Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Suppose Joshua's taxable income was $85,000 in 2006. If your taxable income is: But not of the amount Over: The tax is: over: over: 0
Suppose Joshua's taxable income was $85,000 in 2006. If your taxable income is: But not of the amount Over: The tax is: over: over: 0 1 bracket 2nd bracket 3 bracket 4th bracket 5th bracket 6th bracket 0 7550 30650 74200 154800 336550 7550 30650 74200 154800 336550 1090 15% 25% 28% 33% 35% 7550 30650 74200 154800 336550 a. Calculate the amount he paid in taxes for each bracket: st 1st 2nd 3rd 5th b) Calculate his total income tax. c) What is Joshua's marginal tax rate? 13 of 13 d) What is Joshua's average tax rate? e) How many months did Joshua have to work in order to pay his federal tax bill
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