Welcome to Westonci.ca, your go-to destination for finding answers to all your questions. Join our expert community today! Our platform offers a seamless experience for finding reliable answers from a network of knowledgeable professionals. Get detailed and accurate answers to your questions from a dedicated community of experts on our Q&A platform.
Sagot :
To determine the tax payable on a taxable income of [tex]$64,000, we need to calculate the tax for each applicable tax bracket. Let's break down each part.
1. Taxable Income from $[/tex]0 to [tex]$9,875:
- Tax Rate: $[/tex]10\%[tex]$
- Calculation: $[/tex]0.10 \times \[tex]$9,875$[/tex]
- Result: [tex]$\$[/tex]987.50[tex]$ 2. Taxable Income from $[/tex]9,876 to [tex]$40,125: - Tax Rate: $[/tex]12\%[tex]$ - Calculation: $[/tex]0.12 \times (\[tex]$40,125 - \$[/tex]9,875)[tex]$ - Result: $[/tex]0.12 \times \[tex]$30,250 = \$[/tex]3,630.00[tex]$ 3. Taxable Income from $[/tex]40,126 to [tex]$64,000: - Tax Rate: $[/tex]22\%[tex]$ - Calculation: $[/tex]0.22 \times (\[tex]$64,000 - \$[/tex]40,125)[tex]$ - Result: $[/tex]0.22 \times \[tex]$23,875 = \$[/tex]5,252.50[tex]$ Summing these amounts together gives the total tax payable: - $[/tex]\[tex]$987.50 + \$[/tex]3,630.00 + \[tex]$5,252.50 = \$[/tex]9,870.00[tex]$ Based on the provided options, let’s examine the calculations: A. $[/tex]10\% \times \[tex]$9,875 + 12\% \times (\$[/tex]40,125 - \[tex]$9,875) + 22\% \times (\$[/tex]85,525 - \[tex]$64,000)$[/tex]
- This expression calculates the taxes for the first two brackets but incorrectly uses an upper bound of [tex]$85,525$[/tex] for the third bracket, which is not related to this problem.
B. [tex]$10\% \times \$[/tex]9,875 + 12\% \times (\[tex]$40,125 - \$[/tex]9,875) + 22\% \times (\[tex]$64,000 - \$[/tex]40,125)[tex]$ - This expression correctly calculates the taxes for all three brackets. C. $[/tex]22\% \times (\[tex]$85,525 - \$[/tex]64,000)[tex]$ - This expression only calculates the tax for an incorrect single bracket range. D. $[/tex]22\% \times (\[tex]$64,000 - \$[/tex]40,125)[tex]$ - This expression only calculates the tax for the taxable income over $[/tex]40,125[tex]$ and neglects the lower brackets. Therefore, the correct calculation is presented in option B: \[ 10\% \times \$[/tex]9,875 + 12\% \times (\[tex]$40,125 - \$[/tex]9,875) + 22\% \times (\[tex]$64,000 - \$[/tex]40,125) \]
Thus, the correct answer is:
[tex]\[ \boxed{B} \][/tex]
- Result: [tex]$\$[/tex]987.50[tex]$ 2. Taxable Income from $[/tex]9,876 to [tex]$40,125: - Tax Rate: $[/tex]12\%[tex]$ - Calculation: $[/tex]0.12 \times (\[tex]$40,125 - \$[/tex]9,875)[tex]$ - Result: $[/tex]0.12 \times \[tex]$30,250 = \$[/tex]3,630.00[tex]$ 3. Taxable Income from $[/tex]40,126 to [tex]$64,000: - Tax Rate: $[/tex]22\%[tex]$ - Calculation: $[/tex]0.22 \times (\[tex]$64,000 - \$[/tex]40,125)[tex]$ - Result: $[/tex]0.22 \times \[tex]$23,875 = \$[/tex]5,252.50[tex]$ Summing these amounts together gives the total tax payable: - $[/tex]\[tex]$987.50 + \$[/tex]3,630.00 + \[tex]$5,252.50 = \$[/tex]9,870.00[tex]$ Based on the provided options, let’s examine the calculations: A. $[/tex]10\% \times \[tex]$9,875 + 12\% \times (\$[/tex]40,125 - \[tex]$9,875) + 22\% \times (\$[/tex]85,525 - \[tex]$64,000)$[/tex]
- This expression calculates the taxes for the first two brackets but incorrectly uses an upper bound of [tex]$85,525$[/tex] for the third bracket, which is not related to this problem.
B. [tex]$10\% \times \$[/tex]9,875 + 12\% \times (\[tex]$40,125 - \$[/tex]9,875) + 22\% \times (\[tex]$64,000 - \$[/tex]40,125)[tex]$ - This expression correctly calculates the taxes for all three brackets. C. $[/tex]22\% \times (\[tex]$85,525 - \$[/tex]64,000)[tex]$ - This expression only calculates the tax for an incorrect single bracket range. D. $[/tex]22\% \times (\[tex]$64,000 - \$[/tex]40,125)[tex]$ - This expression only calculates the tax for the taxable income over $[/tex]40,125[tex]$ and neglects the lower brackets. Therefore, the correct calculation is presented in option B: \[ 10\% \times \$[/tex]9,875 + 12\% \times (\[tex]$40,125 - \$[/tex]9,875) + 22\% \times (\[tex]$64,000 - \$[/tex]40,125) \]
Thus, the correct answer is:
[tex]\[ \boxed{B} \][/tex]
Visit us again for up-to-date and reliable answers. We're always ready to assist you with your informational needs. Thank you for visiting. Our goal is to provide the most accurate answers for all your informational needs. Come back soon. We're dedicated to helping you find the answers you need at Westonci.ca. Don't hesitate to return for more.