calculate the total income tax that someone would owe if their annual income was $83,350
calculate the total income tax that someone would owe if their annual income was $83,350
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter15: Capital Investment Analysis
Section: Chapter Questions
Problem 15.1.1MBA
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Question
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 Total
Income for Each
Bracket
more than
$578,125
no more than
$578,125
no more than
$231,250
no more than
$182,100
no more than
$95,375
no more than
$44,725
no more than
$11,000
Maximum Amount
of Income Within
Each Bracket
$346,875
$49,150
$86,725
$50,650
$33,725
Income Tax Calculation
$11,000
Total Income
Total Income Tax:_
Marginal Tax
Rate per
$100 earned
Amount of Actual
Income Within
Each Bracket
$37 tax
$35 tax
$32 tax
$24 tax
$22 tax
$12 tax
$10 tax
Maximum
Amount of Tax
Within Each
Bracket
$121,406.25
$15,728
$20,814
$11,143
$4,047
$1,100
Total Tax
Amount of Actual
Tax Within
Each Bracket
Maximum Total
Amount of Tax
Within Each
Bracket
more than
$174,238.25
no more than
$174,238.25
no more than
$52,832
no more than
$37,104
no more than
$16,290
no more than
$5,147
no more than
$1,100](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F570e42c1-9c8a-4f36-aa49-6b77199a5db6%2F030133cb-2731-425a-8db4-ff7ccb4ed01a%2Fsa0wews_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Annual Income:__
Maximum Total
Income for Each
Bracket
more than
$578,125
no more than
$578,125
no more than
$231,250
no more than
$182,100
no more than
$95,375
no more than
$44,725
no more than
$11,000
Maximum Amount
of Income Within
Each Bracket
$346,875
$49,150
$86,725
$50,650
$33,725
Income Tax Calculation
$11,000
Total Income
Total Income Tax:_
Marginal Tax
Rate per
$100 earned
Amount of Actual
Income Within
Each Bracket
$37 tax
$35 tax
$32 tax
$24 tax
$22 tax
$12 tax
$10 tax
Maximum
Amount of Tax
Within Each
Bracket
$121,406.25
$15,728
$20,814
$11,143
$4,047
$1,100
Total Tax
Amount of Actual
Tax Within
Each Bracket
Maximum Total
Amount of Tax
Within Each
Bracket
more than
$174,238.25
no more than
$174,238.25
no more than
$52,832
no more than
$37,104
no more than
$16,290
no more than
$5,147
no more than
$1,100
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