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Home / Questions / According to the Ac AIn the NewsAc and the table below In the News The Obamas Taxes Gro...

According to the Ac AIn the NewsAc and the table below In the News The Obamas Taxes Gross Income Deductions Wages $ 39518 State/local tax

According to the Ac€A?In the NewsAc€?? and the table below,

  In the News: The Obamas' Taxes
  Gross Income     Deductions  
  Wages $   395,188   State/local taxes $     52,527
  Interest 8,066   Property taxes 25,742
  Dividends 9,997   Mortgage interest 49,945
  Tax refunds 1,151   Charity 245,075
  Book royalties 1,382,889 Total allowed $   373,289
  Capital loss (3,000)    
  Trust income 1,323    
  Total income $1,795,614    
       
Adjustments     Exemptions $     14,600
  Self-employment tax $     18,518   Taxable income $1,340,207
  Pension contribution 49,000   Tax $446,716.20
  $     67,518    
Adjusted Gross Income $1,728,096    
  Tax Bracket Marginal Tax Rate
$0-8,375 10%
$8,375-34,000 15
$34,000-82,400 25
$82,400-171,850 28
$171,850-373,650 33
Over $373,650 35


How much more income tax would President Obama have paid in 2010 if he had used no Ac€A?loopholesAc€???

Instructions: Enter your response to two decimal places.

$ _________?

May 02 2020 View more View Less

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