Use the 2018 federal income tax brackets and rates in Table 3.3 to answer the following question.
Question:
Use the 2018 federal income tax brackets and rates in Table 3.3 to answer the following question.
In early 2018, Mei Ling’s gross pay increased from $87 000 per year to $95 000 per year.
(a) What was the annual percent increase in Mei Ling’s pay before federal income taxes?
(b) What was the annual percent increase in Mei Ling’s pay after federal income taxes were deducted?
Table 3.3
Transcribed Image Text:
Taxable Income (income tax brackets) Tax Rates $46 605 or less 15% of taxable income less than or equal to $46 605; plus Over $46 605 up to $93 208 20.5% of taxable income greater than $46 605 and less than or equal to $93 208; plus Over $93 208 up to $144 489 26% of taxable income greater than $93 208 and less than or equal to $144 489; plus Over $144 489 up to $Z05 842 29% of taxable income greater than $144 489 and less than or equal to $205 842; plus Over $205 842 33% of taxable income greater than $205 842
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Related Book For
Contemporary Business Mathematics With Canadian Applications
ISBN: 9780135285015
12th Edition
Authors: Ali R. Hassanlou, S. A. Hummelbrunner, Kelly Halliday
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