In USA there are seven federal tax brackets for the 2020 tax year: 10%, 12%, 22%, 24%, 32%, 35% and 37%. Your bracket depends on your taxable income and filing status. These are the rates for taxes due in April 2021 if you are a single filer.   Taxable Income Tax Rate $0 to $9,875 10% $9,876 to $40,125 12% $40,126 to $85,525 22% $85,526 to $163,300 24% $163,301 to $207,350 32% $207,351 to $518,400 35% $518,401 or more 37% Table 2   Create a Mathematical Model that represents the aforementioned information to calculate the annual income tax of each slab. How much annual income tax you will have to pay if your monthly taxable income is $13,750.

what is his gross income

You are the owner of Caché, a chain of women's clothing boutiques. Your state has a sales tax of 5%, and your city has an additional sales tax of 1.5%. Each quarter you are responsible for making these tax deposits to the city and state. Last quarter your stores had total revenue, including sales tax, of $905,250. (a) How much of this revenue was sales (in $) and how much was sales tax (in $)? sales $ sales tax (b) How much sales tax (in $) should be sent to the city? $ (c) How much sales tax (in $) should be sent to the state? $

Under the current tax plan, the person pays 26% flat income tax on their salary. Under a proposed new system, the person would pay 31% on their salary above $12,000. The person pays $980 more under the new system than the old. What is the person's salary? Previous Page N