Maureen Smith is a single individual.She claims one exemption of $4,000 for herself and claims a standard deduction of $6,300.Her salary for the year was $75,000.Assume the following tax table is applicable. What is her marginal tax rate?

Question

​Maureen Smith is a single individual.She claims one exemption of $4,000 for herself and claims a standard deduction of $6,300.Her salary for the year was $75,000.Assume the following tax table is applicable. ​  What is her marginal tax rate?

Quizplus · Accepted Answer

To find the marginal tax rate, we need to find the tax bracket that Maureen's income falls into. Her taxable income is $75,000 - $4,000 (exemption) - $6,300 (standard deduction) = $64,700. Looking at the tax table, we see that $64,700 falls into the 25% tax bracket. Therefore, Maureen's marginal tax rate is 25%.

​Maureen Smith Is a Single Individual

Maureen Smith Is a Single Individual