In a given year, the U.S. federal income tax owed by a married couple filing jointly can be found from the following table. Married Filing Jointly Taxable Income $0-$18,550 T(x) = $18,551-$75,300 $75,301-$151,900 $413,351-$466,950 $466,951 or more (a) For incomes up to $151,900, 0.1x Tax Rate 10% $1,855 plus 15% of the amount over $18,550 $10,367.50 plus 25% of the amount over $75,300 $151,901-$231,450 $231,451-$413,350 amount over $231,450 $29,517.50 plus 28% of the amount over $151,900 $51,791.50 plus 33% of the $111,818.50 plus 35% of the amount over $413,350 $130,578.50 plus 39.6% of the amount over $466,950 write the piecewise defined function T with input x that models the federal tax dollars due as a function of x, the taxable income dollars earned. if 0 < x≤ 18,550 0.15x-927.50 if 18,550 < x≤ 75,300 0.25x-8457.50 if 75,300 < x≤151,900 (b) Use the function to find 7(70,000). $9572.5 (c) Find the tax due on a taxable income of $90,000. (d) A friend tells Jack Waddell not to earn any money over $75,300 because it will raise his tax rate to 25% on all of his taxable income. Test this statement by finding the tax due on $75,300 and $75,300 + $1. T(75,300) = $ T(75,301) = $ What do you conclude? Jack's friend is correct, his entire encome is taxed at 25%. Jack's friend is wrong, only his income above $75,300 is taxed at 25%.
In a given year, the U.S. federal income tax owed by a married couple filing jointly can be found from the following table. Married Filing Jointly Taxable Income $0-$18,550 T(x) = $18,551-$75,300 $75,301-$151,900 $413,351-$466,950 $466,951 or more (a) For incomes up to $151,900, 0.1x Tax Rate 10% $1,855 plus 15% of the amount over $18,550 $10,367.50 plus 25% of the amount over $75,300 $151,901-$231,450 $231,451-$413,350 amount over $231,450 $29,517.50 plus 28% of the amount over $151,900 $51,791.50 plus 33% of the $111,818.50 plus 35% of the amount over $413,350 $130,578.50 plus 39.6% of the amount over $466,950 write the piecewise defined function T with input x that models the federal tax dollars due as a function of x, the taxable income dollars earned. if 0 < x≤ 18,550 0.15x-927.50 if 18,550 < x≤ 75,300 0.25x-8457.50 if 75,300 < x≤151,900 (b) Use the function to find 7(70,000). $9572.5 (c) Find the tax due on a taxable income of $90,000. (d) A friend tells Jack Waddell not to earn any money over $75,300 because it will raise his tax rate to 25% on all of his taxable income. Test this statement by finding the tax due on $75,300 and $75,300 + $1. T(75,300) = $ T(75,301) = $ What do you conclude? Jack's friend is correct, his entire encome is taxed at 25%. Jack's friend is wrong, only his income above $75,300 is taxed at 25%.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Please do Parts B, C, D.
thank you.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 5 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education