Exhibit 11-4

-Refer to Exhibit 11-4. If a person's taxable income is $50,000,how much does he pay in taxes?

Name: Exhibit 11-4 -Refer to Exhibit 11-4. If a person's taxable income is $50,000,how much does he pay in taxes?
Brand: Quizplus
Rating: 4.7 (56 reviews)

Question

Exhibit 11-4
 
-Refer to Exhibit 11-4. If a person's taxable income is $50,000,how much does he pay in taxes?

Quizplus · Accepted Answer

If a person's taxable income is $50,000, they fall in the tax bracket of $40,001-$85,000, which has a tax rate of 18.5 percent. So, the tax amount would be:

$9,250 = ($50,000 - $40,000) x 0.185 (tax rate in the bracket) + $4,000 (base tax amount for the previous bracket)

Exhibit 11-4 -Refer to Exhibit 11-4. If a Person's Taxable Income Is