Use the partial table for personal income taxes to answer the following question

Q: Use the partial table for personal income taxes to answer the following question

Answer: (1) Taxable Income Over $ But Under $ Income Marginal Tax Rate Tax Bill N/A 8,700 8700 10% 870 8,701 35,350 25300 15% 3795 35,351 85,650 25% 85,651 178,650 28% 178, 651 388,350 33% Total 34000 $4665 (2) The % of marginal tax rate shall be 15% Taxable Income Over $ But Under $ Income Marginal Tax Rate Tax Bill N/A 8,700 8700 10% 870 8,701 35,350 25300 15% 3795 35,351 85,650 25% 85,651 178,650 28% 178, 651 388,350 33% Total 34000 $4665

ID: 2638397 • Letter: U

Question

Use the partial table for personal income taxes to answer the following questions.

Table: Personal Marginal Income Tax Rates - Single

1) A sole proprietorship has taxable income of $34,000 and files taxes as single. What is the tax bill?

$3,550; $4,665; $5,500; $6,100; or $7,300

2) A sole proprietorship has taxable income of $34,000 and files taxes as single. What is the percentage marginal tax rate?

10.00%; 15.00%; 25.00%; 28.00%; or 33.00%

NOTES: I got an answer around $5000 for the first one? Is this correct, I am still working on the second one.

Thanks!

Taxable Income Over $ But Under $ Marginal Tax Rate N/A 8,700 10% 8,701 35,350 15% 35,351 85,650 25% 85,651 178,650 28% 178, 651 388,350 33%

Explanation / Answer

Answer:

(1)

Taxable Income Over $

But Under $

Income

Marginal Tax Rate

Tax Bill

N/A

8,700

8700

10%

870

8,701

35,350

25300

15%

3795

35,351

85,650

25%

85,651

178,650

28%

178, 651

388,350

33%

Total

34000

$4665

(2) The % of marginal tax rate shall be 15%