A famous movie actress made $10 million last year. She is married and has no children, and her husband does not earn any income. Assume that she computes her taxable income using the following formula:(taxable income) = (income) ???? (exemptions) ???? (standard deductions)Find her taxable income, her federal income tax, and her effective federal income tax rate.

Answer:The answers are:taxable income = $10 million - $24,000 (standard deduction) = $9,976,000her federal income tax = $161,379 + ($9,376,000 x 37%) = $3,630,499effective federal income tax rate=($3,630,499 / 10,000,000) x 100 = 36.30%Step-by-step explanation:If she is filing her 2018 income:Her $10 million income places her in the highest tax bracket:she should file as married, filing jointly: $161,379 plus 37% of the amount over $600,000personal exemptions have been eliminated (Tax Cuts and Jobs Act)and the standard deductions are $24,000taxable income = $10 million - $24,000 (standard deduction) = $9,976,000her federal income tax = $161,379 + ($9,376,000 x 37%) = $3,630,499effective federal income tax rate=($3,630,499 / 10,000,000) x 100 = 36.30%