Chuck, a single taxpayer, earns $78,300 in taxable income and $13,600 in interest from an investment in City of Heflin bonds. (Use the U.S. tax rate schedule.) Required: If Chuck earns an additional $40,000 of taxable income, what is his marginal tax rate on this income?

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02-09-2021
Business

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Chuck, a single taxpayer, earns $78,300 in taxable income and $13,600 in interest from an investment in City of Heflin bonds. (Use the U.S. tax rate schedule.) Required: If Chuck earns an additional $40,000 of taxable income, what is his marginal tax rate on this income?

Sagot :

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tanisha3020 tanisha3020 · Answer 1 · 2021-09-08T06:44:59-04:00

Answer:

The marginal tax rate on this income is 24%

The marginal tax rate in the income tax rate being charged upon the taxable income which is additional to the actual income earned from the business operations or services provided.

Explanation:

The marginal tax rate is computed as follows:

The new taxable income of the taxpayer is

[tex]\\$78,300+$30,000\\=$118,300[/tex]

As per US tax rate schedule if the taxable income is under the slab of $86,375 to $118,300, then the tax rate will be 24%, were the income will be $31,925.

Chuck, a single taxpayer, earns $78,300 in taxable income and $13,600 in interest from an investment in City of Heflin bonds. (Use the U.S. tax rate schedule.) Required: If Chuck earns an additional $40,000 of taxable income, what is his marginal tax rate on this income?

Sagot :

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