If taxable income is over-- But not over-- The marginal tax rate for the bracket
ID: 1098746 • Letter: I
Question
If taxable income is over--
But not over--
The marginal tax rate for the bracket is:
$0
$11,000
9%
$11,000
$43,000
14%
$43,000
$105,000
24%
$105,000
$260,000
35%
$260,000
No limit
45%
a. Suppose Mindy Simmons earned $75,000 in 2010.
i) Using the table above, what would her total tax payment be?
If taxable income is over--
But not over--
The marginal tax rate for the bracket is:
$0
$11,000
9%
$11,000
$43,000
14%
$43,000
$105,000
24%
$105,000
$260,000
35%
$260,000
No limit
45%
Explanation / Answer
total tax payment = 11000*.09+(43000-11000)*.14+(75000=43000)*.24 = $13150
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