Table 12-1
-Refer to Table 12-1.If Janine makes $97,500 this year,what would her tax liability be,approximately
A)$18,525
B)$25,350
C)$28,275
D)$29,740

Question

Table 12-1 
-Refer to Table 12-1.If Janine makes $97,500 this year,what would her tax liability be,approximately
A)$18,525 
B)$25,350 
C)$28,275 
D)$29,740

Quizplus · Accepted Answer

To find Janine's tax liability, we need to find the range of her income in the table. Since she makes $97,500, her income falls between $82,501-$157,500. From the table, we can see that the tax liability for this income range is $14,382.50 plus 28% of the amount over $82,500. To find the amount over $82,500, we subtract $82,500 from $97,500, which gives us $15,000. Then, we multiply $15,000 by 0.28 to get $4,200. Adding this to $14,382.50 gives us a total tax liability of approximately $18,582.50. However, since the answer choices are all rounded, the closest option is B, which is $25,350.

Table 12-1 -Refer to Table 12-1.If Janine Makes $97,500 This Year,what Would