What is his marginal tax rate on this income

Assignment Help Financial Accounting

Reference no: EM131287750

Chuck, a single taxpayer, earns $77,750 in taxable income and $29,250 in interest from an investment in City of Heflin bonds. (Use the U.S. tax rate schedule.) (Do not round intermediate calculations. Round your answers to 2 decimal places.)

"MUST USE 2015 TAX RATE SCHEDULE"

A) If Chuck earns an additional $57,250 of taxable income, what is his marginal tax rate on this income?

B) What is his marginal rate if, instead, he had $57,250 of additional deductions?

PLEASE DON'T FORGET TO USE 2015 TAX RATE

Reference no: EM131287750

Questions Cloud

What is the average investment in accounts receivable : ABC’s credit terms are 1/6, net 41. Based on experience, 64 percent of all customers take the discount. ABC has annual credit sales of $184,738. What is the average investment in accounts receivable as shown on the balance sheet?

What are the total shortage costs : ABC Company sells 3,961 chairs a year at an average price per chair of $152. The carrying cost per unit is $22.72. The company orders 268 chairs at a time and has a fixed order cost of $123.5 per order. The chairs are sold out before they are restock..

Cost of goods sold under fifo-lifo and average-cost : Larkspur, Inc. reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 117 $5 $ 585 12 Purchases 378 6 2,268 23 Purchases 217 7 1,519 30 Inventory 236 Calculate weighted-average unit cost. (Round answ..

Using the fifo-lifo and average-cost methods : Buffalo Corp. sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Buffalo Corp.’s purchases of EZslide snowboards during September. During the same month, 94 EZslide snowboards were sold. Compute t..

What is his marginal tax rate on this income : Chuck, a single taxpayer, earns $77,750 in taxable income and $29,250 in interest from an investment in City of Heflin bonds. If Chuck earns an additional $57,250 of taxable income, what is his marginal tax rate on this income?

What cost should be recorded for the wheel aligner : Joe's Garage, Inc., purchased a used vehicle lift, brake tester, and wheel aligning equipment for a lump-sum price of $16,000 from a bankrupt competitor. Appraised values were as follows: vehicle lift, $20,000; brake tester, $4,000; and wheel aligner..

The balance sheets and income statement : The balance sheets and income statement for Goblin House Inc. are presented below. During 2015, Goblin purchased $19,000 of property, paid $6,000 on its long-term notes, and declared and paid $5,000 of dividends. a) [18 points] In the space provided,..

What immediate tax consequences will result from lifo : In 2016, Gail changed from the lower of cost or market FIFO method to the LIFO inventory method The ending inventory for 2015 was computed as follows: What is the correct beginning inventory for 2016 under the LIFO method? What immediate tax conseque..

The goodness of fit test null hypothesis states : For a one sample confidence interval, the interval is calculated around the estimated population mean or standard (μm ). For a one sample confidence interval, the interval is calculated around the calculated sample mean (m). Confidence intervals prov..

User Account

All Pages