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gayaneshka [121]
2 years ago
14

The u.s. dollar is defined as: commodity money, because it is widely used to buy commodities. fiat money, because it was establi

shed as money by an act of law. faith money, because we trust the government to defend its value. commodity-backed money, because it is convertible to gold.
Business
1 answer:
nadya68 [22]2 years ago
5 0
The answer to this would be the second option. I can say that the US dollar falls under the category of FIAT MONEY. Fiat money is any money that is accepted as a form of payment wherein its value depends upon the demand and supply of the market, and not with its material. Hope this answer helps.
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3 years ago
Chuck, a single taxpayer, earns $75,000 in taxable income and $10,000 in interest from an investment in City of Heflin bonds. (U
scZoUnD [109]

Answer:

a. 24%

b. 12%

Explanation:

Marginal tax rate is an incremental tax rate that is paid out of the taxable income of a tax payer. It represents the rate at which the last unit of dollar of the taxable income is taxed. The marginal rate for each income bracket is supplied by the Internal Revenue Service (IRS).

                               Chuck Marginal Tax Rate

a) The marginal tax rate for Chuck if he earns additional $40,000 taxable income will be:

= $75,000 + $40,000

= $115,000

Marginal tax rate for $115,000 is 24% according IRS tax rate schedule.

b) If instead, it is an additional deduction of $40,0000, the marginal tax rate will be:

= $75,000 - $40,000

= $35,000

The marginal tax rate for taxable income of $35,000 is 12% according US tax rate schedule.

Note: the interest is categorized as interest from municipal bond, so it is tax free.

It is also assumed that Chuck is single. Hence, tax rate under single filer applies to him.

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It is between B and C
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