Workers in the U.S. pay several types of taxes on income. The lesson discussed the FICA taxes. You also have to pay federal income tax. Your federal income tax rate is based on the amount of money you make. Income is broken into levels called tax brackets. The table below shows the tax brackets for 2011 . Taxable Income $0-$8,500 $8,500-$34,500 $34,500 $83,600 $83,600-$174,400 $174,400-$379,150 $379,150 plus $4,750 plus 25% of excess over $34,500 $17,025 plus 28% of excess over $83,600 $42,449 plus 33% of excess over $174,400 $110,016.50 plus 35% of excess over $379,150 a. What tax rate does everyone pay on the first $8,500 of income? Tax 10% of taxable income $850 plus 15% of excess over $8,500 b. Calculate the income tax for a person earning $13,500. c. Calculate the income tax for a person earning $41,000. d. Refer to your answer for part (c). The total tax in part (c) is what percentage of the person's income? Round to the nearest tenth of a percent. Submit Question
Workers in the U.S. pay several types of taxes on income. The lesson discussed the FICA taxes. You also have to pay federal income tax. Your federal income tax rate is based on the amount of money you make. Income is broken into levels called tax brackets. The table below shows the tax brackets for 2011 . Taxable Income $0-$8,500 $8,500-$34,500 $34,500 $83,600 $83,600-$174,400 $174,400-$379,150 $379,150 plus $4,750 plus 25% of excess over $34,500 $17,025 plus 28% of excess over $83,600 $42,449 plus 33% of excess over $174,400 $110,016.50 plus 35% of excess over $379,150 a. What tax rate does everyone pay on the first $8,500 of income? Tax 10% of taxable income $850 plus 15% of excess over $8,500 b. Calculate the income tax for a person earning $13,500. c. Calculate the income tax for a person earning $41,000. d. Refer to your answer for part (c). The total tax in part (c) is what percentage of the person's income? Round to the nearest tenth of a percent. Submit Question
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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Transcribed Image Text:Workers in the U.S. pay several types of taxes on income. The lesson discussed the FICA taxes. You also
have to pay federal income tax. Your federal income tax rate is based on the amount of money you make.
Income is broken into levels called tax brackets. The table below shows the tax brackets for 2011.
Taxable Income
$0-$8,500
$8,500-$34,500
$850 plus 15% of excess over $8,500
$34,500 $83,600
$4,750 plus 25% of excess over $34,500
$83,600-$174,400 $17,025 plus 28% of excess over $83,600
$174,400-$379,150 $42,449 plus 33% of excess over $174,400
$379,150 plus $110,016.50 plus 35% of excess over $379,150
a. What tax rate does everyone pay on the first $8,500 of income?
Tax
10% of taxable income
b. Calculate the income tax for a person earning $13,500.
c. Calculate the income tax for a person earning $41,000.
d. Refer to your answer for part (c). The total tax in part (c) is what percentage of the person's income?
Round to the nearest tenth of a percent.
Submit Question
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