1. Consider the 2020 information for a single taxpayer without children: Situation A Situation B Wage Income Tax free intertest income Medical expenses paid State income taxes paid 85,000 105,000...

1. Consider the 2020 information for a single taxpayer without children:<br>Situation A<br>Situation B<br>Wage Income<br>Tax free intertest income<br>Medical expenses paid<br>State income taxes paid<br>85,000<br>105,000<br>2,200<br>2,200<br>7,950<br>3,800<br>450<br>3,800<br>Local property taxes paid<br>Mortgage Interest paid<br>Charitbale contributions<br>4,000<br>5,100<br>2,900<br>480<br>a. What is the total taxes owed under each scenario?<br>b. In each scenario, what is the effective tax rate based on Taxable income?<br>In each scenario, what is the marginal tax rate?<br>C.<br>

Extracted text: 1. Consider the 2020 information for a single taxpayer without children: Situation A Situation B Wage Income Tax free intertest income Medical expenses paid State income taxes paid 85,000 105,000 2,200 2,200 7,950 3,800 450 3,800 Local property taxes paid Mortgage Interest paid Charitbale contributions 4,000 5,100 2,900 480 a. What is the total taxes owed under each scenario? b. In each scenario, what is the effective tax rate based on Taxable income? In each scenario, what is the marginal tax rate? C.

Jun 02, 2022

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1. Consider the 2020 information for a single taxpayer without children: Situation A Situation B Wage Income Tax free intertest income Medical expenses paid State income taxes paid 85,000 105,000...

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