The following table gives the federal income tax rates for a single individual. Income $0 to $8,925 Rate 10% $8,925 to $36,250 15% $36,250 to $87,850 25% $87,850 to $183,250 28% $183,250 to $398,350 33% $398,350 to $400,000 35% $400,000 and above 39.60% The total tax payable for an individual who earns $500,000 a year is $ (Round your response to two decimal places.)
The following table gives the federal income tax rates for a single individual. Income $0 to $8,925 Rate 10% $8,925 to $36,250 15% $36,250 to $87,850 25% $87,850 to $183,250 28% $183,250 to $398,350 33% $398,350 to $400,000 35% $400,000 and above 39.60% The total tax payable for an individual who earns $500,000 a year is $ (Round your response to two decimal places.)
Chapter16: The Public Sector
Section: Chapter Questions
Problem 3SQ
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