Table 12-2
United States Income Tax Rates for a Single Individual, 2002 and 2003.

-Refer to Table 12-2.Costa is a single person whose taxable income is $50,000 a year.By how much is his income tax bill lowered due to the change in the tax rates between 2002 and 2003?

Question

Table 12-2
United States Income Tax Rates for a Single Individual, 2002 and 2003.
 
-Refer to Table 12-2.Costa is a single person whose taxable income is $50,000 a year.By how much is his income tax bill lowered due to the change in the tax rates between 2002 and 2003?

Quizplus · Accepted Answer

The tax rates changed between 2002 and 2003, resulting in a reduction in Costa's tax bill by $691.50. This is calculated based on the difference in tax rates applied to his $50,000 taxable income.

Table 12-2 United States Income Tax Rates for a Single Individual, 2002