Rajesh is filing single and he has an adjusted gross income (AGI) of $85,000 for the 2018 tax year. He qualifies for the standard deduction of $12,000. Use the following 2018 Federal tax rate schedule to calculate his 2018 Federal income tax. If your filing status is single; and taxable income is more than: $0 $9,525 $38,700 $82,500 $157,500 $200,000 $500,000 but not over: $9,525 $38,700 $82,500 $157,500 $200,000 $500,000 Rajesh's 2018 tax is: $ 13550 (Round to the nearest dollar.) What is Rajesh's effective tax rate? [Tax paid divided by taxable income] 19 x% (Write as a percent, rounded to one decimal place.) 10% OF the taxable income $952.50 plus 12% of the excess over $9,525 $4,453.50 plus 22% of the excess over $38,700 $14,089.50 plus 24% of the excess over $82,500 $32,089.50 plus 32% of the excess over $157,500 $45,689.50 plus 35% of the excess over $200,000 $150,689.50 plus 37% OF THE AMOUNT OVER $500,000 your tax is: X
Rajesh is filing single and he has an adjusted gross income (AGI) of $85,000 for the 2018 tax year. He qualifies for the standard deduction of $12,000. Use the following 2018 Federal tax rate schedule to calculate his 2018 Federal income tax. If your filing status is single; and taxable income is more than: $0 $9,525 $38,700 $82,500 $157,500 $200,000 $500,000 but not over: $9,525 $38,700 $82,500 $157,500 $200,000 $500,000 Rajesh's 2018 tax is: $ 13550 (Round to the nearest dollar.) What is Rajesh's effective tax rate? [Tax paid divided by taxable income] 19 x% (Write as a percent, rounded to one decimal place.) 10% OF the taxable income $952.50 plus 12% of the excess over $9,525 $4,453.50 plus 22% of the excess over $38,700 $14,089.50 plus 24% of the excess over $82,500 $32,089.50 plus 32% of the excess over $157,500 $45,689.50 plus 35% of the excess over $200,000 $150,689.50 plus 37% OF THE AMOUNT OVER $500,000 your tax is: X
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Please Fast answer & No image allowed
![Rajesh is filing single and he has an adjusted gross income (AGI) of $85,000 for the 2018 tax year. He
qualifies for the standard deduction of $12,000. Use the following 2018 Federal tax rate schedule to
calculate his 2018 Federal income tax.
If your filing status is single;
and taxable income is more
than:
$0
$9,525
$38,700
$82,500
$157,500
$200,000
$500,000
but not
over:
$9,525
$38,700
$82,500
$157,500
$200,000
$500,000
Rajesh's 2018 tax is: $ 13550
(Round to the nearest dollar.)
What is Rajesh's effective tax rate? [Tax paid divided by taxable income]
19
X%
(Write as a percent, rounded to one decimal place.)
10% OF the taxable income
$952.50 plus 12% of the excess over $9,525
$4,453.50 plus 22% of the excess over $38,700
$14,089.50 plus 24% of the excess over $82,500
$32,089.50 plus 32% of the excess over $157,500
$45,689.50 plus 35% of the excess over $200,000
$150,689.50 plus 37% OF THE AMOUNT OVER
$500,000
your tax is:
X](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F58f64e99-b3fb-491d-a9f5-7a66a1bd819c%2F926e31ac-fb9f-4546-a08b-281dd3171be6%2Fcgrz3aa_processed.png&w=3840&q=75)
Transcribed Image Text:Rajesh is filing single and he has an adjusted gross income (AGI) of $85,000 for the 2018 tax year. He
qualifies for the standard deduction of $12,000. Use the following 2018 Federal tax rate schedule to
calculate his 2018 Federal income tax.
If your filing status is single;
and taxable income is more
than:
$0
$9,525
$38,700
$82,500
$157,500
$200,000
$500,000
but not
over:
$9,525
$38,700
$82,500
$157,500
$200,000
$500,000
Rajesh's 2018 tax is: $ 13550
(Round to the nearest dollar.)
What is Rajesh's effective tax rate? [Tax paid divided by taxable income]
19
X%
(Write as a percent, rounded to one decimal place.)
10% OF the taxable income
$952.50 plus 12% of the excess over $9,525
$4,453.50 plus 22% of the excess over $38,700
$14,089.50 plus 24% of the excess over $82,500
$32,089.50 plus 32% of the excess over $157,500
$45,689.50 plus 35% of the excess over $200,000
$150,689.50 plus 37% OF THE AMOUNT OVER
$500,000
your tax is:
X
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education