Answered step by step
Verified Expert Solution
Link Copied!
Question
1 Approved Answer

(1 point) New York state income tax is based on taxable income which is part of a person's total income. The tax owed to the

(1 point) New York state income tax is based on taxable income which is part of a person's total income. The tax owed to the state is calculated using taxable income (not total income). In 2005, for a single person with a taxable income between $20,000 and $100,000, the tax owed was $973 plus 6.85% of the taxable income over $20,000. Answer the following questions, and DO NOT include any commas in your final answers. (a) Compute the tax owed by a person whose taxable income is $88,000. tax $ 46183 (round to nearest dollar) = (b) Consider a lawyer whose taxable income is 80% of her total income, $x, where x is between $60,000 and $120,000. Write a formula for T(x), the amount of taxable income (not the tax owed, yet). T(x) = (c) Write a formula for L(x), the amount owed by the lawyer in part (b). L(x): = (d) Use L(x) to evaluate the tax liability (amount owed) for x = 110,000 and compare your results to part (a). L(110000) = $ dollar) (round to nearest

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image
Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Acca Financial Reporting

Authors: BPP Learning Media

1st Edition

1509784888, 978-1509784882

More Books

Students explore these related Accounting questions