Liam has a gross income of $120,000 and takes the standard deduction. 1) What are his total taxes due?2) What is his marginal tax rate?3) What is his effective tax rate? Round to the neared hundredth of a percent. For the following question, assume the characters are single filers and not claimed as a dependent on someone else's tax return.2020 Tax BracketsSingle0 to $9,875Individual Income Tax RatesMarried Filing Jointly10%0 to $19,75012%22%24%32%35%37%Standard Deduction$9,876 to $40,125$40,126 to $85,525$85,526 to $163,300$163,301 to $207,350$207,351 to $518,400$518,401 and up$12,400$19,751 to $80,250$80,251 to $171,050$171,051 to $326,600$326,601 to $414,700$414,701 to $622,050$622,051 and up$24,800

Taxation system Here discuss about the details of the gross income and standard deduction to get the…

Liam has a gross income of $120,000 and takes the standard deduction. 1) What are his total taxes due? 2) What is his marginal tax rate? 3) What is his effective tax rate? Round to the neared hundredth of a percent.

Liam has a gross income of $120,000 and takes the standard deduction. 1) What are his total taxes due? 2) What is his marginal tax rate? 3) What is his effective tax rate? Round to the neared hundredth of a percent.

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter12: Alternative Minimum Tax

Section: Chapter Questions

Problem 26P

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Question

Liam has a gross income of $120,000 and takes the standard deduction.

1) What are his total taxes due?

2) What is his marginal tax rate?

3) What is his effective tax rate? Round to the neared hundredth of a percent.

For the following question, assume the characters are single filers and not claimed as a dependent on someone else's tax return.
2020 Tax Brackets
Single
0 to $9,875
Individual Income Tax Rates
Married Filing Jointly
10%
0 to $19,750
12%
22%
24%
32%
35%
37%
Standard Deduction
$9,876 to $40,125
$40,126 to $85,525
$85,526 to $163,300
$163,301 to $207,350
$207,351 to $518,400
$518,401 and up
$12,400
$19,751 to $80,250
$80,251 to $171,050
$171,051 to $326,600
$326,601 to $414,700
$414,701 to $622,050
$622,051 and up
$24,800

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