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Homework answers / question archive / Use Table A to complete Table B
Use Table A to complete Table B. TABLE A On Taxable Income Up to $27,050 The T. Rate Is 15.0% From $27,051 to $65,550 From $65,551 to $136,750 27.5% 30.5% From $136,751 to $297,350 Over $297,350 35.5% 39.1% TABLE B Income T. Amount John Todd $52,700 $132,500 Glen Jake $237,000 $315,250
Average T. Rate
Taxpayers - John
Income = $52,700
This income is within tax bracket of $27,051 to $65,550 with tax rate of 27.5%.
Thus, the marginal tax rate for Giannis is 27.5%.
Calculate the tax amount -
Tax amount = ($27,050 * 0.15) + ($25,650 * 0.275)
Tax amount = $4,057.50 + $7,053.75
Tax amount = $11,111.25
The tax amount for John is $11,111.25
Calculate the average tax rate -
Average tax rate = Tax amount/Income
Average tax rate = $11,111.25/$52,700
Average tax rate = 0.211 or 21.1%
The average tax rate for John is 21.1%.
Todd:
Income = $132,500
This income is within the tax bracket of $65,551 to $136,750 with tax rate of 30.5%.
Thus, the marginal tax rate for Sue is 30.5%
Calculate the tax amount -
Tax amount = ($27,050 * 0.15) + ($38,500 * 0.275) + ($66,950 * 0.305)
Tax amount = $4,057.50 + $10,587.50 + $20,419.75
Tax amount = $35,064.75
The tax amount of Todd is $35,064.75
Calculate the average tax rate -
Average tax rate = Tax amount/Income
Average tax rate = $35,064.75/$132,500
Average tax rate = 0.265 or 26.5%
The average tax rate for Todd is 26.5%
Glen:
Income = $237,000
This income comes within tax bracket of $136,751 to $297,350 with tax rate of 35.5%.
Thus, the marginal tax rate for Glen is 35.5%
Calculate the tax amount -
Tax amount = ($27,050 * 0.15) + ($38,500 * 0.275) + ($71,200 * 0.305) + ($100,250 * 0.355)
Tax amount = $4,057.50 + $10,587.50 + $21,716 + $35,588.75
Tax amount = $71,949.75
The tax amount of Glen is $71,949.75
Calculate the average tax rate -
Average tax rate = Tax amount/Income
Average tax rate = $71,949.75/$237,000
Average tax rate = 0.304 or 30.4%
The average tax rate for Damian is 30.4%
Jake:
Income = $315250
This income comes within the tax bracket of over $297,350 with tax rate of 39.1%.
Thus, the marginal tax rate for Brenna is 39.1%
Calculate the tax amount -
Tax amount = ($27,050 * 0.20) + ($38,500 * 0.275) + ($71,200 * 0.305) + ($160,600 * 0.355) + ($17,900 * 0.391)
Tax amount = $4,057.50 + $10,587.50 + $21,716 + $57,013 + $6,998.90
Tax amount = $100,372.90
The tax amount of Jake is $100,372.90
Calculate the average tax rate -
Average tax rate - Tax amount/Income
Average tax rate = $100,372.90/$315,250
Average tax rate = 0.318 or 31.8%
The average tax rate for Jake is 31.8%
