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Compute the marginal, average and effective tax rates

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Reference no: EM132712605

Question - Charles is a single taxpayer has the following income and deductions for the current tax year: (CAN YOU PLEASE COMPLETE ONE FOR 2017 AND 2019 PLEASE)

INCOME

Salary 70,000

Business Income 25,000

Interest Income from bonds 10,000

Tax-exempt bond interest 5,000

Total Income 110,000

DEDUCTIONS

Business expenses 10,000

Itemized deductions 20,000

Personal exemptions 4,050

Required -

1. Compute the taxable income and federal tax liability for the current year.

2. Compute the marginal, average and effective tax rates.

3. For tax planning purposes, which of the three rates in part 2 is the most important?

Reference no: EM132712605

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