In early 2012, Cho-Sun's gross pay increased from $71,000 per year to $83,000 per year. Answer parts (a) and (b). Taxable Income (Income tax brackets) Tax Rates $44,701 or less 15% of taxable income less than or equal to $44,701; plus Over $44,701 up to $89,401 22% of taxable income greater than $44,701 and less than or equal to $89,401; plus Over $89,401 up to $138,586 26% of taxable income greater than $89,401 and less than or equal to $138,586; plus Over $138,586 29% of taxable income greater than $138,586 (a) What was the annual percent increase in Cho-Sun's pay before federal income taxes? nothing% (Round the final answer to two decimal places as needed. Round all intermediate values to six decimal places as needed.) (b) What was the annual percent increase in Cho-Sun's pay after federal income taxes were deducted? nothing% (Round the final answer to two decimal places as needed. Round all intermediate values to six decimal places as needed.)
In early 2012, Cho-Sun's gross pay increased from $71,000 per year to $83,000 per year. Answer parts (a) and (b). Taxable Income (Income tax brackets) Tax Rates $44,701 or less 15% of taxable income less than or equal to $44,701; plus Over $44,701 up to $89,401 22% of taxable income greater than $44,701 and less than or equal to $89,401; plus Over $89,401 up to $138,586 26% of taxable income greater than $89,401 and less than or equal to $138,586; plus Over $138,586 29% of taxable income greater than $138,586 (a) What was the annual percent increase in Cho-Sun's pay before federal income taxes? nothing% (Round the final answer to two decimal places as needed. Round all intermediate values to six decimal places as needed.) (b) What was the annual percent increase in Cho-Sun's pay after federal income taxes were deducted? nothing% (Round the final answer to two decimal places as needed. Round all intermediate values to six decimal places as needed.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
In early 2012,
Cho-Sun's
gross pay increased from
$71,000
per year to
$83,000
per year. Answer parts (a) and (b).|
Taxable Income
(Income tax brackets)
|
Tax Rates
|
|
$44,701
or less |
15%
of taxable income less than or equal to
$44,701;
plus |
|
Over
$44,701
up to
$89,401
|
22%
of taxable income greater than
$44,701
and less than or equal to
$89,401;
plus |
|
Over
$89,401
up to
$138,586
|
26%
of taxable income greater than
$89,401
and less than or equal to
$138,586;
plus |
|
Over
$138,586
|
29%
of taxable income greater than
$138,586
|
(a) What was the annual percent increase in
Cho-Sun's
pay before federal income taxes?nothing%
(Round the final answer to two decimal places as needed. Round all intermediate values to six decimal places as needed.)
(b) What was the annual percent increase in
Cho-Sun's
pay after federal income taxes were deducted?nothing%
(Round the final answer to two decimal places as needed. Round all intermediate values to six decimal places as needed.)
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