Owed federal tax is $115,689.50, average tax rate is 28.92 percent, effective tax rate is 28.78 percent, current marginal tax rate is 35 percent.
<h3>How much federal tax will she owe? </h3>
What is her current marginal tax rate?
= $45,689.50 + 35% x ($400,000 - $200,000).
= $115,689.50
<h3>What is her average tax rate?</h3>
Average tax rate = Total tax = $115,689.50
Average tax rate = 28.92%
<h3>What is her effective tax rate?</h3>
Effective tax rate = Total tax = $115,689.50 = 28.78%
Total income ($400,000 + $2,000)
<h3>What is her current marginal tax rate?</h3>
Her marginal tax rate on deductions up to $200,000 will be 35 percent. However, her marginal tax rate on the next $100,000 of income will be 35%, and income earned over $500,000, will be taxed at 37 percent.
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