Question: Now consider another hypothetical tax code. Assume the tax late on the first $15,000 of taxable income is 10% and the tax rate on any

Now consider another hypothetical tax code. Assume the tax late on the first $15,000 of taxable income is 10% and the tax rate on any additional income is 13%. The standard deduction ($6,350) and personal exemption ($4,050) still apply. In other words: 0 For taxable income from $0 to $15,000, you pay 10% of your taxable income in taxes, plus 0 For taxable income above $15,000, you pay 18% of your taxable income. 1. If your total income before exemptions were $10,000 how much would you pay in taxes? 2. If your total income were $20,000 how much would you pay in taxes? 3. If your total income were $50,000 how much would you pay in taxes? 4. Write a function to model the total tax paid, T(x), with a total income of x dollars. 5. Create a graph that shows taxes paid as a function of total income for the total income between $0 and $60,000. 5. How many different slopes are on this graph?I NOTE: For a Total Income of $80,000, an individual would pay $11,328 in taxes

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Use mesh analysis to find the current io in the circuit in Fig. 3.95? Figure 3.95 4 2 10 8 310

Now consider another hypothetical tax code. Assume the tax rate on the first $15,000 of taxable income is 10% and the tax rate on any additional income is 18%. The standard deduction ($6,350) and...

Consider another hypothetical tax code. Assume the tax rate on the first $15,000 of taxable income is 10% and the tax rate on any additional income is 18%. The standard deduction ($6,350) and...

. Now consider another hypothetical tax code. Assume the tax rate on the first $15,000 of taxable income is 10% and the tax rate on any additional income is 18%. The standard deduction ($6,350) and...

Under Hypothetical Tax Code 2, the tax rate on the first $30,000 of taxable income is 15% and the tax rate on any additional income is 25%. Another way to explain these rates is as follows: For...

How to adjust the trial balance? I have done the inventory part and got stuck. Hawk Machinery Corp Trial Balance 31/12/19 CR ref Adjustments DR CR CR Unadjusted DR 158,985 61,159 r ef B-1 Adjusted DR...

You are a tax consultant preparing tax returns and giving advice to your clients. Income tax is payable on Total Income, but at different rates depending on the balance of Earned and Investment...

How to adjust the trial balance? Please explain on how to adjust in the adjustment column Hawk Machinery Corp Trial Balance 31/12/19 Unadjusted Adjustments Adjusted DR CR ref DR CR ref DR CR Checking...

Hawk Machinery Corp Trial Balance 31/12/19 Unadjusted Adjustments Adjusted DR CR ref DR CR ref DR CR Checking account 158,985 B-1 158,985 Accounts Receivable 61,159 51,159 Allowance for uncollectible...

XYZ corp. Book Income Income statement For current year Revenue from sales $ 40,000,000 Cost of Goods Sold (27,000,000 ) Gross profit $ 13,000,000 Other income: Income from investment in corporate...

3. If your total income were $50,000 how much would you pay in taxes? 4. Write a function to model the total tax paid, T(x), with a total income of x dollars. 5. Create a graph that shows taxes paid...

A toroidal solenoid with 500 turns is wound on a ring with a mean radius of 2.90 cm. Find the current in the winding that is required to set up a magnetic field of 0.350 T in the ring (a) If the ring...

The total assets and total liabilities of eBay and Google are shown below. Determine the owners equity of eachcompany. Google (in millions) eBay (in millions) $7,991 1,263 $3,313 Assets Liabilities...

Pregunta 1 ( 1 punto ) A la informaci n obtenida a trav s de observaciones y datos objetivos, no opiniones, se le conoce como Informaci n real Informaci n objetiva Informaci n subjetiva Informaci n...

Determine the major differences between U.S. GAAP and IFRS disclosure reporting requirements related to each separately reportable operating segment. Next, give your opinion as to whether either U.S....