Question

For 2017 the actual tax brackets for a single tax filer were:

• For taxable income from $0 to $9,325, you pay 10% of it in taxes, plus
• For taxable income from $9,326 to $37,950, you pay 15% of it in taxes, plus
• For taxable income from $37,951 to $91,900, you pay 25% of it in taxes, plus
• For taxable income from $91,901 to $191,650, you pay 28% of it in taxes, plus
• For taxable income from $191,651 to $416,700, you pay 33% of it in taxes, plus
• For taxable income from $416,701 to $418,400, you pay 35% of it in taxes, plus
• For taxable income at or above $418,401, you pay 39.6%.

At the end of 2017, the House proposed a new tax plan:

Proposed New Tax Plan:

• For taxable income from $0 to $45,000, you pay 12% of it in taxes, plus
• For taxable income from $45,001 to $200,000, you pay 25% of it in taxes, plus
• For taxable income from $200,001 to $500,000, you pay 35% of it in taxes, plus
• For taxable income of $500,001 or more, you pay 39.6%.

Where the standard deduction was raised to $12,200 and the personal exemption was eliminated. For the remaining exercises, we will only consider this proposed tax plan.

1. Complete both of the tables below:
2. How many slopes would be on this graph?
3. Write a function to model the total tax paid, T(x), with a total income of x dollars.
4. How much does a person pay in taxes if their total income is $210,000?
5. What is the slope of the line when an individual's total income is $210,000

6. Lower Bount	Upper Bound	Rate	Maximum Money in Bracket	Maximum Tax in Bracket
   $0	$45,000	12%		$5,400
   $45,000			$155,000
   $200,000				$105,000
   	No Limit		No Limit	No Limit
   Total Income
   Lower Bound	Upper Bound	Rate	Maximum Money in Bracket	Maximum Tax in Bracket
   $0	$12,200	0%	$12,200	$0
   	$57,200		$45,000
   				$38,750
   $512,200	No Limit		No Limit	No Limit

Answer 1