Question

In: Accounting

You have a taxable income of $35,600. Use the 2019 federal tax tables to determine your...

You have a taxable income of $35,600.

  1. Use the 2019 federal tax tables to determine your tax liability given your filing status.

  2. What is your marginal tax rate?

  3. What is your average tax rate?

  4. You had $4400 withheld from your paychecks for federal taxes. When you file your return will you have a refund or owe money? How much?

Solutions

Expert Solution

TAX RATE

AMOUNT

10%

UPTO $9700

12%

$ 9701 TO $ 39475

1) TAX LIABILITY = (9700*10%) + (25900*12%)

TAX LIABILITY = 970+ 3108

TAX LIABILTY = $ 4078

2) MARGINAL TAX RATE

marginal tax rate is the tax rate you would pay on one more dollar of taxable income. This typically equates to your tax bracket.

As income is increased by $1 then he has to pay tax @12%

So Marginal Tax Rate is 12%

3) AVERAGE TAX RATE =

= TOTAL TAXES / TOTAL INCOME

= (4078 / 35600)*100

= 11.455%

4) IF $4400 WITHHELD TAX

REFUND = WITHHELD TAX – TAX PAYABLE

REFUND = 4400-4078

REFUND = $322

SO YOU WILL GET REFUND OF $ 322

ekkarill92 answered 2 years ago
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