Use the 2010 federal income tax brackets and rates listed below to answer the following question.
Taxable Income
(income tax brackets) Tax rates
$40 970 or less 5% of taxable income less than or equal to $40 970; plus
$40 970 to $81 94 22% of taxable income greater than $40 970 and less than or equal to $91 941; plus
$81 941 to $127 021 26% of taxable income greater than $81 941 and less than or equal to $127 021; plus
Over $127 021 29% of taxable income greater than $127 021
a) Dana had a taxable income of $39 500 in 2010. How much federal income tax should she report? (assuming tax rates remain the same)
b) Dana expects her taxable income to increase by 15% in 2011. How much federal tax would she expect to pay in 2011(assuming tax rates remain the same).
Correct Answer:
Verified
View Answer
Unlock this answer now
Get Access to more Verified Answers free of charge
Q121: Penny earned $26 000 in 2007. If
Q123: The Canadian CPI was 109.1 in 2006
Q126: How many Canadian dollars can you buy
Q128: A law firm has 3 partners. The
Q129: If one Canadian dollar is equivalent to
Q130: $165.00 is what percentage less than $247.50?
A)
Q133: Use the 2010 federal income tax brackets
Q136: Use Table 3.2 on page 128 of
Q138: 21 is what percent of 200?
A) 0.00105%
B)
Q139: What is the price of gasoline per
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents