Fedor paid $13,125.50
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Fedor paid $13,125.50 in Income Tax last year. Use the following Income Tax Calculation table to determine Fedor's annual income last year. In the image.

Transcribed Image Text:Annual Income:
Maximum Total
Income for Each
Bracket
more than
$518,400
no more than
$518,400
no more than
$207,350
no more than
$163,300
no more than
$85,525
no more than
$40,125
no more than
$9,875
Maximum Amount
of Income Within
Each Bracket
$311,050
$44,050
$77,775
$45,400
$30,250
$9,875
Total Income
Income Tax Calculations
Amount of Actual
Income Within
Each Bracket
Total Amount of Income Tax:
Marginal Tax
Rate per
$100 earned
Maximum
Amount of Tax
Within Each
Bracket
$37 tax
$35 tax
$32 tax
$24 tax
$22 tax
$12 tax
$10 tax
$105,857.50
$14,096
$18,666
$9,988
$3,630
$987.50
Total Tax
Amount of Actual
Tax Within
Each Bracket
Maximum Total
Amount of Tax
Within Each
Bracket
more than
$153,225
no more than
$153,225
no more than
$47,367.50
no more than
$33,271.50
no more than
$14,605.50
no more than
$4,617.50
no more than
$987.50
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