if the federal government used the progressive tax rate below for individual income tax, complete the table…

if the federal government used the progressive tax rate below for individual income tax, complete the table to calculate the federal income tax owed on a $29,600 salary ($17,400 in taxable income).\n\n| standard deduction ($) | 12,200 |\n|--|--|--|--|--|\n| income range ($) | progressive tax rate | taxable income ($) | income tax owed ($) |\n| 0 - 9,700 | 10% | 9,700 | 970.00 |\n| 9,701 - 39,475 | 12% | 7,700 | 924.00 |\n| 39,476 - 84,200 | 22% | | |\n| 84,201 - 160,275 | 24% | | |\n| 160,276+ | 32% | | |\n| total | | 17,400 | ? |

if the federal government used the progressive tax rate below for individual income tax, complete the table to calculate the federal income tax owed on a $29,600 salary ($17,400 in taxable income).\n\n| standard deduction ($) | 12,200 |\n|--|--|--|--|--|\n| income range ($) | progressive tax rate | taxable income ($) | income tax owed ($) |\n| 0 - 9,700 | 10% | 9,700 | 970.00 |\n| 9,701 - 39,475 | 12% | 7,700 | 924.00 |\n| 39,476 - 84,200 | 22% | | |\n| 84,201 - 160,275 | 24% | | |\n| 160,276+ | 32% | | |\n| total | | 17,400 | ? |

Answer

Explanation:

Step1: Analyze taxable income ranges

The taxable income is $17,400. The first $9,700 is taxed at 10% and the remaining amount ($17,400 - 9,700=7,700$) is taxed at 12%.

Step2: Calculate tax for first - range income

The tax on the first $9,700 of taxable income is $9,700\times0.10 = 970$.

Step3: Calculate tax for second - range income

The tax on the $7,700 of taxable income in the second range is $7,700\times0.12=924$.

Step4: Calculate total tax

The total federal income tax owed is the sum of the taxes from each range, so $970 + 924=1894$.

Answer:

$1894$