Figure out how much income tax each of the following individuals owes. The marginal tax rates are

Question:

Figure out how much income tax each of the following individuals owes. The marginal tax rates are structured as follows:

• $0 to $8,925 = 10% rate

• $8,926 to $36,250 = 15%

• $36,251 to $87,850 = 25%

• $87,851 to $183,250 = 28%

• $183,251 to $398,350 = 33%

• $398,351 to $400,000 = 35%

• $400,001 and above = 39.6%

The different rates apply to different portions of one’s income. image text in transcribed

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Entrepreneurship And Small Business Management

ISBN: 9781292078670,9780133801248

2nd Edition

Authors: Steve Mariotti , Caroline Glackin

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Question Posted: Sep 20, 2024 12:00 AM

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Figure out how much income tax each of the following individuals owes. The marginal tax rates are

Question:

Name Taxable Income Tax Due Jamie $42,000 Miguel $98,750 Suzette $24,000 Kimu $100,520

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Entrepreneurship And Small Business Management

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