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Use the following tax rates to answer questions 3 to 6. 2018 Tax Rate, Single Individual Taxable income Tax Payable SO $9,525 10% of TI
Use the following tax rates to answer questions 3 to 6. 2018 Tax Rate, Single Individual Taxable income Tax Payable SO $9,525 10% of TI $9,525 $38,700 $952.50 + 12% of (TI - $9,525) $38,700 $82,500 $4,453.50 + 22% of (TI - $38,700) $82,500 $157,500 $14,089.50 +24% of (TI - $82,500) $157,500 $200,000 $32,089.50 +32% of (TI - $157,500) $200,000 $500,000 S45689.50 +35% of (TI - $200,000) $500,000 $150,689.50 +37% of (TI - $500,000) no limit 3. (2 points) If Ross has a taxable income of $40,000, what is his tax bill? 4. (2 points) If Rachel has a taxable income of $162,500, what is her tax bill
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