14 Manny, a single taxpayer, earns $65,000 per year in taxable income and an additional $12,000 per year in city of Boston bonds

Accounting Jan 21, 2021

14 Manny, a single taxpayer, earns $65,000 per year in taxable income and an additional $12,000 per year in city of Boston bonds. If Manny earns an additional $35,000 in taxable income in 2019, what is his marginal tax rate (rounded) on this income? (Use tax rate schedule.) Multiple Choice 18.01 percent 22.00 percent 22.90 percent 24.00 percent None of the choices are correct O

Expert Solution

ANs:

Correct option is 24%.

Manny is single tax payer.

His total income is ($65,000 +$12000 + $35000) = $112,000

As per tax rate schedule his income falls in the breacket of 24%.

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