Answer:
$12,639
Explanation:
Tax owed is ...
10% of 9325 + 15% of (37950 -9325) + 25% of (67600 -37950)
= 932.50 + 4293.75 + 7412.50
= 12,638.75 . . . dollars
Rounded to the nearest dollar, the tax owed is $12,639.
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Comment on tax calculation
I like to rearrange the calculation to simplify it a bit.
The first few rows of the tax table could be ...
up to 9,325 — 10% of taxable income
up to 37,950 — 15% of taxable income, less $466.25
up to 76,550 — 25% of taxable income, less $4,261.25
up to 116,675 — 28% of taxable income, less $6,557.75
Using this approach replaces the 3 multiplications and 5 additions we did above with one of each operation (2 operations instead of 8).
0.25 × $67,600 - 4,261.25 = $12,638.75