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What is the amount of the taxes and the average tax rate

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Reference no: EM133004437

Problem 1: The Garcia's earned $40,000 in active income and $1,000 in long term capital gain. What is the amount of their taxes and their average tax rate if they filed joint return?

17400 (0.1) + (40000 - 17400(0.15) + 1000(0.15) = 5280
Average rate = 5280/41000 = 0.12878

Reference no: EM133004437

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