Use the tax brackets and rates in the table below to compute the federal tax for Lee, who is declaring taxable income of: iii. $185,000 Round off your answer to 2 decimal points. Taxable Income (income tax brackets) $46,605 or less Over $46,605 up to $93,208 Over $93,208 up to $144,489 Over $144,489 up to $205,842 Over $205,842 Tax Rates 15% of taxable income less than or equal to $46,605; plus 20.5% of taxable income greater than $46,605 and less than or equal to $93,208; plus 26% of taxable income greater than $93,208 and less than or equal to $144,489; plus 29% of taxable income greater than $144,489 and less than or equal to $205,842; plus 33% of taxable income greater than $205,842
Use the tax brackets and rates in the table below to compute the federal tax for Lee, who is declaring taxable income of: iii. $185,000 Round off your answer to 2 decimal points. Taxable Income (income tax brackets) $46,605 or less Over $46,605 up to $93,208 Over $93,208 up to $144,489 Over $144,489 up to $205,842 Over $205,842 Tax Rates 15% of taxable income less than or equal to $46,605; plus 20.5% of taxable income greater than $46,605 and less than or equal to $93,208; plus 26% of taxable income greater than $93,208 and less than or equal to $144,489; plus 29% of taxable income greater than $144,489 and less than or equal to $205,842; plus 33% of taxable income greater than $205,842
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![Use the tax brackets and rates in the table below to
compute the federal tax for Lee, who is declaring taxable income of:
iii. $185,000
Round off your answer to 2 decimal points.
Taxable Income
(income tax brackets)
$46,605 or less
Over $46,605 up to
$93,208
Over $93,208 up to
$144,489
Over $144,489 up to
$205,842
Over $205,842
Tax Rates
15% of taxable income less than or equal to $46,605; plus
20.5% of taxable income greater than $46,605 and less than
or equal to $93,208; plus
26% of taxable income greater than $93,208 and less than or
equal to $144,489; plus
29% of taxable income greater than $144,489 and less than
or equal to $205,842; plus
33% of taxable income greater than $205,842](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff6c9103e-f3a9-4a92-afcf-53f0918d2ccb%2F5da34339-4f54-4cf1-b1ea-8366be05ccc1%2F7r2x6jd_processed.png&w=3840&q=75)
Transcribed Image Text:Use the tax brackets and rates in the table below to
compute the federal tax for Lee, who is declaring taxable income of:
iii. $185,000
Round off your answer to 2 decimal points.
Taxable Income
(income tax brackets)
$46,605 or less
Over $46,605 up to
$93,208
Over $93,208 up to
$144,489
Over $144,489 up to
$205,842
Over $205,842
Tax Rates
15% of taxable income less than or equal to $46,605; plus
20.5% of taxable income greater than $46,605 and less than
or equal to $93,208; plus
26% of taxable income greater than $93,208 and less than or
equal to $144,489; plus
29% of taxable income greater than $144,489 and less than
or equal to $205,842; plus
33% of taxable income greater than $205,842
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