorship
for 2019 what is the highest marginal income tax rate that an individual can pay?

Solutions

Expert Solution

Ans is 37%

Reason:-

Sole proprietor is taxed at an individual rate. Therefore, the maximum rate as per the following table is 37%.

2019 TAX YEAR – SINGLE

Income Range	Income Tax Rate	Long-Term Capital Gains Rate
$0 to $9,700	10%	0%
$9,701 to $39,475	12%	0%
$39,476 to $84,200	22%	15% at $39,376
$84,201 to $160,725	24%	15%
$160,726 to $204,100	32%	15%
$204,101 to $510,300	35%	15%; 20% at $434,55
$510,301+	37%	20%

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