Using the following table, calculate the taxes for an individual with taxable income of $45,000. $$\begin{array} { l r }
10 \% & \text { Up to } \$ 8,500 \
15 \% & \$ 8,500 - \$ 34,500 \
25 \% & \$ 34,500 - \$ 83,600 \
28 \% & \$ 83,600 - \$ 174,400 \
33 \% & \$ 174,400 - \$ 379,150 \
35 \% & \text { Over } \$ 379,150
\end{array}$$

Question

Using the following table, calculate the taxes for an individual with taxable income of $45,000. $$\begin{array} { l r } 
10 \% & \text { Up to } \$ 8,500 \
15 \% & \$ 8,500 - \$ 34,500 \
25 \% & \$ 34,500 - \$ 83,600 \
28 \% & \$ 83,600 - \$ 174,400 \
33 \% & \$ 174,400 - \$ 379,150 \
35 \% & \text { Over } \$ 379,150
\end{array}$$

Quizplus · Accepted Answer

The taxes for an individual with a taxable income of $45,000 are calculated based on the given tax brackets. The first $8,500 is taxed at 10%, resulting in $850. The next portion from $8,500 to $34,500 (which is $26,000) is taxed at 15%, resulting in $3,900. The remaining amount from $34,500 to $45,000 (which is $10,500) is taxed at 25%, resulting in $2,625. Adding these amounts together ($850 + $3,900 + $2,625) gives a total tax of $7,375.

Using the Following Table, Calculate the Taxes for an Individual