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

question 43

Essay

Heather, a single taxpayer who files as a head of household, earns $63,200 in taxable income and $8,200 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 $23,200 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.)

Understand the responsibilities and roles within corporate financial management and governance structures.

Distinguish between the types of markets for trading securities and their characteristics.

Understand the structure and functions of various stock exchanges.

Recognize the advantages and disadvantages of different forms of business ownership.