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.
-Kelly earned wages of $87,240, received $4814 in interest from a savings account, and contributed $ 6070 to a tax deferred retirement plan. She was entitled to a personal exemption of $3900 and had
Deductions totaling $9049. Find her gross income.

Question

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.
-Kelly earned wages of $87,240, received $4814 in interest from a savings account, and contributed $ 6070 to a tax deferred retirement plan. She was entitled to a personal exemption of $3900 and had
Deductions totaling $9049. Find her gross income.

Quizplus · Accepted Answer

The Answer of 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.
-Kelly earned wages of $87,240, received $4814 in interest from a savings account, and contributed $ 6070 to a tax deferred retirement plan. She was entitled to a personal exemption of $3900 and had
Deductions totaling $9049. Find her gross income.

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

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