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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Use the below table to calculate the amount of federal income tax that Kristen should report if she earned a taxable income of $87,011 in 2017? Federal Tax Rates for 2017 15% on the first $44,784 of taxable income, plus 19% on the next $45,594 of taxable income, plus 26.5% on the next $50,628 of taxable income, plus 32% on any further taxable income Income tax = $ hs
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