To determine the amount of taxes owed on a taxable income of [tex]$49,652 using the marginal tax rate chart provided, we must apply the appropriate formula for the tax bracket that the income falls into. Here is a step-by-step breakdown:
1. Identify the tax bracket for the taxable income of $[/tex]49,652.
- According to the chart, [tex]$49,652 falls into the tax bracket $[/tex]41,176 - [tex]$89,075.
2. Use the corresponding tax formula for the bracket $[/tex]41,176 - [tex]$89,075, which is:
\[
f(x) = 0.22x - 4,323.00
\]
3. Substitute $[/tex]49,652 for [tex]\(x\)[/tex] in the formula:
[tex]\[
f(49,652) = 0.22 \times 49,652 - 4,323.00
\][/tex]
4. Calculate the tax amount step-by-step:
- Calculate [tex]\(0.22 \times 49,652\)[/tex]:
[tex]\[
0.22 \times 49,652 = 10,923.44
\][/tex]
- Subtract [tex]$4,323.00 from $[/tex]10,923.44:
[tex]\[
10,923.44 - 4,323.00 = 6,600.44
\][/tex]
Thus, the amount of taxes owed on a taxable income of [tex]$49,652 is $[/tex]6,600.44.
The correct answer is:
- \$ 6,600.44
