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11 Dec 2019
Taxable Income Taxes $0-$23,000.00 15% of taxable income $23,001 - $42,000 $3,450 + 20% of everything over $23,000
$42,001 - $100,000 $7,250 + 25% of everything over $42,000
Greater than $100,000 $21,750 + 30% of everything over $100,000
7. Refer to Exhibit 11-4. If a personâs taxable income is $50,000, how much does he pay in taxes?
a.
$9,250
b.
$8,500
c.
$24,150
d.
$12,500
Taxable Income | Taxes | |
$0-$23,000.00 | 15% of taxable income | |
$23,001 - $42,000 |
| |
$42,001 - $100,000 |
| |
Greater than $100,000 | $21,750 + 30% of everything over $100,000 |
7. Refer to Exhibit 11-4. If a personâs taxable income is $50,000, how much does he pay in taxes?
a. | $9,250 |
b. | $8,500 |
c. | $24,150 |
d. | $12,500 |
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