Homework SourseMike and Carrie are in the 28 marginal tax bracket and claim
Mike and Carrie are in the 28% marginal tax bracket and claim the standard deduction. How much will there tax bill we reduced if they qualify for $879 tax credit?
A. $879
B. $451
C. $1125.12
D.$246.12
Mike and Carrie are in the 28% marginal tax bracket and claim the standard deduction. How much will there tax bill we reduced if they qualify for $879 tax credit?
A. $879
B. $451
C. $1125.12
D.$246.12
A. $879
B. $451
C. $1125.12
D.$246.12
Solution
Marginal Tax= 28%
Tax Credit= $879
Tax bill reduction= 879*28/100
= $246.12
That is, the optiond (D) is correct.
