Solved

Solve the Problem 15%15 \% Marginal Rate Affects Income Starting At $8925\$ 8925

Question 206

Multiple Choice

Solve the problem. Refer to the table if necessary. 2013 Marginal Tax Rates, Standard Deductlons, and Exemptlons**
 Solve the problem. Refer to the table if necessary. 2013 Marginal Tax Rates, Standard Deductlons, and Exemptlons**      Each higher marginal rate begins where the prior one leaves off. For example, for a single person, the  15 \%  marginal rate affects income starting at  \$ 8925 , which is where the  10 \%  rate leaves off, and continuing up to  \$ 36,250 .   This table ignores the effects of (i)  exemption and deduction phase-outs that apply to high-income taxpayers and (ii)  the alternative minimum tax (AMT)  that affects many middle-and high-income taxpayers. -Caitlin is single and earned wages of $32,988. She received $300 in interest from a savings account. She contributed $479 to a tax-deferred retirement plan. She had $530 in itemized deductions from Charitable contributions. Calculate her gross income. A) $32,279 B) $33,288 C) $33,767 D) $32,809

" Each higher marginal rate begins where the prior one leaves off. For example, for a single person, the 15%15 \% marginal rate affects income starting at $8925\$ 8925 , which is where the 10%10 \% rate leaves off, and continuing up to $36,250\$ 36,250 .
" This table ignores the effects of (i) exemption and deduction phase-outs that apply to high-income taxpayers and (ii) the alternative minimum tax (AMT) that affects many middle-and high-income taxpayers.
-Caitlin is single and earned wages of $32,988. She received $300 in interest from a savings account. She contributed $479 to a tax-deferred retirement plan. She had $530 in itemized deductions from
Charitable contributions. Calculate her gross income.


A) $32,279
B) $33,288
C) $33,767
D) $32,809

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions