As of 2015, farms were taxed at 10 percent for income up to $46,000; at 24 percent for income ranging from $46,000 to $66,000; at 30 percent for taxable income $66,000 to $82,000; at 45 percent for income from $82,000 to $213,000, and so on. Suppose that you have revenues of $164,700 and operating expense of $65,700. How much tax is paid on the first $46,000 of taxable income?

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To determine the tax paid on the first 46000 of taxable income we need to calculate the taxable inco... View the full answer