Question

Use the tax table to find how much tax you need to pay on a taxable income of 40,000

Answer 1

Taxable income for 40,000.....4386.25 + 25% of the amount over 31,850

4386.25 + 0.25(40,000 - 31,850) =
4386.25 + 0.25(8150) =
4386.25 + 2037.50 =
6423.75 <===