Answered step by step
Verified Expert Solution
Question
1 Approved Answer
mit 3 HW 2.1 re: 1/16 1/8 answered Question 4 In the lesson, you worked with the tax rate table from 2014 for couples. The
mit 3 HW 2.1 re: 1/16 1/8 answered Question 4 In the lesson, you worked with the tax rate table from 2014 for couples. The table below shows the tax brackets for 2015 for single workers. Taxable income Tax Rate $0 to 59.225 10% $9,226 to $37.450 5922.50 plus 15% of the amount over $9,225 $37,451 to $90,750 $5,156.25 plus 25% of the amount over $37,450 590,751 to $189,300 $18.481.25 plus 28% of the amount over $90,750 $189,301 to $411,500 $46,075,25 plus 33% of the amount over $189,300 5411,501 to 5413,200 $119,401.25 plus 35% of the amount over $411,500 $413,201 or more $119,996.25 plus 39.6% of the amount over $413,200 a. What tax rate does every single worker pay on the first $9,225 of taxable income? b. Calculate the income tax for a single person who has $25,000 of taxable income. S Calculate the income tax for a single person who has $63,500 of taxable income, d. Refer to your answer for part (). The total tax in part (c) is what percentage of the person's taxable income? Round to the nearest one percent. MacBook Air * SO 10 og DOM # 1 2 3 $ 4 5 6 7 8 Q W E R T Y U A S D F G H
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered 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