Using the following tax bracket cutoffs (the cutoffs represent the top of that b
ID: 1211358 • Letter: U
Question
Using the following tax bracket cutoffs (the cutoffs represent the top of that bracket) calculate the income tax liability for someone with $260,000 of taxable income. (taxable income means that all deductions and exemptions are already accounted for)
Hint: do not use a tax table, calculate using the rates and do not use a comma or $ sign
Example: if the answer is $20,000 enter 20000
10% - $30,000
15% - $100,000
25% - $150,000
28% - $230,000
33% - $400,000
35% - $460,000
40% - all income over $460,000
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Question 112 pts
All of the following are true EXCEPT
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Question 122 pts
How many regional Federal Reserve bank presidents are NOT a part of the Federal Open Markets Committee at any one meeting?
Medicaid is funded by state governments and the federal governmentExplanation / Answer
Ans Income tax for income $260,000 = $260,000 x 33/100 = $85,800.
The corporate income tax is a smaller source of revenue than the individual income tax - False.
The corporte tax revenue collection is higher than individual income tax collection.
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