Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
7th Edition
ISBN: 9780357033609
Author: Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher: Cengage Learning
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Marginal tax rates: Partner​ A, a single​ taxpayer, is one of two partners in a small business. As​ such, she receives​ pass-through income that is taxed at her personal tax rates. After all adjustments and deductions have been​ made, including the​ 20% qualified business income​ deduction, she is preparing to calculate her taxes owed for the year. Using the tax rate schedule given here, perform the​ following:
a. Find the marginal tax rate for the following levels of sole proprietorship earnings before​ taxes: $ 15,200 = 12% (i got this correct)

The total taxes due for earnings before taxes of $15,200 is ​$____?

I don't understand how to calculate this portion?

I did:
Base Tax + Marginal Rate * Amount over base bracket

953 + 12% * $9525 = $2096 (the 2096 came in wrong and it said $1634 is the correct answer and i don't understand where that number came from?)

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