Use the following Total Tax / Annual Income relationship to determine which of the following is Beverly's total tax for last year if her income last was $155,000. What total income tax did Beverly pay in income tax. In the image.
Use the following Total Tax / Annual Income relationship to determine which of the following is Beverly's total tax for last year if her income last was $155,000. What total income tax did Beverly pay in income tax. In the image.
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Use the following Total Tax / Annual Income relationship to determine which of the following is Beverly's total tax for last year if her income last was $155,000. What total income tax did Beverly pay in income tax.
In the image.
Transcribed Image Text:Annual Income:_
Maximum Total
Income for Each
Bracket
more than
$578,125
no more than
$578,125
no more than
$231,250
no more than
$182,100
no more than
$95,375
no more than
$44,725
no more than
$11,000
Maximum Amount
of Income Within
Each Bracket
$346,875
$49,150
$86,725
$50,650
$33,725
Income Tax Calculation
$11,000
Total Income
Total Income Tax:__
Marginal Tax
Rate per
$100 earned
$37 tax
Amount of Actual
Income Within
Each Bracket
$35 tax
$32 tax
$24 tax
$22 tax
$12 tax
$10 tax
Maximum
Amount of Tax
Within Each
Bracket
$121,406.25
$15,728
$20,814
$11,143
$4,047
$1,100
Total Tax
Amount of Actual
Tax Within
Each Bracket
Maximum Total
Amount of Tax
Within Each
Bracket
more than
$174,238.25
no more than
$174,238.25
no more than
$52,832
no more than
$37,104
no more than
$16,290
no more than
$5,147
no more than
$1,100
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