Carol, a single TP, earns $75,000 in taxable income and $10,000 in interest from an...
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Accounting
Carol, a single TP, earns $75,000 in taxable income and $10,000 in interest from an investment in the City of Chicago bonds (non-taxable). Using the U.S. tax rate schedule:
- How much federal income tax will she owe?
- What is her average tax rate?
- What is her effective tax rate?
- If Carol earns an additional $40,000 of taxable income, what is her marginal tax rate?
- What if she had $40,000 of additional deductions instead?
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