| You passed this Milestone10questions were answeredcorrectly.5questions were answeredincorrectly.1Amir is single and earns $132,000 annually. After adjusted gross income and standarddeductions, his taxable income is $120,000. The tax brackets and tax rates are as follows:$0–$9,525: 10%$9,525–$38,700: 12%$38,700–$82,500: 22%$82,500–$157,500: 24%Calculate Amir's tax and his effective tax rate.•Amir pays $31,680 in tax and has an effective tax rate of 24%.•Amir pays $28,800 in tax and has an effective tax rate of 24%.•Amir pays $14,089.50 in tax and has an effective tax rate of 10.7%.•Amir pays $23,089.50 in tax and has an effective tax rate of 17.5%.RATIONALEAmir's tax can be calculated as follows:10% tax applied on $9,525 = $952.5012% tax applied on $29,175 = $3,50122% tax applied on $43,800 = $9,63624% tax applied on $37,500 = $9,000Total tax paid = $23,089.50His effective tax rate is as follows:Effective tax rate = Total federal taxes / Taxpayer's total income * 100Effective tax rate = $23,089.50 / $132,000 * 100 = 17.5%CONCEPTFederal Income Tax Rates2Riaz obtains a loan of $100,000 to purchase a house. The conditions of his loan state that hewill repay the principal and interest through fixed installments.Which of the following statements is true about Riaz's situation? |
In which of the following scenarios would a check be the most productive method of payment?
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