Question 8. Here is a table for income tax. Observe that the tax brackets are different from the taxbrackets we've used before.Taxable Income0-$70,000$70,001 - $280,000$280,001 - $630,000More than $630,000Tax rate for this bracket10%20%30%40%Denny is a successful entertainer.taxable income is $500,000. Compute his income tax.Lenny is a more successful entertainer. His taxable income is $1,000,000. Compute his income tax.<

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Answered: Question 8. Here is a table for income…

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

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Line 1 Line 2 Line 3 Line 4 Line 5 Line 6 If taxable income is over But not over -- $9,275 37,650 91,150 190,150 413,350 $0 9,275 37,650 91,150 190,150 413,350 ↳ The tax is $0+10% 927.50+15% 5,183.75+25% 18,558.75+28% 46.278.75+33% 119,934.75+35% Use the table above to calculate the federal income tax due for a taxable income of $151,000. Of the amount over- $0 9,275 37,650 91.150 190,150 413,350
D Question 3 Last month, Kaitlin's average daily balance on her credit card was $1,268.52. The annual interest rate on that credit card is 15.1%. The minimum payment on that card is the interest charge ( r 1= B- n) plus 2% of the ending balance or $25, which ever is larger. If there were 31 days in 365 that month and the ending balance was $1,945.13, what would be the minimum payment that Kaitlin could make? 3 pts Round your answer to the nearest penny. Input the number. Do not input the dollar sign. Do not use a comma. Example: 89.65 Question 4 3 pts Last month, Kaitlin's average daily balance on her credit card was $1,813.55. The annual interest rate on that credit card is 17.25%. The minimum payment on that card is the interest charge ( 1 = B. n) plus 1% of the ending balance or $25, which ever is larger. If there were 30 days in 365 that month and the ending balance was $2,907.68, what would be the balance on her credit card after she made that payment for that month? Round your…
For the following cash flow, use the interpolation technique to compute the interest rate at which the $240 cost is equivalent to the subsequent benefits. Year 0 1 Cash Flow -240 75 2 95 3 100 4 85
Workers in the U.S. pay several types of taxes on income, including federal income tax. The federal income tax rate is based on the amount of money a worker makes. Income is broken into levels called tax brackets. The table below shows the tax brackets for a single taxpayer in 2019. Tax Brackets for 2022 Taxable income Tax $0 to $10,275 $10,275 to $41,775 $41,775 to $89,075 $89,075 to $170,050 $170,050 to $215,950 $215,950 to $539,900 $539,900 or more 4 Calculate the income tax for a single person earning $25,000 of taxable income. Make sure you write down any work, calculations, or reasoning that you used to get 10% of taxable income $1,027.50 plus 12% of the excess over $10,275 $4,807.50 plus 22% of the excess over $41,775 $15,213.50 plus 24% of the excess over $89,075 $34,647.50 plus 32% of the excess over $170,050 $49,335.50 plus 35% of the excess over $215,950 $162,718 plus 37% of the excess over $539,900
Compute the total cost per year of the following pair of expenses. Then complete the sentence: On an annual basis, the first set of expenses is _______% of the second set of expenses. Vern buys fourlottery tickets each week at a cost of $5 each and spends $800 per year on his textbooks.
Simple Accounting – Income Statement. Revenue Expense Net Income $23,943,930.50 ? $10,759,730.30 a. $17,351,830.40 b. $34,703,660.80 c. $13,184,200.20 d. -$13,184,200.20
QUESTION 5 Which of the following will make the value of the break-even point (BEP) smaller? O Increased unit variable cost. O Increased fixed cost such as rent. Increased unit price. O Decreased unit price.
Part III- Percentage Problems 1. You decided to begin to save money when you graduated from high school. A couple of years have passed , and you currently have $9.500 saved in your bank account. You have decided to use $4940 to pay for one class you need so it does not delay your graduation date. What percentage of your savings did you use for your class? Show all your work to justify your answer . 2. An organization raises money for students who attend Berkeley College every year. Currently, they have raised $ 25, 160 which represents 37 % of the money they raise. Determine the amount of money the organization will raise in total. Show all your work to justify your answer .
A certain city's power company charges their residents for electricity usage on a daily basis. There is a basic charge of 11.57 cents. For each day the first 10 kWh cost 4.81 cents per kWh and any additional kWhs are 9.69 per kWh. (A kWh, or kilowatt-hour, is a unit of energy.) (a) Complete the following table using the information provided above. kWhkWh 0 5 10 15 20 cost (dollars)cost (dollars) kWhkWh 25 30 35 40 cost (dollars)cost (dollars) (b) We can define a piecewise function f(x)f(x) where xx is the kWh used in a day and f(x)f(x) is the cost, in dollars. This function would have the form f(x)={g(x)h(x)ififx∈Ax∈Bf(x)={g(x)ifx∈Ah(x)ifx∈B What functions g(x)g(x) and h(x)h(x) make up the piecewise function f(x)f(x)? g(x)=g(x)= for A = h(x)=h(x)= for B = Hint: A and B are intervals. If an interval uses ±∞±∞ write inf or -inf . (c) Using the above function, what is the cost of 26 kWh? dollars. (d) For 3 dollars, what is the maximum kWh usage for one…
According to the table below, which of these is a possible taxable income for a married couple filing jointly in the 33% federal income tax bracket?
15. Liz Mulig eams $52,000 per year as a philosophy professor. She receives a raise of 2.5% in a year in which the CPI increases by 3.8%. Ignoring taxes, find the effect of the two increases on her purchasing power. [10.2]
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