Question
5. Let x be our taxable income. Suppose we know that x is between $39,475 and $84,200 2. Before the raise, the person's taxable income
5. Let "x" be our taxable income. Suppose we know that "x" is between $39,475 and $84,200
2. Before the raise, the person's taxable income was in the ______ % tax bracket.
After the raise, the person's taxable income was in the _______ % tax bracket. 3.
Compare the Net Incomes form before and after the raise. Did this person "take home" less money after the raise?
4. Can a raise that moves your income into a higher tax bracket actually reduce your net income? Explain.
a. What must the Adjusted Gross Income (AGI) be between in terms of "x"? b. Use "x" and write a function for how you would calculate the amount of taxes to be paid on "x." c. How would this function change if we instead knew that "x" is between $84,200 and $160,725? Write this new function. d. Write a function for each line of the 2019 Tax Bracket and identify for which window of "x" values each should be used. For example, your function from part (b) is only used for x values between $39,475 and $84,200.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started