A married couple are calculating their federal income tax using the tax rate tables: If Taxpayer's Income Is... Then Estimated Taxes Are... Between But Not Over Base Tax + Rate Of the Amount Over $0 $16,700 $0 10% $0 $16,700 $67,900 $1,670.00 15% $16,700 $67,900 $137,050 $9,350.00 25% $67,900 $137,050 $208,850 $26,637.50 28% $137,050 $208,850 $372,950 $46,741.50 33% $208,850 $372,950 - - - - - $100,894.50 35% $372,950   How much tax will they have to pay on their taxable income of $112,000?

Income Tax Fundamentals 2020
38th Edition
ISBN:9780357391129
Author:WHITTENBURG
Publisher:WHITTENBURG
Chapter12: Tax Administration And Tax Planning
Section: Chapter Questions
Problem 22MCQ: Melodie's taxable income is $39,000 and she pays income tax of $4,489. If Melodie's taxable income...
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A married couple are calculating their federal income tax using the tax rate tables:

If Taxpayer's Income Is...

Then Estimated Taxes Are...

Between

But Not Over

Base Tax

+ Rate

Of the Amount Over

$0

$16,700

$0

10%

$0

$16,700

$67,900

$1,670.00

15%

$16,700

$67,900

$137,050

$9,350.00

25%

$67,900

$137,050

$208,850

$26,637.50

28%

$137,050

$208,850

$372,950

$46,741.50

33%

$208,850

$372,950

- - - - -

$100,894.50

35%

$372,950

 

How much tax will they have to pay on their taxable income of $112,000?

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