Ray (single filer) has a total annual income of $230,000 that is made up of $195,000 in taxable income and $35,000 of nontaxable income. On December 31, 2022 he receives a prize (taxable income) for $15,000.

What is the tax rate for the taxable income of $195,000?

What is the tax rate for the total taxable income after he receives the price ($195,000 + $15,000)?

Answer rating: 100% (QA)

Based on the information provided we can assume that Ray is a resident of the United States and that ... View the full answer