Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Taxable income $97,000 31 Question 10 (2 marks) 32 Use reference functions to work out how much tax is payable 33 for any positive income

image text in transcribed

Taxable income $97,000 31 Question 10 (2 marks) 32 Use reference functions to work out how much tax is payable 33 for any positive income in cell C33, based on the tax table to 34 the right. 35 Hint: it is probably easier to use several cells to compute 36 relevant numbers with the final answer entered in cell C37. 37 38 Income thresholds Tax amount at threshold Tax rate above threshold $0 $0 0% $18,200 $0 19.0% $37,000 $3,572 32.5% $80,000 $17,547 37.0% $180,000 $54,547 45.0% Tax payable

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Globalization Gating And Risk Finance

Authors: Unurjargal Nyambuu, Charles S. Tapiero

1st Edition

1119252652, 978-1119252658

More Books

Students also viewed these Finance questions

Question

Perform an Internet search. Discuss a company that uses EPLI.

Answered: 1 week ago

Question

How do you feel about employment-at-will policies? Are they fair?

Answered: 1 week ago