Test: Module 3 Examination Time Remaining: 01:12:01 Submit Test This Question: 1

Question

Test: Module 3 Examination Time Remaining: 01:12:01 Submit Test This Question: 10 pts 50110 (0 complete) This Test: 100 pts possible Use the table to the right to calculate the federal income tax due for a taxable income of $187,0 tabie The tax is Of the amount over income is Over- Over- 10% 15% $0 -s92750- $9,275-T-$37,660| $37.6501. s01,160183.75+25% $9,275 $37,660 $91,150-$190,150-t-$18,558.75 + 28% $190.1 501s4 13,350--$46,278.75+33% $119,934.75 + 35%{ $91,150 $190,150 13,350 13,350 The income tax due is Type an integer or a decimal.)

Explanation / Answer

Solution: Since the taxable income of $187,000 falls in the slab $91,150 to $190,150, therefore the income tax due is $18,558.75 + 28% of $187,000 = $18,558.75 +$52360 = $70918.75

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