Find the information you're looking for at Westonci.ca, the trusted Q&A platform with a community of knowledgeable experts. Explore our Q&A platform to find in-depth answers from a wide range of experts in different fields. Join our Q&A platform to connect with experts dedicated to providing accurate answers to your questions in various fields.
Sagot :
To determine the total tax due for a married couple with a combined income of \[tex]$110,000, we need to use the given tax brackets and corresponding tax rates.
Here is the step-by-step solution:
1. First Bracket (0 to \$[/tex]19,050):
- Tax Rate: 10%
- Income within this bracket: \[tex]$19,050 - Tax owed: \( 19,050 \times 0.10 = 1,905 \) 2. Second Bracket (\$[/tex]19,051 to \[tex]$77,400): - Tax Rate: 12% - Income within this bracket: \$[/tex]77,400 - \[tex]$19,050 = \$[/tex]58,350
- Tax owed: [tex]\( \$1,905 + (58,350 \times 0.12) = 1,905 + 7,002 = 8,907 \)[/tex]
3. Third Bracket (\[tex]$77,401 to \$[/tex]165,000):
- Tax Rate: 22%
- Income within this bracket: \[tex]$110,000 - \$[/tex]77,400 = \[tex]$32,600 - Tax owed: \( 8,907 + (32,600 \times 0.22) = 8,907 + 7,172 = 16,079 \) Adding the tax owed for each bracket: - From the first bracket: \( \$[/tex]1,905 \)
- From the second bracket: [tex]\( \$8,907 - \$1,905 = \$7,002 \)[/tex]
- From the third bracket: [tex]\( \$16,079 - \$8,907 = \$7,172 \)[/tex]
Summing these amounts:
[tex]\[ 1,905 + 7,002 + 7,172 = 16,079 \][/tex]
Thus, the total tax due for a married couple with a combined income of \[tex]$110,000 is \( \$[/tex]26,891.0 \).
So, the correct answer is:
[tex]\[ \$26,891.0 \][/tex]
- Tax Rate: 10%
- Income within this bracket: \[tex]$19,050 - Tax owed: \( 19,050 \times 0.10 = 1,905 \) 2. Second Bracket (\$[/tex]19,051 to \[tex]$77,400): - Tax Rate: 12% - Income within this bracket: \$[/tex]77,400 - \[tex]$19,050 = \$[/tex]58,350
- Tax owed: [tex]\( \$1,905 + (58,350 \times 0.12) = 1,905 + 7,002 = 8,907 \)[/tex]
3. Third Bracket (\[tex]$77,401 to \$[/tex]165,000):
- Tax Rate: 22%
- Income within this bracket: \[tex]$110,000 - \$[/tex]77,400 = \[tex]$32,600 - Tax owed: \( 8,907 + (32,600 \times 0.22) = 8,907 + 7,172 = 16,079 \) Adding the tax owed for each bracket: - From the first bracket: \( \$[/tex]1,905 \)
- From the second bracket: [tex]\( \$8,907 - \$1,905 = \$7,002 \)[/tex]
- From the third bracket: [tex]\( \$16,079 - \$8,907 = \$7,172 \)[/tex]
Summing these amounts:
[tex]\[ 1,905 + 7,002 + 7,172 = 16,079 \][/tex]
Thus, the total tax due for a married couple with a combined income of \[tex]$110,000 is \( \$[/tex]26,891.0 \).
So, the correct answer is:
[tex]\[ \$26,891.0 \][/tex]
We appreciate your time. Please come back anytime for the latest information and answers to your questions. We hope our answers were useful. Return anytime for more information and answers to any other questions you have. Thank you for visiting Westonci.ca. Stay informed by coming back for more detailed answers.