Use the marginal tax rate chart to answer the question.Tax BracketMarginal Tax Rate$0–$10,27510%$10,276–$41,17512%$41,176–$89,07522%$89,076–$170,05024%$170,051–$215,95032%$215,951–$539,90035%> $539,90137%Determine the amount of taxes owed on a taxable income of $38,520.

income = $38,520Now tax % on income between $10,276 - $41,175= 12%

Answered: Use the marginal tax rate chart to…

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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Tax Bracket	Marginal Tax Rate
$0–$10,275	10%
$10,276–$41,175	12%
$41,176–$89,075	22%
$89,076–$170,050	24%
$170,051–$215,950	32%
$215,951–$539,900	35%
> $539,901	37%

Similar questions

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Use the marginal tax rate chart to answer the question. Tax Bracket Marginal Tax Rate $0–$10,275 10% $10,276–$41,175 12% $41,176–$89,075 22% $89,076–$170,050 24% $170,051–$215,950 32% $215,951–$539,900 35% > $539,901 37% Determine the amount of taxes owed on a taxable income of $38,520.