Using the following table, calculate the taxes for an individual with taxable income of $61,000. 10...

Using the following table, calculate the taxes for an individual with taxable income of $61,000.


10	%	Up to $10,100
15	%	$10,100–$42,500
25	%	$42,500–$99,600
28	%	$99,600–$198,400
33	%	$198,400–$411,150
35	%	Over $411,150

Expert Solution

Calculation for taxes:

Individual Taxable Income: $61000

Income	Rate	Tax ($)
Upto first 10100	10%	1010
10100 - 42500 i.e. covering 32400 of remaining income	15%	4860
42500 - 99600 (in this case taxable income will be 61000-42500=18500 as 61000 is covered in this slot)	25%	4625
Total amount of Tax		10495

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