is single and had an adjusted gross income of $36,100. Use the given tax table to complete parts (a) through (d). Tax Rate Single Married Filing Jointly Married Filing Separately Head of Household 10% up to $9950 up to $19,900 up to $9950 up to $14,200 12% up to $40,525 up to $81,050 up to $40,525 up to $54,200 22% up to $86,375 up to $172,750 up to $86,375 up to $86,350 24% up to $164,925 up to $329,850 up to $164,925 up to $164,900 32% up to $209,425 up to $418,850 up to $209,425 up to $209,400 35% up to $523,600 up to $628,300 up to $314,150 up to $523,600 37% above $523,600 above $628,300 above $314,150 above $523,600 Standard Deduction $12,550 $25,100 $12,550 $18,800 Question content area bottom Part 1 a. Determine the person's taxable income. Assume the standard deduction. The taxable income is $ Compute the tax owed. The tax owed is $ State the person's marginal tax rate (tax bracket); then calculate the effective tax rate as a percentage of taxable income. Gene is in the ▼ 32% 22% 35% 37% 10% 24% 12% ( which of these choices) tax bracket. The effective tax rate based on taxable income is Calculate the effective tax rate as a percentage of adjusted gross income, and comment on why it differs from what you found in part (c). The effective tax rate based on adjusted gross income is

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter3: Preparing Your Taxes

Section: Chapter Questions

Problem 1FPE: Calculating marginal tax rates. Lacey Hansen is single and received the items and amounts of income...

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Tax Rate	Single	Married Filing Jointly	Married Filing Separately	Head of Household
10%	up to $9950	up to $19,900	up to $9950	up to $14,200
12%	up to $40,525	up to $81,050	up to $40,525	up to $54,200
22%	up to $86,375	up to $172,750	up to $86,375	up to $86,350
24%	up to $164,925	up to $329,850	up to $164,925	up to $164,900
32%	up to $209,425	up to $418,850	up to $209,425	up to $209,400
35%	up to $523,600	up to $628,300	up to $314,150	up to $523,600
37%	above $523,600	above $628,300	above $314,150	above $523,600
Standard Deduction	$12,550	$25,100	$12,550	$18,800

Question content area bottom

Part 1

a. Determine the

person's

taxable income. Assume the standard deduction.

The taxable income is

Compute the tax owed.

The tax owed is

State the

person's

marginal tax rate (tax bracket); then calculate the effective tax rate as a percentage of taxable income.

Gene

is in the

▼

32%

22%

35%

37%

10%

24%

12% ( which of these choices)

tax bracket.

The effective tax rate based on taxable income is

Calculate the effective tax rate as a percentage of adjusted gross income, and comment on why it differs from what you found in part (c).

The effective tax rate based on adjusted gross income is

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