Question

Select the correct answer. Julie’s taxable income is $50,000. The table gives the federal tax brackets for different levels of taxable income. Julie pays a progressive tax. How much will she pay in income tax this year? Tax Rate Taxable Income Level 10% $0–$9,225 15% $9,226–$37,450 25% $37,451–$90,750 28% $90,751–$189,300 33% $189,301–$411,500 35% $411,501–$413,200 39.60% above $413,200 A. $5,332.25 B. $8,293.35 C. $9,552.50 D. $12,500.00 E. $14,350.85

Answer 1

Answer: B$8293.35

Step-by-step explanation:

922.5x10%=922.5

37450-9226=2822.4 2822.4x15%=4233.6

50000-37451=12549  12549x25%=3137.25

922.5+4233.6+3137.25=8293.35

You have to use the percentage in each tier

Answer 2

The Progressive tax julie has to pay in income tax $8393.35.

What is progressive tax?

A progressive tax is based on "the tax payer's ability to pay. It imposes a lower tax rate on low income earner's than those with a higher income".

According to the question,

The formula to calculate tax for the income the difference between the amount earnings and then multiply by given Tax rate.

Tax  rate = 10% for Taxable income level is $ 0 - $9,225.

= (9225 - 0)10% =9225($\frac{10}{100}$) =922.5

Tax  rate = 15% for Taxable income level is $ 37450 - $9,226.

=(9226 - 37450)(15%)

= 2822.4(15/100) = 4233.6

Tax  rate = 25% for Taxable income level is $ 90,750 - $3,7450.

= (90750 - 37450)(25%)

=12549(25/100)

=3137.25

To calculate the Progressive tax julie has to pay in income tax sum of taxes

= 922.5 + 4233.6 + 3137.25

= 8393.35

Hence, The Progressive tax julie has to pay in income tax $8393.35.

To learn more about Progressive tax here

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