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Marginal Tax Rate Chart

\begin{tabular}{|c|l|}
\hline
Tax Bracket & Marginal Tax Rate \\
\hline
\[tex]$ 0-\$[/tex] 10,275 & 10\% \\
\hline
\[tex]$ 10,276-\$[/tex] 41,175 & 12\% \\
\hline
\[tex]$ 41,176-\$[/tex] 89,075 & 22\% \\
\hline
\[tex]$ 89,076-\$[/tex] 170,050 & 24\% \\
\hline
\[tex]$ 170,051-\$[/tex] 215,950 & 32\% \\
\hline
\[tex]$ 215,951-\$[/tex] 539,900 & 35\% \\
\hline
\[tex]$ 539,901+ & 37\% \\
\hline
\end{tabular}

\[ f(x) = \left\{
\begin{array}{ll}
0.10x, & 0 \leq x \leq 10,275 \\
0.12x - 205.50, & 10,276 \leq x \leq 41,175 \\
0.22x - 4,323.00, & 41,176 \leq x \leq 89,075 \\
0.24x - 6,104.50, & 89,076 \leq x \leq 170,050 \\
0.32x - 19,708.50, & 170,051 \leq x \leq 215,950 \\
0.35x - 26,187.00, & 215,951 \leq x \leq 539,900 \\
0.37x - 36,985.00, & x \geq 539,901
\end{array} \right. \]

Determine the amount of taxes owed on a taxable income of \$[/tex] 49,652.

A. \[tex]$ 4,735.38

B. \$[/tex] 6,600.44

C. \[tex]$ 7,709.92

D. \$[/tex] 10,293.44

Sagot :

GinnyAnswer
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
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