TABLE 2.3 Personal tax rates for 2021 (Unmarried Individuals) Taxable Income Tax Rate $ 0–9,950 10% 9,950–40,525 12 40,525–86,375 22 86,375–164,925 24 164,925–209,425 32 209,425–523,600 35 523,600+ 37 Duela Dent is single and had $187,200 in taxable income. Using the rates from Table 2.3, calculate her income taxes. What is the average tax rate? What is the marginal tax rate? Note: Do not round intermediate calculations and round your income tax answer to 2 decimal places, e.g., 32.16. Enter the average and marginal tax rate answers as a percent, rounded 2 decimal places, e.g., 32.16
TABLE 2.3 Personal tax rates for 2021 (Unmarried Individuals) Taxable Income Tax Rate $ 0–9,950 10% 9,950–40,525 12 40,525–86,375 22 86,375–164,925 24 164,925–209,425 32 209,425–523,600 35 523,600+ 37 Duela Dent is single and had $187,200 in taxable income. Using the rates from Table 2.3, calculate her income taxes. What is the average tax rate? What is the marginal tax rate? Note: Do not round intermediate calculations and round your income tax answer to 2 decimal places, e.g., 32.16. Enter the average and marginal tax rate answers as a percent, rounded 2 decimal places, e.g., 32.16
Chapter1: Federal Income Taxation—an Overview
Section: Chapter Questions
Problem 42P
Related questions
Question
TABLE 2.3
Personal tax rates for 2021 (Unmarried Individuals)
Taxable Income | Tax Rate |
---|---|
$ 0–9,950 | 10% |
9,950–40,525 | 12 |
40,525–86,375 | 22 |
86,375–164,925 | 24 |
164,925–209,425 | 32 |
209,425–523,600 | 35 |
523,600+ | 37 |
Duela Dent is single and had $187,200 in taxable income. Using the rates from Table 2.3, calculate her income taxes. What is the average tax rate? What is the marginal tax rate?
Note: Do not round intermediate calculations and round your income tax answer to 2 decimal places, e.g., 32.16. Enter the average and marginal tax rate answers as a percent, rounded 2 decimal places, e.g., 32.16.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Recommended textbooks for you
Fundamentals of Financial Management (MindTap Cou…
Finance
ISBN:
9781285867977
Author:
Eugene F. Brigham, Joel F. Houston
Publisher:
Cengage Learning
Fundamentals of Financial Management, Concise Edi…
Finance
ISBN:
9781305635937
Author:
Eugene F. Brigham, Joel F. Houston
Publisher:
Cengage Learning
Fundamentals of Financial Management (MindTap Cou…
Finance
ISBN:
9781285867977
Author:
Eugene F. Brigham, Joel F. Houston
Publisher:
Cengage Learning
Fundamentals of Financial Management, Concise Edi…
Finance
ISBN:
9781305635937
Author:
Eugene F. Brigham, Joel F. Houston
Publisher:
Cengage Learning
Fundamentals Of Financial Management, Concise Edi…
Finance
ISBN:
9781337902571
Author:
Eugene F. Brigham, Joel F. Houston
Publisher:
Cengage Learning
Pfin (with Mindtap, 1 Term Printed Access Card) (…
Finance
ISBN:
9780357033609
Author:
Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:
Cengage Learning