Suppose your taxable income is over $66,000 but less than $137,000 and your taxes are equal to $15,000 plus 30% of any amount over $66,000.If your income is $80,000,what is your tax payment?

Question

Quizplus · Accepted Answer

The tax payment is calculated as $15,000 plus 30% of the amount over $66,000. For an income of $80,000, the amount over $66,000 is $14,000. 30% of $14,000 is $4,200. Adding this to the base tax of $15,000 gives a total tax payment of $19,200.

Suppose Your Taxable Income Is Over $66,000 but Less Than