if the federal government used the progressiv...
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 $48,200 salary ($36,000 in taxable income). standard deduction ($) 12,200 income range ($) progressive tax rate taxable income ($) income tax owed ($) 0 - 9,700 10% 9,700 970.00 9,701 - 39,475 12% 26,300 3,156.00 39,476 - 84,200 22% 84,201 - 160,275 24% 160,276+ 32% total 36,000 ?
Answer
# Explanation:
## Step1: Identify the tax - paying ranges
The taxable income is $36,000. It falls into two ranges: 0 - 9,700 and 9,701 - 39,475.
## Step2: Calculate tax for the first range
For the income from 0 to 9,700, the tax rate is 10%. Tax = $9,700\times0.10=\$970$.
## Step3: Calculate the income in the second range
The income in the 9,701 - 39,475 range is $36,000 - 9,700=26,300$.
## Step4: Calculate tax for the second range
The tax rate for this range is 12%. Tax = $26,300\times0.12 = 3156$.
## Step5: Calculate the total tax
Total tax = Tax from first range+Tax from second range. Total tax=$970 + 3156=\$4126$.
# Answer:
4126