Use the following Income Tax Calculation table to calculate the total income tax that someone would owe if their annual income was $83,350. In the image. Annual Income:__Maximum TotalIncome for EachBracketmore than$578,125no more than$578,125no more than$231,250no more than$182,100no more than$95,375no more than$44,725no more than$11,000Maximum Amountof Income WithinEach Bracket$346,875$49,150$86,725$50,650$33,725Income Tax Calculation$11,000Total IncomeTotal Income Tax:_Marginal TaxRate per$100 earnedAmount of ActualIncome WithinEach Bracket$37 tax$35 tax$32 tax$24 tax$22 tax$12 tax$10 taxMaximumAmount of TaxWithin EachBracket$121,406.25$15,728$20,814$11,143$4,047$1,100Total TaxAmount of ActualTax WithinEach BracketMaximum TotalAmount of TaxWithin EachBracketmore than$174,238.25no more than$174,238.25no more than$52,832no more than$37,104no more than$16,290no more than$5,147no more than$1,100

The total annual income tax is $83,350 The total tax is required to be computed on the tax table…

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calculate the total income tax that someone would owe if their annual income was $83,350

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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