[T] The following table lists the 2013 schedule of federal income tax versus taxable income.
Taxable Income Range | The Tax Is … | … Of the Amount Over |
|
10% | $10 |
|
|
$8925 |
|
|
$36,250 |
|
|
$87,850 |
|
|
$183,250 |
|
|
$398,350 |
> $400,000 |
|
$400,000 |
Table 1.9 Federal Income Tax Versus Taxable Income Source: http://www.irs.gov/pub/irs−prior/i104tt--2013.
Suppose that Steve just received a $10,000 raise. How much of [his raise is left after federal taxes if Steve’s salary before receiving the raise was $40,000? If it was $90,000? If it was $385,000?
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