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Business, 11.02.2020 05:03 mickimlvn6128

1) Chuck, a single taxpayer, earns $75,000 in taxable income and $10,000 in interest from an investment in City of Heflin bonds. (Use the U. S tax rate schedule..) (Do not round intermediate calculations. Round "Federal tax" to 2 decimal places.)

Required:

a) How much federal tax will he owe?

b) What is his average tax rate?

c) What is his effective tax rate?

d)What is his current marginal tax rate?

2) Scot and Vidia, married taxpayers, earn $187,500 in taxable income and $5,000 in interest from an investment in City of Tampa bonds. (Use the U. S. tax rate schedule for married filing jointly). (Do not round intermediate calculations. Round your answer to 2 decimal places.)

a. If Scot and Vidia earn an additional $82,750 of taxable income, what is their marginal tax rate on this income?

b. How would your answer differ if they, instead, had $82,750 of additional deductions?

3)Melinda invests $200,000 in a City of Heflin bond that pays 6 percent interest. Alternatively, Melinda could have invested the $200,000 in a bond recently issued by Surething Inc., that pays 8 percent interest and has risk and other nontax characteristics similar to the City of Heflin bond. Assume Melinda’s marginal tax rate is 25 percent. (Leave no cells blank - be sure to enter "0" wherever required.)

Required:

a) What is her after-tax rate of return for the City of Heflin bond?

b) How much explicit tax does Melinda pay on the City of Heflin bond?

c) How much implicit tax does she pay on the City of Heflin bond?

d) How much explicit tax would she have paid on the Surething Inc. bond?

e) What would have been her after-tax rate of return on the Surething Inc. bond?

4) Given the following tax structure,

Taxpayer Salary Total Tax
Mae $ 10,000 $ 600
Pedro $ 20,000 ???
What is the minimum tax that Pedro should pay to make the tax structure vertically equitable with respect to the amount of tax paid?

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Answers: 3

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1) Chuck, a single taxpayer, earns $75,000 in taxable income and $10,000 in interest from an investm...

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