Question

Julie’s taxable income is $50,000. The table gives the federal tax brackets for different levels of taxable income. Julie pays a progressive tax. How much will she pay in income tax this year?
Tax Rate Taxable Income Level
10% $0–$9,225
15% $9,226–$37,450
25% $37,451–$90,750
28% $90,751–$189,300
33% $189,301–$411,500
35% $411,501–$413,200
39.60% above $413,200

A).$5,332.25
B).$8,293.35
C).$9,552.50
D).$12,500.00
E).$14,350.85

Answer 1

Answer:

8,293.35

Explanation:

Answer 2

Answer:

The correct answer is $ 8,293.75, very close to B. $8,293.35

Explanation:

Julie will pay 10% for the first $9,225 of her taxable income,

she will pay 15% for the next $28,225 of her taxable income,

and she will pay 25% for the remaining $12,550 of her taxable income, according to the federal tax brackets table.

Formula:

Income tax = 0.1 (9,225) + 0.15 (37,450 - 9,225) + 0.25 (50,000 - 37,450)

Income tax = 922,50 + 4,233.75 + 3,137.50

Income tax = 8,293,75