Question

Heather, a single taxpayer who files as a head of household,
earns $60,900 in taxable income and $9,500 in interest from an
investment in city of Oxford Bonds. Using the U.S. tax rate
schedule for year 2019, how much federal tax will she owe? What is
her average tax rate? What is her effective tax rate? What is her
current marginal tax rate? If Heather has an additional $29,000 of
tax deductions, what is her marginal tax rate on these deductions?
**(Round the tax rates to two decimal places, e.g., .12345 as
12.35%**

2019 Tax Rate Schedules

**Individuals**

**Schedule X-Single**

If taxable income is
over: |
But not over: |
The tax is: |
---|---|---|

$ 0 | $ 9,700 | 10% of taxable income |

$ 9,700 | $ 39,475 | $970 plus 12% of the excess over $9,700 |

$ 39,475 | $ 84,200 | $4,543 plus 22% of the excess over $39,475 |

$ 84,200 | $160,725 | $14,382.50 plus 24% of the excess over $84,200 |

$160,725 | $204,100 | $32,748.50 plus 32% of the excess over $160,725 |

$204,100 | $510,300 | $46,628.50 plus 35% of the excess over $204,100 |

$510,300 | — | $153,798.50 plus 37% of the excess over $510,300 |

**Schedule Y-1-Married Filing Jointly or Qualifying
Widow(er)**

If taxable income is
over: |
But not
over: |
The tax is: |
---|---|---|

$
0 |
$ 19,400 |
10% of taxable income |

$ 19,400 |
$ 78,950 |
$1,940 plus 12% of the excess over
$19,400 |

$ 78,950 |
$168,400 |
$9,086 plus 22% of the excess over
$78,950 |

$168,400 |
$321,450 |
$28,765 plus 24% of the excess over
$168,400 |

$321,450 |
$408,200 |
$65,497 plus 32% of the excess over
$321,450 |

$408,200 |
$612,350 |
$93,257 plus 35% of the excess over
$408,200 |

$612,350 |
— |
$164,709.50 plus 37% of the excess over
$612,350 |

**Schedule Z-Head of
Household**

If taxable income
is over: |
But not
over: |
The tax is: |
---|---|---|

$
0 |
$ 13,850 |
10% of taxable income |

$ 13,850 |
$ 52,850 |
$1,385 plus 12% of the excess over
$13,850 |

$ 52,850 |
$ 84,200 |
$6,065 plus 22% of the excess over
$52,850 |

$ 84,200 |
$160,700 |
$12,962 plus 24% of the excess over
$84,200 |

$160,700 |
$204,100 |
$31,322 plus 32% of the excess over
$160,700 |

$204,100 |
$510,300 |
$45,210 plus 35% of the excess over
$204,100 |

$510,300 |
— |
$152,380 plus 37% of the excess over
$510,300 |

**Schedule Y-2-Married Filing
Separately**

If taxable income is
over: |
But not
over: |
The tax is: |
---|---|---|

$
0 |
$ 9,700 |
10% of taxable income |

$ 9,700 |
$ 39,475 |
$970 plus 12% of the excess over $9,700 |

$ 39,475 |
$ 84,200 |
$4,543 plus 22% of the excess over
$39,475 |

$ 84,200 |
$160,725 |
$14,382.50 plus 24% of the excess over
$84,200 |

$160,725 |
$204,100 |
$32,748.50 plus 32% of the excess over
$160,725 |

$204,100 |
$306,175 |
$46,628.50 plus 35% of the excess over
$204,100 |

$306,175 |
— |
$82,354.75 plus 37% of the excess over
$306,175 |

Answer #1

**ANSWER
:-**

Fedral tax that Heather
will owe on Taxable income of **$ 60,900** for the year
2019 :-

As per tax slae Rate :-

- 0 - 13850 :- 13850 * 10% = $1,385
- 13850 - 52850 :- 52850* 12% = $ 6,065
- 52850 - 84,200 :- $ 8,050 * 22% = $1,771
**Total Taxable Income = $ 9,221**

**Note
:- city of Oxford Bonds is non taxable
item**

**Marginal tax rate rate =
22%**

**Average Tax Rate = Tax / Taxable Income**

$ 9,221/ 60,900

= 15,14 %

**Effective tax rate = Tax / Taxable Income**

$ 9,221/ $70,400

**= 13.09 %**

**Fedral Tax that heater will owe on taxable income of $ 31,900 ( 60,900 - 29000 -deduction ) for the Year 2019 :-**

1385 + 12 % * ( 31,900 - 13850)

**= $ 3,551**

**Marginal tax rate rate =
12%**

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But not over:
The tax is:
$ 0
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15.0
13.8
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35.0
29.0
Over $400,000
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