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Campbell, a single taxpayer, earns $393,000 in taxable incomeand $12,000 in interest from an...

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Accounting

Campbell, a single taxpayer, earns $393,000 in taxable incomeand $12,000 in interest from an investment in State of New Yorkbonds. (Use the U.S. tax rate schedule.) (Do not round intermediatecalculations. Round "Federal tax" to 2 decimal places.)

a. If Campbell earns an additional $27,500 of taxable income,what is her marginal tax rate on this income?


     

b. What is her marginal rate if instead she had $27,500 ofadditional deduction?

Answer & Explanation Solved by verified expert
3.6 Ratings (422 Votes)
Using 2018 tax Schedule Taxable Income old 39300000 4568950 plus 35 of the amount over 200000 Cambell will owe old Tax 4568950 35393000 200000 11323950    See Answer
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In: AccountingCampbell, a single taxpayer, earns $393,000 in taxable incomeand $12,000 in interest from an investment...Campbell, a single taxpayer, earns $393,000 in taxable incomeand $12,000 in interest from an investment in State of New Yorkbonds. (Use the U.S. tax rate schedule.) (Do not round intermediatecalculations. Round "Federal tax" to 2 decimal places.)a. If Campbell earns an additional $27,500 of taxable income,what is her marginal tax rate on this income?     b. What is her marginal rate if instead she had $27,500 ofadditional deduction?

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