3Calculate the income taxes that a person has to pay considering the table below-If a person's income is $6,500, how much does he pay in taxes?If a person's income is $13,500, how much does she pay in taxes?(a)(b)TaxableUp to $5,000$5,001-$10,000$10,001-$15,000Income Taxes10% of taxable income14% of taxable income16% of taxable income

Taxable income is the base income upon which tax is levied. It includes some or all items of income…

Calculate the income taxes that a person has to pay considering the table below- (a) If a person's income is $6,500, how much does he pay in taxes? (b) If a person's income is $13,500, how much does she pay in taxes? Taxable Up to $5,000 $5,001-$10,000 $10,001-$15,000 Income Taxes 10% of taxable income 14% of taxable income 16% of taxable income

Calculate the income taxes that a person has to pay considering the table below- (a) If a person's income is $6,500, how much does he pay in taxes? (b) If a person's income is $13,500, how much does she pay in taxes? Taxable Up to $5,000 $5,001-$10,000 $10,001-$15,000 Income Taxes 10% of taxable income 14% of taxable income 16% of taxable income

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Calculating Taxable Income Taxable income $0 $9,525 $9,526 $38,700 $38,701 - $82,500 $82,501 $157,500 $157,501 - $200,000 $200,001 - $500,000 $500,001 or more Rate 10.0% 12.0% 22.0% 24.0% 32.0% 35.0% 37% Using the previous tax table, compute the tax liability for the individual in the scenario presented, rounding the liability to the nearest dollar. In addition, use the dropdown lists to identify the marginal tax rate and average tax rate for the individual in the scenario. Yakov's Tax Scenario Yakov is a young professional with taxable income of $133,500 as an advertising account executive. What is Yakov's total tax liability? What is Yakov's top marginal tax rate? 24.00% What is Yakov's average tax rate? (Note: Round your answer to the nearest cent, if necessary.)
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