Calculate the 2017 total tax for Gordon Geist, a single taxpayer without dependents and no itemized deductions. He has active income of $44 comma 000, a short-term capital gain income of $2 comma 800 from the sale of stock, and $7600 from book royalties. What is Gordon's average tax rate?

15.32%

Explanation:

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Total gross income = Active income + Capital gains + Book royalty = $44,000 + $2,800 + $7,600 = $54,400

Standard deduction = $6,350

Exemption = $4,050

Taxable income = Total gross income - Standard deduction - Exemption = $54,400 - $6,350 - $4,050 = $44,000

Income tax due:

Over 37,950 but not over 91,900 - 5,226.25 plus 25% of the excess over 37,950

Income tax due = 5,226.25 + 25%*(44,000 - 37,950)

Income tax due = 5,226.25 + 25%*6050

Income tax due = 5,226.25 + 1512.5

Income tax due = $6,738.75

Average tax rate = Income tax due/Taxable income

Average tax rate = $6,738.75/$44,000

Average tax rate = 0.15315341

Average tax rate = 15.32%

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