Heather, a Single Taxpayer Who Files as a Head of Household

question 17

Essay

Heather, a single taxpayer who files as a head of household, earns $60,000 in taxable income and $5,000 in interest from an investment in city of Oxford bonds. Using the U.S. tax rate schedule for year 2020, how much federal tax will she owe? What is her average tax rate? What is her effective tax rate? What is her current marginal tax rate? If Heather has an additional $20,000 of tax deductions, what is her marginal tax rate on these deductions? (Round the tax rates to two decimal places, e.g., .12345 as 12.35 percent.)(Use tax rate schedule.)

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Definitions:

Recalling

The process of retrieving information or memories from past experiences or learned information.

Atkinson And Shiffrin

Psychologists who proposed the multi-store memory model, including the stages of sensory memory, short-term memory, and long-term memory.

Subcomponents

Smaller, discrete parts or elements that constitute a larger system or complex structure.

Anterograde Amnesia

Lack of memory for events that occur after a brain injury. Contrast with retrograde amnesia.