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. Annual Income:Maximum TotalIncome for EachBracketmore than$518,400no more than$518,400no more than$207,350no more than$163,300no more than$85,525no more than$40,125no more than$9,875Maximum Amountof Income WithinEach Bracket$311,050$44,050$77,775$45,400$30,250$9,875Total IncomeIncome Tax CalculationsAmount of ActualIncome WithinEach BracketTotal Amount of Income Tax:Marginal TaxRate per$100 earnedMaximumAmount of TaxWithin EachBracket$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$987.50Total TaxAmount of ActualTax WithinEach BracketMaximum TotalAmount of TaxWithin EachBracketmore than$153,225no more than$153,225no more than$47,367.50no more than$33,271.50no more than$14,605.50no more than$4,617.50no more than$987.50

The Federal income tax is progressive. So as the income increases the tax…

Answered: Fedor paid $13,125.50

Business

Accounting

Fedor paid $13,125.50

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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