Assume the following tax code for a married couple: 15% up to $24, 300; 28% between $ 24,300 and $47,500; and 31% above $47,500. What is the tax payable on an income of $ 118,000 (rounded to the nearest dollar)? Group of answer choices a)$27,475 b)$31,996 c) $24, 300 d)$8,750

SWFT Individual Income Taxes
43rd Edition
ISBN:9780357391365
Author:YOUNG
Publisher:YOUNG
Chapter12: Alternative Minimum Tax
Section: Chapter Questions
Problem 19CE
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Assume the following tax code for a married couple: 15% up to $24, 300; 28% between $
24,300 and $47,500; and 31% above $47,500. What is the tax payable on an income of $
118,000 (rounded to the nearest dollar)? Group of answer choices
a)$27,475
b)$31,996
c) $24, 300
d)$8,750
Transcribed Image Text:Assume the following tax code for a married couple: 15% up to $24, 300; 28% between $ 24,300 and $47,500; and 31% above $47,500. What is the tax payable on an income of $ 118,000 (rounded to the nearest dollar)? Group of answer choices a)$27,475 b)$31,996 c) $24, 300 d)$8,750
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