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The effective income tax rate is defined as the percentage of taxes paid in relations to a tax payer’s gross income. Calculate the effective tax rate for a person with the following profile. Please include your calculation in your response.
Gross income of $60,000.00
Number of exemptions: 2 (assume $3,500.00/exemption)
Allowed itemized deductions:
Donations: $1,000
Mortgage interest: $6,500
State and local taxes: $500.00
Standardized deduction: $6,000
Total tax credits: $1,600.00
Note: Please round your answer to 2 decimal places.
Tax brackets:
Between | But Not Over | Tax Rate |
$0 | $5,500 | 0% |
$5,501 | $26,250 | 10% |
$26,251 | $63,550 | 15% |
$63,551 | $132,600 | 27% |
$132,601 | $288,350 | 35% |
$288,351 | ----- | 38.6% |
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