Advanced Engineering Mathematics
10th Edition
ISBN: 9780470458365
Author: Erwin Kreyszig
Publisher: Wiley, John & Sons, Incorporated
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Part A: Find the total federal income tax for a person earning $196,520 per year. Enter an exact answer only, no approximations.
Part B: Find the total federal income tax for a person earning $337,405 per year. Enter an exact answer only, no approximations.
Transcribed Image Text:Below is a proposed alternative to the current federal income tax system based on a taxpayer's annual income:
For the first $150,000 of income, every dollar is taxed at a rate of 10% .
Each additional dollar over
$150,000 is taxed at a rate of 22% for up to $225,000 of income.
Each additional dollar over $225,000 is taxed at a rate of 31% for up to $475,000 of income.
Every dollar over $475,000 is taxed at a rate of 47% .
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