Mo is a single taxpayer reporting $95,000 of gross income.In addition,Mo receives $5,000 of tax-exempt interest.
Compute the following:
a.Mo's taxable income is ___________________.
b.Mo's tax liability is ____________________.
c.Mo's marginal tax rate is ____________________.
d.Mo's average tax rate is ____________________.
e.Mo's effective tax rate is ____________________.

Question

Mo is a single taxpayer reporting $95,000 of gross income.In addition,Mo receives $5,000 of tax-exempt interest.
 Compute the following:
a.Mo's taxable income is ___________________.
b.Mo's tax liability is ____________________.
c.Mo's marginal tax rate is ____________________.
d.Mo's average tax rate is ____________________.
e.Mo's effective tax rate is ____________________.

Quizplus · Accepted Answer

The Answer of Mo is a single taxpayer reporting $95,000 of gross income.In addition,Mo receives $5,000 of tax-exempt interest.
 Compute the following:
a.Mo's taxable income is ___________________.
b.Mo's tax liability is ____________________.
c.Mo's marginal tax rate is ____________________.
d.Mo's average tax rate is ____________________.
e.Mo's effective tax rate is ____________________.

Mo Is a Single Taxpayer Reporting $95,000 of Gross Income