FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Given the following tax structure, what minimum tax would need to be assessed on Shameika to make the tax progressive with
respect to effective tax rates?
Note: Round percentages to 1 decimal place. Round your final answer to nearest whole dollar amount.
Taxpayer
Mihwah
Shameika
Minimum tax
Salary:
$ 25,000
$ 65,000
Muni-Bond
Interest
$ 25,000
$ 37,500
Total Tax
$ 2,250
222
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Transcribed Image Text:Given the following tax structure, what minimum tax would need to be assessed on Shameika to make the tax progressive with respect to effective tax rates? Note: Round percentages to 1 decimal place. Round your final answer to nearest whole dollar amount. Taxpayer Mihwah Shameika Minimum tax Salary: $ 25,000 $ 65,000 Muni-Bond Interest $ 25,000 $ 37,500 Total Tax $ 2,250 222
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