Table 12-1

-Refer to Table 12-1.If Chris has $100,000 in taxable income,his tax liability will be

Question

Table 12-1
 
-Refer to Table 12-1.If Chris has $100,000 in taxable income,his tax liability will be

Quizplus · Accepted Answer

Based on Table 12-1, if Chris has $100,000 in taxable income, his tax liability falls under the bracket of $82,500 to $157,500. The formula to calculate tax for this bracket is $14,098.50 plus 24% of the amount over $82,500. So, the tax liability for Chris with $100,000 taxable income will be:
$14,098.50 + 24% of ($100,000 - $82,500) = $22,627. Therefore, the correct answer is B.

Table 12-1 -Refer to Table 12-1.If Chris Has $100,000 in Taxable Income,his