FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Jill lived and worked in North Carolina for the entire 2013 tax year. Her adjusted gross income was $70,000
and she qualifies for the standard deduction of $3000 and exemption of $2000. Use the following 2011-2013
NC tax rate schedule (taken from http://www.dor.state.nc.us/taxes/individual/rates.html) to calculate her
2013 NC tax.
If your filing status is single;
but not
and taxable income is more
than:
your tax is:
over:
6% OF THE NC TAXABLE INCOME AMOUNT ON FORM D-
400
$ 0
$12,750
$12,750
$60,000
$765 + 7% OF THE AMOUNT OVER $12,750
$60,000
$4,072.50 + 7.75% OF THE AMOUNT OVER $60,000
Jill's 2013 NC tax is: $
(Round to the nearest dollar.)
What is Jill's effective tax rate? [Tax paid divided by taxable income]
(Write as a percent, rounded to one decimal place.)
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Transcribed Image Text:Jill lived and worked in North Carolina for the entire 2013 tax year. Her adjusted gross income was $70,000 and she qualifies for the standard deduction of $3000 and exemption of $2000. Use the following 2011-2013 NC tax rate schedule (taken from http://www.dor.state.nc.us/taxes/individual/rates.html) to calculate her 2013 NC tax. If your filing status is single; but not and taxable income is more than: your tax is: over: 6% OF THE NC TAXABLE INCOME AMOUNT ON FORM D- 400 $ 0 $12,750 $12,750 $60,000 $765 + 7% OF THE AMOUNT OVER $12,750 $60,000 $4,072.50 + 7.75% OF THE AMOUNT OVER $60,000 Jill's 2013 NC tax is: $ (Round to the nearest dollar.) What is Jill's effective tax rate? [Tax paid divided by taxable income] (Write as a percent, rounded to one decimal place.)
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