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1 October, 04:47

Daniel has a marginal tax rate of 22 % and itemizes his deductions. He suddenly realizes that he neglected to include a $1 comma 280.00 tax deduction. How will this oversight affect his taxes?

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  1. 1 October, 05:12
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    Marginal tax rate in relation to this question is:

    The percentage of tax applied to Daniel's income for each tax bracket in which Daniel qualify. Thus, the marginal tax rate is the percentage taken from Daniel's next dollar of taxable income above a predefined income threshold.

    Therefore, since Daniel neglected to include a $1,280.00 tax deduction, this will decrease Daniel's taxes by:

    $1,280.00 * 0.22 = $281.60

    Answer:

    Decreases taxes by $281.60
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Home » Business » Daniel has a marginal tax rate of 22 % and itemizes his deductions. He suddenly realizes that he neglected to include a $1 comma 280.00 tax deduction. How will this oversight affect his taxes?
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