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Campbell, a single taxpayer, earns $400,000 in taxable income and $2,000 in interest from an...

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Accounting

Campbell, a single taxpayer, earns $400,000 in taxable income and $2,000 in interest from an investment in State of New York bonds. (Use the U.S. tax rate schedule.) Required:

  1. How much federal tax will she owe?
  2. What is her average tax rate?
  3. What is her effective tax rate?
  4. What is her current marginal tax rate?

Individuals

Schedule X-Single

If taxable income is over: But not over: The tax is:
$ 0 $ 9,875 10% of taxable income
$ 9,875 $ 40,125 $987.50 plus 12% of the excess over $9,875
$ 40,125 $ 85,525 $4,617.50 plus 22% of the excess over $40,125
$ 85,525 $163,300 $14,605.50 plus 24% of the excess over $85,525
$163,300 $207,350 $33,271.50 plus 32% of the excess over $163,300
$207,350 $518,400 $47,367.50 plus 35% of the excess over $207,350
$518,400 $156,235 plus 37% of the excess over $518,400

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