Jurisdiction M imposes an individual income tax based on the following schedule. $\begin{array}{rr}\text { Rate }&\text { Income bracket }\
58 & \$-0-\text { to } \$ 50,000 \
+88 & \$ 50,001 \text { to } \$ 200,000 \
+128 & \$ 200,001 \text { and above }
\end{array}$ Mr. Coen has $78,000 taxable income. Compute the tax on this income.

Question

Quizplus · Accepted Answer

The tax on the first $50,000 is $50,000 x 0.058 = $2,900. The tax on the next $150,000 is $150,000 x 0.088 = $13,200. The total tax is $2,900 + $13,200 = $16,100.

Jurisdiction M Imposes an Individual Income Tax Based on the Following