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Suppose a single person facos a tax rate of 10% on income from 0-$10,000 and 12% on income from $10,000 to $40,000 and 22% on income
from $40,000 to $85,000. Rates continue to climb, with marginal rates of 24$, 32%, 35% and 37% for higher levels of income. What is the total
tax if you earn $57,703 year?

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sqdancefan

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Answer:

  $8494.66

Step-by-step explanation:

The total taxes due is the sum of the tax due in each bracket.

  $10,000 × 10% + ($40,000 -10,000) × 12% + ($57,703 -40,000) × 22%

  = $1000 + 3600 +3894.66 = $8494.66

The total income tax on $50,000 is $8494.66.

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