U.S. Tax Rate Schedule Assignment
February 18th, 2020
Chuck, a single taxpayer, earns $79,750 in taxable income and $28,250 in interest from an investment in City of Heflin bonds. (Use the U.S. tax rate schedule.)
Required:
- If Chuck earns an additional $50,750 of taxable income, what is his marginal tax rate on this income?
- What is his marginal rate if, instead, he had $50,750 of additional deductions?
(For all requirements, do not round intermediate calculations. Round your answers to 2 decimal places.)
2019 Tax Rate Schedules
Individuals
Schedule X-Single
| If taxable income is over: | But not over: | The tax is: |
|---|---|---|
| $ 0 | $ 9,700 | 10% of taxable income |
| $ 9,700 | $ 39,475 | $970 plus 12% of the excess over $9,700 |
| $ 39,475 | $ 84,200 | $4,543 plus 22% of the excess over $39,475 |
| $ 84,200 | $160,725 | $14,382.50 plus 24% of the excess over $84,200 |
| $160,725 | $204,100 | $32,748.50 plus 32% of the excess over $160,725 |
| $204,100 | $510,300 | $46,628.50 plus 35% of the excess over $204,100 |
| $510,300 | — | $153,798.50 plus 37% of the excess over $510,300 |
****IM NOT SURE WHAT IM DOING WRONG I GOT 20.36% FOR THE A AND 17.60% FOR B!
