There are two distinct situations: Situation A Situation B...
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Accounting
- There are two distinct situations:
| Situation A | Situation B | |
| Status, No children | Single | Single |
| Wage Income | 60,000 | 200,000 |
| Medical Cost paid | 4,100 | 4.200 |
| State Income tax paid | 2,580 | 8,300 |
| Property taxes paid | 0 | 7,700 |
| Mortgage interest | 0 | 11,900 |
| Charitable Contributions | 940 | 2,140 |
- What is the 2021 tax owed for the following taxpayer for each situation?
- For each situation, how much did the taxpayer save in taxes due to making the charitable contribution?
- For each situation, what is the tax rate based on?
- Taxable income (tax owed over tax able income)
- Marginal rate (marginal rate)
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