Answer:
Step-by-step explanation:
.125 for 1 button
6 dollars for 48 buttons
Answer:
The answers are:
- taxable income = $10 million - $24,000 (standard deduction) = $9,976,000
- her federal income tax = $161,379 + ($9,376,000 x 37%) = $3,630,499
- effective federal income tax rate=($3,630,499 / 10,000,000) x 100 = 36.30%
Step-by-step explanation:
If she is filing her 2018 income:
Her $10 million income places her in the highest tax bracket:
- she should file as married, filing jointly: $161,379 plus 37% of the amount over $600,000
- personal exemptions have been eliminated (Tax Cuts and Jobs Act)
- and the standard deductions are $24,000
taxable income = $10 million - $24,000 (standard deduction) = $9,976,000
her federal income tax = $161,379 + ($9,376,000 x 37%) = $3,630,499
effective federal income tax rate=($3,630,499 / 10,000,000) x 100 = 36.30%
