PRACTICE WHAT YOU KNUW Using the 2019 marginal tax rates provided in the tabe below, fnd the marginal and average tax rates for the incomes shown. Give all arowers to two decimals Taxable Income Tax rate S0-59.700 $9.701-539.475 12 $39.476-S84.200 22 $84.201-60,725 24 S6a.726-5204100 32 $204J01-SSIO300 35 Over $510.300 37 What would be your federal income tax if your taxable income was $100,000.00? S What is the average tax rate for $100,000.00 in taxable income? How much tax would you owe if your income increased by $25,000 to $125.000.00? S What would be your average tax rate with $125,000.00 of taxable income?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question

7

PRACTICE WHAT YOU KNOW
Using the 2019 marginal tax rates provided in the table below, find the marginal and average tax rates for the incomes shown. Give all answers to two
decimals.
Taxable Income
Tax rate
S0-59,700
10%
$9.701-$39,47s
12
$39,476-S84,200
22
$84,201-160,725
24
$160,726-$204,100
32
$204,101-$510,300
35
Over $510,300
37
What would be your federal income tax if your taxable income was $100,000.00? S
What is the average tax rate for $100,000.00 in taxable income?
How much tax would you owe if your income increased by $25.000 to $125.000.00? S
What would be your average tax rate with $125.000.00 of taxable income?
Transcribed Image Text:PRACTICE WHAT YOU KNOW Using the 2019 marginal tax rates provided in the table below, find the marginal and average tax rates for the incomes shown. Give all answers to two decimals. Taxable Income Tax rate S0-59,700 10% $9.701-$39,47s 12 $39,476-S84,200 22 $84,201-160,725 24 $160,726-$204,100 32 $204,101-$510,300 35 Over $510,300 37 What would be your federal income tax if your taxable income was $100,000.00? S What is the average tax rate for $100,000.00 in taxable income? How much tax would you owe if your income increased by $25.000 to $125.000.00? S What would be your average tax rate with $125.000.00 of taxable income?
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

Blurred answer
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education