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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Question

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 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
no more than
$9,875
Maximum Amount
of Income Within
Each Bracket
$311,050
$44,050
$77,775
$45,400
$30,250
$9,875
Total Income
Income Tax Calculations
Amount of Actual
Income Within
Each Bracket
Total Amount of Income Tax:
Marginal Tax
Rate per
$100 earned
Maximum
Amount of Tax
Within Each
Bracket
$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
$987.50
Total Tax
Amount of Actual
Tax Within
Each Bracket
Maximum Total
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
no more than
$987.50
Transcribed Image Text:Annual 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 no more than $9,875 Maximum Amount of Income Within Each Bracket $311,050 $44,050 $77,775 $45,400 $30,250 $9,875 Total Income Income Tax Calculations Amount of Actual Income Within Each Bracket Total Amount of Income Tax: Marginal Tax Rate per $100 earned Maximum Amount of Tax Within Each Bracket $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 $987.50 Total Tax Amount of Actual Tax Within Each Bracket Maximum Total 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 no more than $987.50
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