Tim and Nancy Wood have a combined taxable income of $126,550 in 2018. Using the following tax table, what is their total income tax for 2018? What would be the incremental tax if they made one more dollar? 2018 Taxable Income Rate Over But not over $0 19,050 10% 19,050 77,400 12% 77,400 165,000 22% 165,000 315,000 24% 315,000 400,000 32% 400,000 600,000 35% 600,000 and over 37%

Tim and Nancy Wood have a combined taxable income of $126,550 in 2018. Using the following tax table, what is their total income tax for 2018? What would be the incremental tax if they made one more dollar? 2018 Taxable Income Rate Over But not over $0 19,050 10% 19,050 77,400 12% 77,400 165,000 22% 165,000 315,000 24% 315,000 400,000 32% 400,000 600,000 35% 600,000 and over 37%

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Please show all steps and possibly how this could be done in excel if you get the chance. Thanks in advance!!! :)

Tim and Nancy Wood have a combined taxable income of $126,550 in 2018. Using the following
tax table, what is their total income tax for 2018? What would be the incremental tax if they
made one more dollar?
2018
Taxable Income
Rate
Over
But not over
$0
19,050
10%
19,050
77,400
12%
77,400
165,000
22%
165,000
315,000
24%
315,000
400,000
32%
400,000
600,000
35%
600,000
and over
37%

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