Ch.20-Web Assignment-pg529 - ..also known as the 35 percent...

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Chapter 20: Income Taxation and Value Robb Page 22-Apr-2010 FIN 497: Real Estate Principles Professor Clements Explore the Web – page 529. Visit http://www.irs.gov/ Download the current tax rate schedule for single taxpayers from the IRS website. a. What is the maximum statutory tax rate? For income over $372,950 the tax is $108,216 + 35%.
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Unformatted text preview: ..also known as the 35 percent tax bracket. b. Calculate the tax liability for a single taxpayer with $50,000 in taxable income? • $8,694. c. Has the tax liability increased or decreased since the previous year? • It has decreased by $156. See attachments. 1...
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This note was uploaded on 04/25/2010 for the course FIN 497 taught by Professor Clements during the Spring '10 term at University of Missouri-Kansas City .

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