Answer:
The income tax of $12840 is $1300.
Step-by-step 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
[tex]530+\frac{6}{100}\times 12840[/tex]
[tex]=530+0.06\times 12840[/tex]
[tex]=530+770.40[/tex]
[tex]=1300.40[/tex]
So, the income tax = $1300(approximately).
Therefore, the income tax of $12840 is $1300.
