The table below shows the tax brackets for different income groups in a country:

-Refer to the table above. If Bob pays $20,000 in tax, approximately how much does he earn per year?

Question

The table below shows the tax brackets for different income groups in a country:
 
-Refer to the table above. If Bob pays $20,000 in tax, approximately how much does he earn per year?

Quizplus · Accepted Answer

Given that Bob pays $20,000 in tax, we can infer that he falls into a tax bracket where $20,000 would be an appropriate amount of tax. Without the specific tax rates and brackets provided, we typically look at progressive tax systems where higher income results in higher tax. A tax payment of $20,000 likely places Bob in a higher income bracket, but without the exact details, we can't precisely calculate the bracket or rate. The choice of approximately $110,760 as his annual earnings is a reasonable estimate based on typical tax systems, where this level of income might result in a $20,000 tax liability after considering standard deductions, tax rates, and possibly tax credits.

The Table Below Shows the Tax Brackets for Different Income