Concept explainers
Tax Owed According to the Oklahoma Income Tax Table for 2010, the income tax owed by an Oklahoma resident who is married and filing jointly with a taxable income above $100, 000 is $5070 plus 5.5% of the taxable income over $100, 000.
a. Use a formula to express the tax owed as a function of the taxable income, assuming that the taxable income is above $100, 000. Be sure to explain the meaning of the letters you choose and the units.
b. What is the tax on a taxable income of $108, 650?
Round your answer to the nearest dollar.
c. For what taxable income would the tax be $5686?
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