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Komok [63]
3 years ago
9

Mr.Vance's yearly taxable income is $35,675.What is the dollar amount taken out for taxes based on Mr.Vance's taxable income?

Mathematics
1 answer:
Archy [21]3 years ago
5 0
This is an incomplete problem. The missing information is 

Each bulleted statement describes how the amount of income tax is determined for yearly income in different ranges.

1) Yearly incomes of $8,925 or less are taxed at a flat rate of 10%.
2) For yearly incomes from $8,926 to $36,250, the first $8,925 is taxed at 10% and any income beyond $8,925 is taxed at 15%.
3) For yearly income greater than $36,250, the first $8,925 is taxed at 10%, the next $27,325 is taxed at 15%, and any income beyond $36,250 is taxed at 25%

The taxable income of Mr. Vance corresponds to number 2.

⇒ 8,925 * 10% = 892.50
⇒ 35,675 - 8,925 = 26,750 * 15% = 4,012.50

Total tax = 892.50 + 4,012.50 = 4,905
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