Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Rex has $97,000 in taxable income this year. Tax Bracket Bottom of Bracket Top of Bracket Tax Liability for Bracket 11% $0 $12,600 $1,386 15%
| Rex has $97,000 in taxable income this year. | |||
| Tax Bracket | Bottom of Bracket | Top of Bracket | Tax Liability for Bracket |
| 11% | $0 | $12,600 | $1,386 |
| 15% | $12,600 | $47,600 | $5,250 |
| 18% | $47,600 | $117,600 | $12,600 |
| 24% | $117,600 | $217,600 | $24,000 |
| 28% | $217,600 | $417,600 | $56,000 |
| 36% | $417,600 | ||
| Calculate their total tax liability for this year. | |||
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