The federal Income tax rate schedule for a person filing a single return in 2018 is shown
Question:
The federal Income tax rate schedule for a person filing a single return in 2018 is shown below.
a) Shenile works as a student tutor and paid $876 in federal taxes in 2018. Determine Shenile’s taxable income.
b) Logan works as a caddy at a golf course and paid $2017.50 in federal taxes in 2018. Determine Logan’s taxable income.
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Taxable Income Taxes $0-59,525 10% of taxable income $9,526-S38,700 $952.50 + 12% of the amount over $9,525 $38,701-$82,500 $4,453.50 + 22% of the amount over $38,700 $82,501–$157,500 $14,089.50 + 24% of the amount over $82,500 $157,501-$200,000 $32,089.50 + 32% of the amount over $157,500 $200,001-$500,000 $45,689.50 + 35% of the amount over $200,000 $500,001 or more $150,689.50 + 37% of the amount over $500,000
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a Since 876 is less than 10 9525 95250 Sheniles tax was 10 of her taxabl...View the full answer
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Related Book For
A Survey Of Mathematics With Applications
ISBN: 9780135740460
11th Edition
Authors: Allen R. Angel, Christine D. Abbott, Dennis Runde
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