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If Your Taxable But The Tax Of the Income Not You Amount Is Over Over Owe Is Over $ 8500 $ 34,500 $ 83,600 $ 10% 2$ $ 8500 $ 34,500 $ 83,600 $ 8500 $ 34,500 $ 83,600 $ 850.00 + 15% $ 4750.00 + 25% $ 17,025.00 + 28% $ 42,449.00 + 33% $174,400 $174,400 $379,150 $174,400 $379,150 $110,016.50 + 35% $379,150 0 379,150.

If Your Taxable But The Tax Of the Income Not You Amount Is Over Over Owe Is Over $ 8500 $ 34,500 $ 83,600 $ 10% 2$ $ 8500 $ 34,500 $ 83,600 $ 8500 $ 34,500 $ 83,600 $ 850.00 + 15% $ 4750.00 + 25% $ 17,025.00 + 28% $ 42,449.00 + 33% $174,400 $174,400 $379,150 $174,400 $379,150 $110,016.50 + 35% $379,150 0 379,150.

FINANCIAL ACCOUNTING
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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Here is the Federal Tax Rate Schedule X (see attached) that specifies the tax owed by a single taxpayer for a recent year. 

The given tax table can be modeled by a piecewise function (see attached), where x represents the taxable income of a single taxpayer and T(x) is the tax owed.

Then Find and interpret T(20,000).

If Your Taxable But The Tax Of the Income Not You Amount Is Over Over Owe Is Over $ 8500 $ 34,500 $ 83,600 $ 10% 2$ $ 8500 $ 34,500 $ 83,600 $ 8500 $ 34,500 $ 83,600 $ 850.00 + 15% $ 4750.00 + 25% $ 17,025.00 + 28% $ 42,449.00 + 33% $174,400 $174,400 $379,150 $174,400 $379,150 $110,016.50 + 35% $379,150
Transcribed Image Text:If Your Taxable But The Tax Of the Income Not You Amount Is Over Over Owe Is Over $ 8500 $ 34,500 $ 83,600 $ 10% 2$ $ 8500 $ 34,500 $ 83,600 $ 8500 $ 34,500 $ 83,600 $ 850.00 + 15% $ 4750.00 + 25% $ 17,025.00 + 28% $ 42,449.00 + 33% $174,400 $174,400 $379,150 $174,400 $379,150 $110,016.50 + 35% $379,150
0 <xs 8500 8500 <xs 34,500 4750.00 + 0.25(x – 34,500) if 34,500 <xs 83,600 0.10x if 850.00 + 0.15(x - 8500) if T(x) = 17,025.00 + 0.28(x – 83,600) if 83,600 < xs 174,400 if 174,400 < x s 379,150 ? ? if x> 379,150.
Transcribed Image Text:0 <xs 8500 8500 <xs 34,500 4750.00 + 0.25(x – 34,500) if 34,500 <xs 83,600 0.10x if 850.00 + 0.15(x - 8500) if T(x) = 17,025.00 + 0.28(x – 83,600) if 83,600 < xs 174,400 if 174,400 < x s 379,150 ? ? if x> 379,150.
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