Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Miley, a single taxpayer, plans on reporting $35,475 of taxable income this year (all of her income is from a part-time job). She is considering
Miley, a single taxpayer, plans on reporting $35,475 of taxable income this year (all of her income is from a part-time job). She is considering applying for a second part-time job that would give her an additional $10,000 of taxable income. By how much will the income from the second job increase her tax liability? (Use the tax rate schedule below.) If taxable income is over: $0 $9,950 $40,525 $86,375 $164,925 $209,425 $523,600 But not over: $9,950 $40,525 $86,375 $164,925 $209,425 $523,600 Schedule X-Single The tax is: 10% of taxable income $995 plus 12% of the excess over $9,950 $4,664 plus 22% of the excess over $40,525 $14,751 plus 24% of the excess over $86,375 $33,603 plus 32% of the excess over $164,925 $47,843 plus 35% of the excess over $209,425 $157,804.25 plus 37% of the excess over $523,600 Select one: O A. $2,200 OB. $1,695 O C. $1,200 OD. $1,000
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