Jonah, a Single Taxpayer, Earns $150,000 in Taxable Income and $10,000

question 80

Short Answer

Jonah, a single taxpayer, earns $150,000 in taxable income and $10,000 in interest from an investment in city of Denver Bonds. Using the U.S. tax rate schedule for year 2017, how much federal tax will he owe? What is his average tax rate? What is his effective tax rate? What is his current marginal tax rate? If Jonah earned an additional $40,000 of taxable income, what is hismarginal tax rate on this income? (Round the tax rates to 2 decimal places, e.g., .12345 as 12.35%) (Use tax rate schedule.)

---

Definitions:

Plateau Phase

A phase in the human sexual response cycle during which arousal is maintained at a high level before climax.

Depo-Provera

A branded form of medroxyprogesterone acetate, a hormonal contraceptive injection for women that prevents ovulation.

Testosterone

An essential steroid hormone involved in the formation of male reproductive structures and the development of secondary sexual features.

Viagra

A pharmaceutical drug used to treat erectile dysfunction by increasing blood flow to the penis, aiding in maintaining an erection.