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Last year Diane's annual income was $86,011.  Use the following Income Tax table to calculate how much Daan paid last year in income tax. Round your answer to the nearest dollar.  Only enter the number.  Do not enter the dollar sign.  For example: 11,526  In the kmage

Last year Diane's annual income was $86,011.  Use the following Income Tax table to calculate how much Daan paid last year in income tax. Round your answer to the nearest dollar.  Only enter the number.  Do not enter the dollar sign.  For example: 11,526  In the kmage

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Last year Diane's annual income was $86,011.  Use the following Income Tax table to calculate how much Daan paid last year in income tax.

Round your answer to the nearest dollar.  Only enter the number.  Do not enter the dollar sign.  For example: 11,526 

In the kmage

Annual Income: Maximum Total Income for Each Bracket more than $518,400 no more than $518,400 no more than $207,350 no more than $163,300 no more than $85,525 no more than $40,125 no more than $9,875 Maximum Amount of Income Within Each Bracket $311,050 $44,050 $77,775 $45,400 $30,250 $9,875 Total Income Income Tax Calculations Amount of Actual Income Within Each Bracket Total Amount of Income Tax: Marginal Tax Rate per $100 earned $37 tax $35 tax $32 tax $24 tax $22 tax $12 tax $10 tax Maximum Amount of Tax Within Each Bracket $105,857.50 $14,096 $18,666 $9,988 $3,630 $987.50 Total Tax Amount of Actual Tax Within Each Bracket Maximum Total Amount of Tax Within Each Bracket more than $153,225 no more than $153,225 no more than $47,367.50 no more than $33,271.50 no more than $14,605.50 no more than $4,617.50 no more than $987.50
Transcribed Image Text:Annual Income: Maximum Total Income for Each Bracket more than $518,400 no more than $518,400 no more than $207,350 no more than $163,300 no more than $85,525 no more than $40,125 no more than $9,875 Maximum Amount of Income Within Each Bracket $311,050 $44,050 $77,775 $45,400 $30,250 $9,875 Total Income Income Tax Calculations Amount of Actual Income Within Each Bracket Total Amount of Income Tax: Marginal Tax Rate per $100 earned $37 tax $35 tax $32 tax $24 tax $22 tax $12 tax $10 tax Maximum Amount of Tax Within Each Bracket $105,857.50 $14,096 $18,666 $9,988 $3,630 $987.50 Total Tax Amount of Actual Tax Within Each Bracket Maximum Total Amount of Tax Within Each Bracket more than $153,225 no more than $153,225 no more than $47,367.50 no more than $33,271.50 no more than $14,605.50 no more than $4,617.50 no more than $987.50
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