Suppose there is a 20% tax on the first $15,000 of taxable income, a 30% tax on taxable income above $15,000 until $30,000, and a 40% tax on all taxable income above $30,000. Suppose an individual has taxable income equal to $35,000. Assume no tax credits. How much does this individual owe in taxes?

Answer rating: 100% (QA)

20 tax on the first 15000 of taxable income So 20100 x 15000 02 x 15000 3... View the full answer