Use the 2010 federal income tax brackets and rates listed below to answer the following question.
Taxable Income
a) Sean had a taxable income of $42 500 in 2011. How much federal income tax should he report? (assuming tax rates remain the same)
b) Sean expects his taxable income to increase by 150% in 2012. How much federal tax would he expect to pay in 2012(assuming tax rates remain the same).

Question

Use the 2010 federal income tax brackets and rates listed below to answer the following question.
Taxable Income
  a) Sean had a taxable income of $42 500 in 2011. How much federal income tax should he report? (assuming tax rates remain the same)
b) Sean expects his taxable income to increase by 150% in 2012. How much federal tax would he expect to pay in 2012(assuming tax rates remain the same).

Quizplus · Accepted Answer

The Answer of Use the 2010 federal income tax brackets and rates listed below to answer the following question.
Taxable Income
  a) Sean had a taxable income of $42 500 in 2011. How much federal income tax should he report? (assuming tax rates remain the same)
b) Sean expects his taxable income to increase by 150% in 2012. How much federal tax would he expect to pay in 2012(assuming tax rates remain the same).

Use the 2010 Federal Income Tax Brackets and Rates Listed