Marc, a single taxpayer, earns $60,000 in taxable income and $5,000 in interest from an investment in city of Birmingham bonds. Using the U.S. tax rate schedule for year 2023, what is his effective tax rate? ( Use tax rate schedule.) Note: Round your final answer to two decimal places. Multiple Choice 22 percent 13.09 percent 14.98 percent 10.62 percent None of the choices are correct.

Marc, a single taxpayer, earns $60,000 in taxable income and $5,000 in interest from an investment in city of Birmingham bonds. Using the U.S. tax rate schedule for year 2023, what is his effective tax rate? ( Use tax rate schedule.) Note: Round your final answer to two decimal places. Multiple Choice 22 percent 13.09 percent 14.98 percent 10.62 percent None of the choices are correct.

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter4: Income Exclusions

Section: Chapter Questions

Problem 66IIP

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