Fedor paid $13,125.50 in Income Tax last year. Use the following Income Tax Calculation table to determine Fedor's annual income last year. In the image. Round to the nearest penny. In the image. Annual Income:Maximum TotalIncome for EachBracketmore than$518,400no more than$518,400no more than$207,350no more than$163,300no more than$85,525no more than$40,125no more than$9,875Maximum Amountof Income WithinEach Bracket$311,050$44,050$77,775$45,400$30,250$9,875Total IncomeIncome Tax CalculationsAmount of ActualIncome WithinEach BracketTotal Amount of Income Tax:Marginal TaxRate per$100 earnedMaximumAmount of TaxWithin EachBracket$37 tax$35 tax$32 tax$24 tax$22 tax$12 tax$10 tax$105,857.50$14,096$18,666$9,988$3,630$987.50Total TaxAmount of ActualTax WithinEach BracketMaximum TotalAmount of TaxWithin EachBracketmore than$153,225no more than$153,225no more than$47,367.50no more than$33,271.50no more than$14,605.50no more than$4,617.50no more than$987.50

Income tax is the tax imposed by the tax authority on the income of individual and other income…

Maximum Total Income for Each Bracket more than $518,400 no more than $518,400 no more than $207,350 no more than $163,300 no more than $85,525 no more than $40,125 Maximum Amount of Income Within Each Bracket $311,050 $44,050 $77,775 $45,400 $30,250 Amount of Actual Income Within Each Bracket Marginal Tax Rate per $100 earned $37 tax $35 tax $32 tax $24 tax $22 tax $12 tax Maximum Amount of Tax Within Each Bracket $105,857.50 $14,096 $18,666 $9,988 $3,630 Amount of Actual Tax Within Each Bracket Maximum Tota Amount of Tax Within Each Bracket more than $153,225 no more than $153,225 no more than $47,367.50 no more than $33,271.50 no more than $14,605.50 no more than $4,617.50

Maximum Total Income for Each Bracket more than $518,400 no more than $518,400 no more than $207,350 no more than $163,300 no more than $85,525 no more than $40,125 Maximum Amount of Income Within Each Bracket $311,050 $44,050 $77,775 $45,400 $30,250 Amount of Actual Income Within Each Bracket Marginal Tax Rate per $100 earned $37 tax $35 tax $32 tax $24 tax $22 tax $12 tax Maximum Amount of Tax Within Each Bracket $105,857.50 $14,096 $18,666 $9,988 $3,630 Amount of Actual Tax Within Each Bracket Maximum Tota Amount of Tax Within Each Bracket more than $153,225 no more than $153,225 no more than $47,367.50 no more than $33,271.50 no more than $14,605.50 no more than $4,617.50

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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