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Business 1307 Homework Assignment #4 Due: February 11, 2019 Name_______________ Chapter 3 Taxes 1. You have itemized deductions that total \$6,890. The standard deduction for your tax situation is \$12,000. Should you itemize your deductions or use the standard deduction? 2. If \$3,432 was withheld during the year and taxes owed were \$3,316, would the person owe an additional amount or receive a refund? What is the amount owed or refunded? 3. Based upon the following hypothetical tax brackets , calculate the following: Rate on Taxable Income Taxpayer 10% Not over \$10,000 12% Over \$10,000 but not over \$30,000 22% Over \$30,000 but not over \$80,000 24% Over \$80,000 but not over \$160,000 32% Over \$160,000 but not over \$350,000 35% Over \$350,000 A. Calculate the tax on taxable income of \$40,000. ____________________ B. Based on A, what is the average tax rate? (Even if you get A wrong, you can still receive credit for B if you use the correct methodology. ________________________ C. What is the marginal tax rate for this taxable income level? ____________________ 1

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4. On December 30, you decide to make a \$1,000 charitable donation. If you are in a 32 percent tax
• Spring '18
• KENYATTA PHELPS
• Taxation in the United States

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