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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

Solutions

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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