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3 August, 13:08

Chuck, a single taxpayer, earns $80,750 in taxable income and $30,750 in interest from an investment in city of heflin bonds. (use the u. s. tax rate schedule.) (do not round intermediate calculations. round your answers to 2 decimal places.)

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  1. 3 August, 13:15
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    Let's use the tax rate schedule for 2019

    Since Chuck status is single and earned $80,750.

    He would pay 10 percent on the first $9,700 of his earnings ($970);

    Then 12 percent on the other earnings from $9,701 to $39,475 ($3,573); and then 22 percent on the remaining income, up to $80,750 ($9,081).

    Chuck total tax bill would be $13,624. Divide that by adding his earnings of $80,750 and interest of $30,750 and you get an effective tax rate of 12.22 percent.
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