$23,500 x .35= $8,225
$23,500-$8,225=$15,275 (year one)
$15,275 x .35= $5,346.25
$15,275-$5,346.25=$9928.75 (year two)
$9928.75 x .35= $3,475.06
$9,928.75-$3,475.06=$6,453.69 (year three)
$6,453.69 x .35=$2258.79
$6,453.69-$2,258.79=$4,194.90 (after year 4)
=$4,194.90
