Question

Aiden has a gross income of $63,000 and takes the standard deduction.

Answer 1

a) Aiden's taxable income is $50,450.

The taxable income is equal to the gross income minus the standard deduction.

= $50,450 ($63,000 - $12,550).

b) Aiden's marginal tax rate = 22% (for taxable income falling under the income bracket of $40,526 to $86,375 for the tax 2021 year.  It is assumed that Aiden is single.

c) Aiden's effective tax rate = 13.72%.  The effective tax rate = total taxes due divided by Aiden's taxable income.

= 13.72% ($6,922/$50,450 x 100)

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