Question

Josh made $35,000 in taxable income last year.

Suppose the income tax rate is 15% for the first $8500 plus 17% for the amount over $8500.
How much must Josh pay in income tax for last year?

Answer 1

First you take 8500 and mutiply it by .15 to get 1275 take 8500-1275 to get 7225
Then take 26500 which you get from taking 8500 from 35000. Then you 26500 times .17 to get 4505 then 26500-4505 to get 21995 then for the total do 21995+7225=29220