Campbell, a single taxpayer, earns $410,000 in taxable income and $2,200 in interest from an...
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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:
- If Campbell earns an additional $15,500 of taxable income, what is her marginal tax rate on this income?
- 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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