A married couple are calculating their federal income tax using the tax rate tables: If Taxpayer's Income Is... Then Estimated Taxes Are... Between But Not Over Base Tax + Rate Of the Amount Over $0 $16,700 $0 10% $0 $16,700 $67,900 $1,670.00 15% $16,700 $67,900 $137,050 $9,350.00 25% $67,900 $137,050 $208,850 $26,637.50 28% $137,050 $208,850 $372,950 $46,741.50 33% $208,850 $372,950 - - - - - $100,894.50 35% $372,950 How much tax will they have to pay on their taxable income of $112,000?
A married couple are calculating their federal income tax using the tax rate tables: If Taxpayer's Income Is... Then Estimated Taxes Are... Between But Not Over Base Tax + Rate Of the Amount Over $0 $16,700 $0 10% $0 $16,700 $67,900 $1,670.00 15% $16,700 $67,900 $137,050 $9,350.00 25% $67,900 $137,050 $208,850 $26,637.50 28% $137,050 $208,850 $372,950 $46,741.50 33% $208,850 $372,950 - - - - - $100,894.50 35% $372,950 How much tax will they have to pay on their taxable income of $112,000?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
A married couple are calculating their federal income tax using the tax rate tables:
|
If Taxpayer's Income Is... |
Then Estimated Taxes Are... |
|||
|
Between |
But Not Over |
Base Tax |
+ Rate |
Of the Amount Over |
|
$0 |
$16,700 |
$0 |
10% |
$0 |
|
$16,700 |
$67,900 |
$1,670.00 |
15% |
$16,700 |
|
$67,900 |
$137,050 |
$9,350.00 |
25% |
$67,900 |
|
$137,050 |
$208,850 |
$26,637.50 |
28% |
$137,050 |
|
$208,850 |
$372,950 |
$46,741.50 |
33% |
$208,850 |
|
$372,950 |
- - - - - |
$100,894.50 |
35% |
$372,950 |
How much tax will they have to pay on their taxable income of $112,000?
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