Question

a psychologist has a taxable income of 59450 last year. If he paid 10% of his income between $0 and $8350, 15% of his income between $8350 and $33950, and 25% of his income between $33950 and $59450 in federal income tax, how much did the psychologist pay in federal income tax last year?

Answer 1

$11,050

Explanation:

10% × $8350 + 15% × (33950 -8350) + 25% × (59450 -33950)

= $835 + $3840 + $6375

= $11,050

He paid $11,050 in federal income tax last year.