The Smith household's annual income is $250,000. Based on the U.S. federal tax rates below, calculate the total income tax that the Smiths have to pay on their household income. Assume zero tax deductions for solving this problem. Taxable Income $0-$9,700 $9,700-$39,475 $39,475-$84,200 $84,200-$160,725 $160,725-$204,100 $204,100-$510,300 Over $510,300 Tax rate 10% 12% 22% 24% 32% 35% 37% O $82,500 O $62,693.50 $67,028 $55,500

The Smith household's annual income is $250,000. Based on the U.S. federal tax rates below, calculate the total income tax that the Smiths have to pay on their household income. Assume zero tax deductions for solving this problem. Taxable Income $0-$9,700 $9,700-$39,475 $39,475-$84,200 $84,200-$160,725 $160,725-$204,100 $204,100-$510,300 Over $510,300 Tax rate 10% 12% 22% 24% 32% 35% 37% O $82,500 O $62,693.50 $67,028 $55,500

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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