Question

Joe's taxable income is $67,825. Use this tax schedule to calculate the total amount he owes in taxes. If taxable income is over-- But not over-- The tax is: $0 $7,825 10 percent of the amount over $0 $7,825 $31,850 $782.50 plus 15 percent of the amount over 7,825 $31,850 $77,100 $4,386.25 plus 25 percent of the amount over 31,850 $77,100 $160,850 $15,698.75 plus 28 percent of the amount over 77,100 $160,850 $349,700 $39,148.75 plus 33 percent of the amount over 160,850 $349,700 no limit $101,469.25 plus 35 percent of the amount over 349,700 A. $8,993.75 B. $4,386.25 C. $12,348.80 D. $13,380.00

Answer 1

Using the Tax schedule given, the total amount of Joe's income which he owes in taxes is $13,380

Joe's Taxable income :

• $67,825

Using the Tax schedule given :

Joe's owing in taxes would be $4,386.25 + 25% of amount over $31850

Hence, Amount of income over $31850 :

• $67,825 - $31,850 = $35,975

25% of $35975 = (0.25 × 35975) = $8993.75

Amount owed in taxes :

• $(8993.75 + 4386.25) = $13380.

Therefore, the total amount Joe owes in taxes is $13380.

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Answer 2

Answer:

A.  

$13,380.00

Step-by-step explanation: