Please explain in laymens terms each calculation, step-by-step to finding the tax due on the taxable income for $28,587. The table below shows a recent state income tax schedule for individuals filing a return.SINGLE, HEAD OF HOUSEHOLD, OR MARRIED FILING SEPARATESINGLE, HEAD OF HOUSEHOLD.OR MARRIED FILING SEPARATEIf taxable income isOverBut Not OverSO$15,000$30,0000.035x$15,000$30,000T(x) = 0.0550X-300$Tax Due Is3.5% of taxable income$525 plus 5.5% of excess over $15,000$1350.00 plus 6.8% of excess over $30,000.if 0 ≤ x ≤ 15,000if 15,000

Answered: Image /qna-images/answer/93c4adc6-9b09-430b-ad5a-589efc186816.jpg

Answered: Please explain in laymens terms each…

Please explain in laymens terms each calculation, step-by-step to finding the tax due on the taxable income for $28,587.

Calculus: Early Transcendentals

8th Edition

ISBN:9781285741550

Author:James Stewart

Publisher:James Stewart

Chapter1: Functions And Models

Section: Chapter Questions

Problem 1RCC: (a) What is a function? What are its domain and range? (b) What is the graph of a function? (c) How...

See similar textbooks

Related questions

Q: a land developer declared a dividend of 10,000,000 for its common stock. Suppose there are 600,000…

A: Given, a land developer declared a dividend of 10,000,000 for its common stock. Suppose there are…

Q: The manager of Brass Antiques has determined that a markup rate of 27% is necessary for a profit to…

A: We will find out the required value.

Q: Mike is filing as the head of a household. Her taxable income is $61,014. Use the Tax Table, Exhibit…

Q: Anna's employer covers 80% of the cost of a $5700-per-year health insurance plan, and her share of…

Q: The stock of a fast-food restaurant chain pays a dividend of $0.67. If the share price for this…

A: The objective of this question is to calculate the dividend yield of a stock. The dividend yield is…

Q: Use the Tax Rate Tables, Exhibit 18-3, to calculate the tax liability (in $) for the taxpayer. Name…

A: Working Notes: Williams is single with taxable income of $68,200 Calculation of tax liability…

Q: Interest has been described as a rental fee for money. Explain why this is an appropriate…

Q: Mr Ahmed earns a salary of OMR 750 per month after a pay rise of 10% How much did he eam before the…

A: According to question given that Mr Ahmed earns= 750 per monthPay rise=10%

Q: Find the gross income, the adjusted gross income, and the taxable income. Suppose your neighbor…

A: Given that, Wages=$319,150Interest earned=$1790Tax-deferred retirement plan=$4100Personal…

Q: A newspaper sells annual subscriptions and recognizes subscription revenue evenly throughout the…

A: The objective of the question is to determine the monthly change in net assets as a result of…

Q: For the first week of June, Kevin Thomas worked 47 hours. Kevin earns $19.30 an hour. His employer…

A: Gross pay is the total amount of money an employee earns for time worked. It includes the full…

Q: Bill Seeker bought a boat costing $8000 with $2500 down, the balance plus add-on interest to be paid…

Q: Ms. Asma is paying the premium of her car insurance company four (4) times a year. We can call it as…

A: quarterly is computed for or payable at 3-month intervals

Q: how much interest was earned in account 1

Q: When photographers, florists, DJs, bands, and other outside vendors are booked through your office…

Q: Vhat are the social security and Medicare taxes due on gross earnings of $42,600 per ear for a…

A: Given, the gross earnings for a self-employed person per year =$42,600

Q: Megan held a loan of $2,500 for 8 months and was charged interest of $181.67. What was the annual…

A: The objective of this question is to find the annual simple interest rate on a loan. The simple…

Q: Kachina Caron invested $1800 in a simple interest account and earned $36 in 3 months, what is the…

Q: "Carole’s new job will pay $3,525 per month, but about 30% will be withheld for taxes. Estimate her…

Q: f a woman making $33,000 a year receives a cost-of-living increase of 2.5%, what will her new salary…

Q: Salvo, Inc., has sales of $655,000, costs of $304,000, depreciation expense of $56,000, interest…

Q: A power company calculates a person's monthly bill from the number of kilowatts-hours

A: Power Company always calculate the monthly bil from the number of kilowats hours . For this the…

Q: Inch Company was expanding its production facilities and purchased large quantities of land in…

A: a. Given that, the price of the land is $5,970,000 and the assessed percentage is 11%. Find the…

Q: Jill's 2013 NC tax is: $ (Round to the nearest dollar.) What is Jill's effective tax rate? [Tax paid…

A: Given jill lived and worked in North Carolina in 2013 Jill gross income=$78000 Jill dedcution =$3…

Question

Please explain in laymens terms each calculation, step-by-step to finding the tax due on the taxable income for $28,587.

The table below shows a recent state income tax schedule for individuals filing a return.
SINGLE, HEAD OF HOUSEHOLD, OR MARRIED FILING SEPARATE
SINGLE, HEAD OF HOUSEHOLD.OR MARRIED FILING SEPARATE
If taxable income is
Over
But Not Over
SO
$15,000
$30,000
0.035x
$15,000
$30,000
T(x) = 0.0550X-300
$
Tax Due Is
3.5% of taxable income
$525 plus 5.5% of excess over $15,000
$1350.00 plus 6.8% of excess over $30,000.
if 0 ≤ x ≤ 15,000
if 15,000<x≤30,000
0.0680x-690 if 30,000<x
c. Find the tax due on a taxable income of $28,587.
(Round to the nearest cent as needed.)

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!

SEE SOLUTION Check out a sample Q&A here

Step 1: Write the given function

VIEW

Step 2: Find out which value is to be used.

VIEW

Solution

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps with 3 images

SEE SOLUTION Check out a sample Q&A here

Similar questions

If your gross annual salary is $47, 500. If you take home about 64.35% of your income, what is your after tax monthly income?
What is the selling price of a $10 item after a 50% markup?
Banner House Inc. gives all its sales people a base salary of $49,000 per annum and a commission of 13% on all banners that they sell over $5,000. Calculate Diana's salary last month if she sold $10,000 worth of banners.
Find the amounts of Social Security and Medicare for the current pay. For each of the following employees. M. Bell has $583.16 in current gross earnings, and $30,411.18 in year-to -date earnings.
You Work for a great company and love your job. However, the companies new, and you found out that next month, everyone will have to take an 8% deduction in their monthly pay. You normally make $179.85 each month. What will your pay be next month?
If you earn $9.10 per hour and you work a 37-hour week, what are your gross (before tax) earnings?
Diana's gross earnings were $589. She is single and claims two allowances. Find the deductions for her federal withholding taxes for this pay period.
Marc Batchelor, a self-employed sales consultant, has estimated annual earnings of $305,000 this year. His social security tax rate is 12.4% up to the wage base, Medicare is 2.9%, and his federal income tax rate is 24%. How much estimated tax (in $) must Marc send to the IRS each quarter?