progressive income tax using the information provided in this tax bucket, you can estimate the amount of…

progressive income tax using the information provided in this tax bucket, you can estimate the amount of taxes to pay at the various income levels. these different levels of taxes are commonly called “tax brackets”. suppose your gross income is $35,000. first, let’s break down your gross income into the brackets. fill in the table: bracket your $35,000 tax rate tax you pay $0 to $7,825 $7,825 10% $782.50 $7,825 to $31,850 $24,025 15% $3603.75 $31,850 to $77,100 $0 25% $0 total $35,000 -

progressive income tax using the information provided in this tax bucket, you can estimate the amount of taxes to pay at the various income levels. these different levels of taxes are commonly called “tax brackets”. suppose your gross income is $35,000. first, let’s break down your gross income into the brackets. fill in the table: bracket your $35,000 tax rate tax you pay $0 to $7,825 $7,825 10% $782.50 $7,825 to $31,850 $24,025 15% $3603.75 $31,850 to $77,100 $0 25% $0 total $35,000 -

Answer

Explanation:

Step1: Calculate tax for first - bracket

The income in the first bracket ($0 - $7,825) is $7,825. The tax rate is 10%. So the tax paid is $7,825\times0.1=$782.50$.

Step2: Calculate income in second - bracket

The income in the second bracket ($7,825 - $31,850) is $31,850 - 7,825=$24,025$. The tax rate is 15%. So the tax paid is $24,025\times0.15 = $3603.75$.

Step3: Calculate income in third - bracket

The income in the third bracket ($31,850 - $77,100) for a $35,000 income is $35,000-31,850 = 0$. So the tax paid is $0\times0.25=$0$.

Step4: Calculate total tax

The total tax is $782.50 + 3603.75+0=$4386.25$.

Answer:

The total tax paid on a $35,000 gross income is $$4386.25$.