Exhibit 11-4Taxable Income$0-$23,000$23,001 - $42,000$42,001 - $100,000Greater than $100,000Refer to Exhibit 11-4. If a person's taxable income is $155,000, how much does he pay in taxes?$30,900$38,250Taxes15% of taxable income$3,450 + 20% of everything over $23,000$7,250 + 25% of everything over $42,000$21,750 + 30% of everything over $100,000$68,250$10,500

It can be described as a payment that is imposed by the central authority of the nation to fund the…

Answered: Refer to Exhibit 11-4. If a person's…

Refer to Exhibit 11-4. If a person's taxable income is $155,000, how much does he pay in taxes? $30,900 $38,250 $68,250 $10,500

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Exhibit 11-4
Taxable Income
$0-$23,000
$23,001 - $42,000
$42,001 - $100,000
Greater than $100,000
Refer to Exhibit 11-4. If a person's taxable income is $155,000, how much does he pay in taxes?
$30,900
$38,250
Taxes
15% of taxable income
$3,450 + 20% of everything over $23,000
$7,250 + 25% of everything over $42,000
$21,750 + 30% of everything over $100,000
$68,250
$10,500

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