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
Related questions
Question
??
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 6 images
Recommended textbooks for you
Advanced Engineering Mathematics
Advanced Math
ISBN:
9780470458365
Author:
Erwin Kreyszig
Publisher:
Wiley, John & Sons, Incorporated
Numerical Methods for Engineers
Advanced Math
ISBN:
9780073397924
Author:
Steven C. Chapra Dr., Raymond P. Canale
Publisher:
McGraw-Hill Education
Introductory Mathematics for Engineering Applicat…
Advanced Math
ISBN:
9781118141809
Author:
Nathan Klingbeil
Publisher:
WILEY
Advanced Engineering Mathematics
Advanced Math
ISBN:
9780470458365
Author:
Erwin Kreyszig
Publisher:
Wiley, John & Sons, Incorporated
Numerical Methods for Engineers
Advanced Math
ISBN:
9780073397924
Author:
Steven C. Chapra Dr., Raymond P. Canale
Publisher:
McGraw-Hill Education
Introductory Mathematics for Engineering Applicat…
Advanced Math
ISBN:
9781118141809
Author:
Nathan Klingbeil
Publisher:
WILEY
Mathematics For Machine Technology
Advanced Math
ISBN:
9781337798310
Author:
Peterson, John.
Publisher:
Cengage Learning,