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Campbell, a single taxpayer, earns $246,000 in taxable income and $3,600 in interest from an...

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Question

Accounting

Campbell, a single taxpayer, earns $246,000 in taxable income and $3,600 in interest from an investment in State of New York bonds. (Use the U.S. tax rate schedule).

Required:

If Campbell earns an additional $17,000 of taxable income, what is her marginal tax rate on this income?

What is her marginal rate if, instead, she had $17,000 of additional deductions?

Answer & Explanation Solved by verified expert
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