In a given year, the U.S. federal income tax owed by a married couple filing jointly can be found from the following table. Married Filing Jointly Taxable Income $0-$18,550 T(x) = $18,551-$75,300 $75,301-$151,900 $413,351-$466,950 $466,951 or more (a) For incomes up to $151,900, 0.1x Tax Rate 10% $1,855 plus 15% of the amount over $18,550 $10,367.50 plus 25% of the amount over $75,300 $151,901-$231,450 $231,451-$413,350 amount over $231,450 $29,517.50 plus 28% of the amount over $151,900 $51,791.50 plus 33% of the $111,818.50 plus 35% of the amount over $413,350 $130,578.50 plus 39.6% of the amount over $466,950 write the piecewise defined function T with input x that models the federal tax dollars due as a function of x, the taxable income dollars earned. if 0 < x≤ 18,550 0.15x-927.50 if 18,550 < x≤ 75,300 0.25x-8457.50 if 75,300 < x≤151,900 (b) Use the function to find 7(70,000). $9572.5 (c) Find the tax due on a taxable income of $90,000. (d) A friend tells Jack Waddell not to earn any money over $75,300 because it will raise his tax rate to 25% on all of his taxable income. Test this statement by finding the tax due on $75,300 and $75,300 + $1. T(75,300) = $ T(75,301) = $ What do you conclude? Jack's friend is correct, his entire encome is taxed at 25%. Jack's friend is wrong, only his income above $75,300 is taxed at 25%.
In a given year, the U.S. federal income tax owed by a married couple filing jointly can be found from the following table. Married Filing Jointly Taxable Income $0-$18,550 T(x) = $18,551-$75,300 $75,301-$151,900 $413,351-$466,950 $466,951 or more (a) For incomes up to $151,900, 0.1x Tax Rate 10% $1,855 plus 15% of the amount over $18,550 $10,367.50 plus 25% of the amount over $75,300 $151,901-$231,450 $231,451-$413,350 amount over $231,450 $29,517.50 plus 28% of the amount over $151,900 $51,791.50 plus 33% of the $111,818.50 plus 35% of the amount over $413,350 $130,578.50 plus 39.6% of the amount over $466,950 write the piecewise defined function T with input x that models the federal tax dollars due as a function of x, the taxable income dollars earned. if 0 < x≤ 18,550 0.15x-927.50 if 18,550 < x≤ 75,300 0.25x-8457.50 if 75,300 < x≤151,900 (b) Use the function to find 7(70,000). $9572.5 (c) Find the tax due on a taxable income of $90,000. (d) A friend tells Jack Waddell not to earn any money over $75,300 because it will raise his tax rate to 25% on all of his taxable income. Test this statement by finding the tax due on $75,300 and $75,300 + $1. T(75,300) = $ T(75,301) = $ What do you conclude? Jack's friend is correct, his entire encome is taxed at 25%. Jack's friend is wrong, only his income above $75,300 is taxed at 25%.
Chapter5: Gross Income: Exclusions
Section: Chapter Questions
Problem 26CE
Related questions
Question
Please do Parts B, C, D.
thank you.
Transcribed Image Text:In a given year, the U.S. federal income tax owed by a married couple filing jointly can be found from the following table.
Married Filing Jointly
Taxable Income
$0-$18,550
$18,551-$75,300
$151,901-$231,450
$75,301-$151,900 amount over $75,300
$413,351-$466,950
0.1x
10%
$1,855 plus 15% of the
amount over $18,550
T(x) = 0.15x927.50
Tax Rate
$10,367.50 plus 25% of the
$231,451-$413,350 amount over $231,450
0.25x8457.50
$29,517.50 plus 28% of the
amount over $151,900
$51,791.50 plus 33% of the
$130,578.50 plus 39.6% of
$466,951 or more
the amount over $466,950
(a) For incomes up to $151,900, write the piecewise defined function T with input x that models the federal tax dollars due as a function of x, the taxable income dollars earned.
$111,818.50 plus 35% of the
amount over $413,350
if
0 x 18,550
if 18,550 < x≤ 75,300
(b) Use the function to find T(70,000).
$9572.5
if 75,300 < x < 151,900
(c) Find the tax due on a taxable income of $90,000.
$
(d) A friend tells Jack Waddell not to earn any money over $75,300 because it will raise his tax rate to 25% on all of his taxable income. Test this statement by finding the tax due on $75,300 and $75,300 + $1.
T(75,300) = $
T(75,301) $
What do you conclude?
Jack's friend is correct, his entire encome is taxed at 25%.
O Jack's friend is wrong, only his income above $75,300 is taxed at 25%.
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