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1) Use the hypothetical information provided below on AGI, Family Structure and Filing Status, Itemized Deductions...

1) Use the hypothetical information provided below on AGI, Family Structure and Filing Status, Itemized Deductions (relative to the Standard deduction), Withholdings, Tax Credits, and the tax rates to compute the average and marginal tax rate for a taxpayer. AGI=$95,000; Married Filing Jointly; 2 Children; Itemized Deductions=$15,000; Standard Deduction=$20,000; Personal Exemptions $4000 per person; Child Credit $1000 per child. Withholding=$9,000; Tax Rates: 10% for first $10000 of Taxable Income; 15% of next $50,000 of taxable income; 25% of the rest.

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ekkarill92 answered 1 year ago
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