Use the 2018 federal income tax brackets and rates in Table 3.3 to answer the following question.

Victor calculated his 2018 taxable income to be $49 450. How much federal income tax should he report?

Table 3.3

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Taxable Income (income tax brackets) Tax Rates $46 605 or less 15% of taxable income less than or equal to $46 605; plus Over $46 605 up to $93 208 20.5% of taxable income greater than $46 605 and less than or equal to $93 208; plus Over $93 208 up to $144 489 26% of taxable income greater than $93 208 and less than or equal to $144 489; plus Over $144 489 up to $Z05 842 29% of taxable income greater than $144 489 and less than or equal to $205 842; plus Over $205 842 33% of taxable income greater than $205 842