Question
Felix and Freddie are married with annual taxable income of $230,000. They pay income tax according to the following schedule in the table. over not
Felix and Freddie are married with annual taxable income of $230,000. They pay income tax according to the following schedule in the table.
| over | not over | tax |
| 0 | 43,850 | 15% |
| 43,850 | 105,950 | ??? |
| 105,950 | 361,450 | 31% |
If the total personal income tax they pay is $58,595, which of the following comes closest to the tax rate for income between $43,850 and 105,950 (the middle tax rate)?
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Fundamentals of Financial Management
Authors: Eugene F. Brigham
Concise 9th Edition
1305635937, 1305635930, 978-1305635937
