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- Given that your gross income for 2020 was $180,000 and your taxable income was $140,000. Calculate: a. the marginal tax rate b. the average tax rate c. the effective tax rate. SHOW WORKIf you have a taxable income of $369,770.00, what is your top marginal tax rate? total tax bill? S average tax rate? de % %How are you determining income before income tax answer of $166,000?
- (5) Applying the following hypothetical Federal Income Tax Rate Table, for a Single Tax-Filer earning $100,000 annually, calculate the following (Show your Calculations): a) Total Tax Due? b) Marginal Tax Rate? c) Effective Tax Rate?You earned $50,140 taxable income last year. What is your effective tax rate using the Single Filer Tax Bracket below (round percentage to two decimal places) {DO NOT INCLUDE % SIGN}? Type your responseHow did you get $12,974.50 for the Marginal tax rate part?
- Given the following tax structure, Taxpayer Salary Total tax $21,500 $1,032 $46,000 ??? Mae Pedro a. What is the minimum tax that Pedro should pay to make the tax structure vertically equitable based on the tax rate paid? (Round your final answer to nearest whole dollar amount.) Minimum tax b. This would result in what type of tax rate structure? Tax rate structureUse the 2019 U.S. federal tax rates in the table to calculate answers to the questions below. Give all answers to two decimals. If you have a taxable income of $289,980.00, what is your top marginal tax rate? % total tax bill? $ average tax rate? %In step 2 how did you get the excess income tax of 19,520.00?
- 4.An individual made $85,000 for the year. Using the tax given , answer the following questions: A.What is this person's marginal tax rate? B.How much tax does this person owe? C.What is the effective tax rate?What would be the average tax rate for a person who paid taxes of $6,435 on a taxable income of $40,780? (Enter your answer as a percent rounded to 2 decimal places.)If Hulk has taxable income = $94,000, how much will it pay in taxes? Select one: a. $16,750 b. $13,500 c. $20,210 d. $11,750 e. $10,050 ???