Manny a single taxpayer earns 65000 per year in taxable inco

Manny, a single taxpayer, earns $65,000 per year in taxable income and an additional $12,000 per year in city of Boston bonds.

What is Manny\'s current marginal tax rate for year 2017?

Solution

The current marginal tax rate for year 2017 for Manny is 25% as per IRS tax schedule for single return filers in 2017.

Since income falls under the tax income bracket of $37,950 - $91,900, marginal tax rate for Manny for year 2017 is 25%.