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Campbell, a single taxpayer, earns $410,000 in taxable income and $2,200 in interest from an...

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Question

Accounting

Campbell, a single taxpayer, earns $410,000 in taxable income and $2,200 in interest from an investment in State of New York bonds. (Use the U.S. tax rate schedule).

Required:

  1. If Campbell earns an additional $15,500 of taxable income, what is her marginal tax rate on this income?
  2. What is her marginal rate if, instead, she had $15,500 of additional deductions?

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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