Question
Question # 5 - Exhibit 2.1 USE THE TAX TABLE PROVIDED BELOW FOR THE FOLLOWING PROBLEM(S) If Taxable Income Then The Tax is Is Over
Question # 5 - Exhibit 2.1
USE THE TAX TABLE PROVIDED BELOW FOR THE FOLLOWING PROBLEM(S)
| If Taxable Income | Then | The Tax is |
| ||
| Is Over | But Not Over |
| This Amount | Plus This % | Of The Excess Over |
Single | $0 | $7,150 |
| 0 | 10% | 0 |
| $7,150 | $29,050 |
| 715 | 15% | $7,150 |
| $29,050 | $70,350 |
| $4,000 | 25% | $29,050 |
| $70,350 | $146,750 |
| $14,325 | 28% | $70,350 |
| $146,750 | $319,100 |
| $35,717 | 33% | $146,750 |
| $319,100 | - |
| $92,592.50 | 35% | $319,100 |
|
|
|
|
|
|
|
Married | $0 | $14,300 |
| 0 | 10% | 0 |
Filing | $14,300 | $58,100 |
| 1430 | 15% | $14,300 |
Jointly | $58,100 | $117,250 |
| $8,000 | 25% | $58,100 |
| $117,250 | $178,650 |
| $22,787.50 | 28% | $117,250 |
| $178,650 | $319,100 |
| $39,979.50 | 33% | $178,650 |
| $319,100 | - |
| $86,328 | 35% | $319,100 |
- Refer to Exhibit 2.1. What is the marginal tax rate for a single individual with taxable income of $85,000?
- Refer to Exhibit 2.1. What is the tax liability for a single individual with taxable income of $85,000?
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