1. Jennifer and Paul, who file a joint return, have taxable income of $93,425 and the following tax liability:
$18,450 × 10% = $ 1,845.00
($74,900 − $18,450) × 15% = 8,467.50
($93,425 − $74,900) × 25% = 4,631.25
Total tax liability $14,943.75
Their marginal tax rate is:
a. 10%.
b. 15%.
c. 16%
d. 25%.
2. Jennifer and Paul, who file a joint return, have taxable income of $93,425 and the following tax liability:
$18,450 × 10% =$ 1,845.00
($74,900 − $18,450) × 15% = 8,467.50
($93,425 − $74,900) × 25% = 4,631.25
Total tax liability $14,943.75
Their average tax rate is:
a. 10%.
b. 15%.
c. 16%.
d. 25%.
3. Benito is age 29 and single. During all of 2015, he did not have qualifying health coverage nor was he eligible for an exemption. His household income was $37,650. What is the amount of shared responsibility payment he must report on his 2015 income tax return?
a. $0
b. $325
c. $547
d. $753
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