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An Individual Filling A Federal Tax Return Whose Income Placed Him Or Her In The 25% Tax Bracket Paid Federal? |
An peculiar filling a federal tax return whose income placed him or her in the 25% tax bracket paid federal income taxes between $4469.25 and $16.055.25. The individualistic had to pay federal income taxes equal to $4469.25 plus 25% of the amount over $32,250. Find the extent of taxable income in order
| Answer: class of tax paid = $[ 16,055.25 - 4469.25] = $11,586 this represents 25% of the range of income in this bracket so range of income in 25% bracket = [100/25]*11,586 = $46,344 starting gains in this tax bracket = $32,250 ending income in this tax bracket = $ |
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