The following table gives the federal income tax rates for a single individual. Income $0 to $8,925 Rate 10% $8,925 to $36,250 15% $36,250 to $87,850 25% $87,850 to $183,250 28% $183,250 to $398,350 33% $398,350 to $400,000 35% $400,000 and above 39.60% The total tax payable for an individual who earns $500,000 a year is $ (Round your response to two decimal places.)

The following table gives the federal income tax rates for a single individual. Income $0 to $8,925 Rate 10% $8,925 to $36,250 15% $36,250 to $87,850 25% $87,850 to $183,250 28% $183,250 to $398,350 33% $398,350 to $400,000 35% $400,000 and above 39.60% The total tax payable for an individual who earns $500,000 a year is $ (Round your response to two decimal places.)

Survey Of Economics

10th Edition

ISBN:9781337111522

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter16: The Public Sector

Section: Chapter Questions

Problem 3SQ

See similar textbooks

Similar questions

What taxes would an individual pay if he were self-employed and the business is not incorporated?
What is the difference between a progressive tax, a proportional tax, and a regressive tax?
The social security tax is 6.2 on employees income earned below 113,000. Is this tax progressive, regressive or proportional?
30. Steve earned $50 in income last year and the current tax brackets are 20% for the first $10 of income, 30% for the next $10 of income, and 50% for all additional income. In addition there is a $20 deduction that exempts that amount of income from taxation. Steve’s total taxes are _____.
Income: 115,000 State Tax Rate: 7 % Federal Income Tax: $0 to $29,000 10% Federal Payroll Tax Rate: 12% $29,001 to $58,300 15% $58,301 to $163,000 29% * Round all answers to 2 decimal places. Do not include any commas or percentage signs.* a) Compute the total tax paid b) What is the marginal tax rate? c) What is the average tax rate?
Percent of Income Paid in Total amount Income Tax of Tax Paid Family $10,000 10% $1,000 A Family $50,000 20% $10,000 В Family $100,000 30% $30,000 C Identify the tax structure based on the tax chart. Proportional Tax Progressive Tax Regressive Tax
Percent of Income Paid in Total amount Income Tax of Tax Paid Family $10,000 20% $2,000 A Family $50,000 20% $10,000 В Family $100,000 20% $20,000 C Identify the tax structure based on the tax chart. Regressive Tax Progressive Tax Proportional Tax