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Congratulations! You won a lottery prize and have a taxable income of $767,400. Use the table to answer the questions. Row Taxable Income Tax 1
Congratulations! You won a lottery prize and have a taxable income of $767,400. Use the table to answer the questions. Row Taxable Income Tax 1 2 3 10% of $0-$8,500 taxable income $850 plus $8,500- 15% of $35,500 taxable income over $8,500 $4,750 plus 25% of $35,500- taxable $83,600 Income over $34,500 $17,025 $83,600- plus 28% of $174.400 taxable income over $83,600 $42,449 $174,400- plus 3396 of taxable $379,150 income over $174,400 $110,016.50 plus 35% of more than taxable $379,150 income over $379,150 4 5 6 a. Which row in the table will you use to compute the tax on your winnings? 1 2 3 4 5 O O O O b. How much tax will you pay on your winnings? 5 Question Help: Victor
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