CH 1 HW Solutions

CH 1 HW Solutions - jointly rate schedule Taxable Income $...

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44. A taxpayer has $95,000 of taxable income for the current year. Determine the total tax, the marginal tax rate, and the average tax rate if the taxpayer is a a. Single individual b. Married couple c. Corporation a. Total tax on $95,000 for a single individual: 2011 single rate schedule Taxable Income $ 95,000 Tax on 83,600 $ 17,025.00 Excess $ 11,400 Taxed at Marginal tax rate x 28 % 3,192.00 Total Tax $ 20,217.00 average tax rate = 21.28% = $20,217.00 tax ÷ $95,000 taxable income b. Total tax on $95,000 for a married couple: 2011 married, filing
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Unformatted text preview: jointly rate schedule Taxable Income $ 95,000 Tax on 69,000 $ 9,500.00 Excess $ 26,000 Taxed at Marginal tax rate x 25 % 6,500.00 Total Tax $ 16,000.00 average tax rate = 16.84% = $16,000.00 tax ÷ $95,000 taxable income c. Total tax on $95,000 for a corporation: 2011 corporate rate schedule Taxable Income $ 95,000 Tax on 75,000 $13,750 Excess $ 20,000 Taxed at Marginal tax rate x 34 % 6,800 Total Tax $20,550 average tax rate = 21.63% = $20,550 tax ÷ $95,000 taxable income...
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This note was uploaded on 11/08/2011 for the course ACC 301 taught by Professor Pendarvis during the Spring '09 term at St. Leo.

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CH 1 HW Solutions - jointly rate schedule Taxable Income $...

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