Campbell, a single taxpayer, earns $411,000 in taxable income and $2,880 in interest from an investment in State of New York bonds. (Use the U.S. tax rate schedule.) Required: a. If Campbell earns an additional $17,200 of taxable income, what is her marginal tax rate on this income? b. What is her marginal rate if, instead, she had $17,200 of additional deductions? Note: For all requirements, do not round intermediate calculations. Round percentage answers to whole percent. a. Marginal tax rate b. Marginal tax rate % %
Campbell, a single taxpayer, earns $411,000 in taxable income and $2,880 in interest from an investment in State of New York bonds. (Use the U.S. tax rate schedule.) Required: a. If Campbell earns an additional $17,200 of taxable income, what is her marginal tax rate on this income? b. What is her marginal rate if, instead, she had $17,200 of additional deductions? Note: For all requirements, do not round intermediate calculations. Round percentage answers to whole percent. a. Marginal tax rate b. Marginal tax rate % %
Chapter1: The Individual Income Tax Return
Section: Chapter Questions
Problem 8P
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![Campbell, a single taxpayer, earns $411,000 in taxable income and $2,880 in interest from an investment in State of New York bonds.
(Use the U.S. tax rate schedule.)
Required:
a. If Campbell earns an additional $17,200 of taxable income, what is her marginal tax rate on this income?
b. What is her marginal rate if, instead, she had $17,200 of additional deductions?
Note: For all requirements, do not round intermediate calculations. Round percentage answers to whole percent.
a. Marginal tax rate
b. Marginal tax rate
%
%](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2f2d8308-4617-4f9f-b9aa-7267aedefe16%2F15d078a1-ad1c-4893-8b30-3f0d1166aa68%2Fsgt0s4f_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Campbell, a single taxpayer, earns $411,000 in taxable income and $2,880 in interest from an investment in State of New York bonds.
(Use the U.S. tax rate schedule.)
Required:
a. If Campbell earns an additional $17,200 of taxable income, what is her marginal tax rate on this income?
b. What is her marginal rate if, instead, she had $17,200 of additional deductions?
Note: For all requirements, do not round intermediate calculations. Round percentage answers to whole percent.
a. Marginal tax rate
b. Marginal tax rate
%
%
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