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Alan is a single taxpayer with a gross income of $88,000, a taxable income of...

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Accounting

  1. Alan is a single taxpayer with a gross income of $88,000, a taxable income of $66,000, and an income tax liability of $10,460 for 2018. Alan also has $8,000 of tax-exempt interest income. What are Alan's marginal, average, and effective tax rates?
    1. 22% marginal; 14.5% average; 15.8% effective.
    2. 24% marginal; 14.5% average; 15.8% effective.
    3. 12% marginal; 15.8% average; 14.1% effective.
    4. 22% marginal; 15.8% average; 14.1% effective.

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