Federal income Liability and Marginal rate!
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Jack has taxable income of $65,000. He is a single tax filer, and his federal income tax rates on the first $8,350 is 10 percent; it is 15 percent on income from $8,350 to $33,950 and 25 percent on income from $33,950 up to $82,250. What is jack’s federal income tax liability ; what is his marginal rate and why would he care? Finally, what is his average federal tax rate? (Show all work please)
14 years ago
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