Question

Joe's taxable income is $67,825. Use this tax schedule to calculate the total amount he owes in taxes.1. $8,993.752. $13,380.003. $12,348.80

Answer 1

Table:

If Taxable Income Is Over -- But Not Over

`\left[\begin{array}{ccc}$0&$7,825\\$7,825&$31,850\\$31,850&$77,100\\$77,100&$160,850\\$160,850&$349,700\\$349,700&No-Limit\end{array}\right]`

The Tax Is:

10 percent of the amount over $0

$782.50 plus 15 percent of the amount over 7,825

$4,386.25 plus 25 percent of the amount over 31,850

$15,698.75 plus 28 percent of the amount over 77,100

$39,148.75 plus 33 percent of the amount over 160,850

$101,469.25 plus 35 percent of the amount over 349,700

Answer Choices:

`\left[\begin{array}{ccc}A.$12,348.80\\B.$4,386.25\\C.$13,380.00\\D.$8,993.75\end{array}\right]`

Answers:

`\left[\begin{array}{ccc}A.$12,348.807&Wrong\\B.$4,386.25&Wrong\\C.$13,380.00&Correct\\D.$8,993.75&Wrong\end{array}\right]`

Answer 2

the total amount he owes in taxes $13,380.003