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:
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.
|Between||But Not Over||Tax Rate|
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