According to spreadsheet below, what is the tax rate for a single person making $55,000 a year? 19 2016 Federal Income Tax Brackets SINGLE MARRIED, FILING JOINTLY HEAD OF HOUSEHOLD INCOME RANGE TAX INCOME RANGE TAX INCOME RANGE TAX $0- $9,275 10% $0- $18,550 10% S0- $13,250 10% $9,276- $37,650 15% $18,551- $75,300 19% $75,301-$151,900 25% $151,901-$231,450 28% $231,451-$413,350 33% $13,251- $50,400 15% $37,651- $91,150 25% $50,401-$130,150 25% $91,151-$190,150 28% $130,151- $210,800 28% $190,151-$413,350 33% $210,801- $413,350 33% $413,351-$441,000 35% $441,001+ $413,351-$415,050 35% $413,351-5466,950 35% $415,051+ 39.6% $466,951+ 39.6% 39.6% Source: Internal Revenue Service, "Revenue Procedures 2015-53 A 10% 15% 25% D 39.6%
According to spreadsheet below, what is the tax rate for a single person making $55,000 a year? 19 2016 Federal Income Tax Brackets SINGLE MARRIED, FILING JOINTLY HEAD OF HOUSEHOLD INCOME RANGE TAX INCOME RANGE TAX INCOME RANGE TAX $0- $9,275 10% $0- $18,550 10% S0- $13,250 10% $9,276- $37,650 15% $18,551- $75,300 19% $75,301-$151,900 25% $151,901-$231,450 28% $231,451-$413,350 33% $13,251- $50,400 15% $37,651- $91,150 25% $50,401-$130,150 25% $91,151-$190,150 28% $130,151- $210,800 28% $190,151-$413,350 33% $210,801- $413,350 33% $413,351-$441,000 35% $441,001+ $413,351-$415,050 35% $413,351-5466,950 35% $415,051+ 39.6% $466,951+ 39.6% 39.6% Source: Internal Revenue Service, "Revenue Procedures 2015-53 A 10% 15% 25% D 39.6%
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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