Rajesh is filing single and he has an adjusted gross income (AGI) of $87,000 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: but not over: your tax is: $ 0 $9,525 10% OF the taxable income $9,525 $38,700 $952.50 plus 12% of the excess over $9,525 $38,700 $82,500 $4,453.50 plus 22% of the excess over $38,700 $82,500 $157,500 $14,089.50 plus 24% of the excess over $82,500 $157,500 $200,000 $32,089.50 plus 32% of the excess over $157,500 $200,000 $500,000 $45,689.50 plus 35% of the excess over $200,000 $500,000 _______ $150,689.50 plus 37% OF THE AMOUNT O
Rajesh is filing single and he has an adjusted gross income (AGI) of $87,000 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: but not over: your tax is: $ 0 $9,525 10% OF the taxable income $9,525 $38,700 $952.50 plus 12% of the excess over $9,525 $38,700 $82,500 $4,453.50 plus 22% of the excess over $38,700 $82,500 $157,500 $14,089.50 plus 24% of the excess over $82,500 $157,500 $200,000 $32,089.50 plus 32% of the excess over $157,500 $200,000 $500,000 $45,689.50 plus 35% of the excess over $200,000 $500,000 _______ $150,689.50 plus 37% OF THE AMOUNT O
Chapter1: The Individual Income Tax Return
Section: Chapter Questions
Problem 8P
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Rajesh is filing single and he has an adjusted gross income (AGI) of $87,000 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: | but not over: | your tax is: |
---|---|---|
$ 0 | $9,525 | 10% OF the taxable income |
$9,525 | $38,700 | $952.50 plus 12% of the excess over $9,525 |
$38,700 | $82,500 | $4,453.50 plus 22% of the excess over $38,700 |
$82,500 | $157,500 | $14,089.50 plus 24% of the excess over $82,500 |
$157,500 | $200,000 | $32,089.50 plus 32% of the excess over $157,500 |
$200,000 | $500,000 | $45,689.50 plus 35% of the excess over $200,000 |
$500,000 | _______ | $150,689.50 plus 37% OF THE AMOUNT OVER $500,000 |
Rajesh's 2018 tax is: $
(Round to the nearest dollar.)
What is Rajesh's effective tax rate? [Tax paid divided by taxable income]
%
(Write as a percent, rounded to one decimal place.)
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Rajesh is filing single and he has an adjusted gross income (AGI) of $84,000 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.
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