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Calculate the john taxable income

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Reference no: EM132784859

Question - John's annual gross income is $120,000 but he has an exemption of $7,200, and total deductions of $10,800. Using the following Tax Table

Income - Tax rate

0 - 9,275 - 10%

9,275 - 37,650 - 15%

37,650 - 91,150 - 25%

91,150 - 190,150 - 28%

Required -

1) Calculate the John's taxable income.

2) Calculate the John's marginal tax rate.

Reference no: EM132784859

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