Question

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Answer 1

The income tax of $12840 is $1300.

Explanation:

Given:

$12840

Using the rates of the table to calculate the income tax of the taxable income.

Now, to calculate the income tax from the given table:

Over But not over Tax Rate

10,000 _ $530 plus 6% of amount over $10000.

So, as given in question the amount $12840 comes in the above table of taxable income.

According to question:

$530 + 6% of $12840

`530+(6)/(100)* 12840`

`=530+0.06* 12840`

`=530+770.40`

`=1300.40`

So, the income tax = $1300(approximately).

Therefore, the income tax of $12840 is $1300.