Asked by Michelle Chrisette on Jun 15, 2024
Verified
Use Table A to complete Table B.
TABLEA On Taxable Income The Tax Rate Is Up to $27,05015.0% From $27,051 to $65,55027.5% From $65,551 to $136,75030.5% From $136,751 to $297,35035.5% Over $297,35039.1%\begin{array}{l}\text { TABLE}{A }\\\begin{array} { | l | l | } \hline \text { On Taxable Income } & \text { The Tax Rate Is } \\\hline \text { Up to } \$ 27,050 & 15.0 \% \\\hline \text { From } \$ 27,051 \text { to } \$ 65,550 & 27.5 \% \\\hline \text { From } \$ 65,551 \text { to } \$ 136,750 & 30.5 \% \\\hline \text { From } \$ 136,751 \text { to } \$ 297,350 & 35.5 \% \\\hline \text { Over } \$ 297,350 & 39.1 \% \\\hline\end{array}\end{array} TABLEA On Taxable Income Up to $27,050 From $27,051 to $65,550 From $65,551 to $136,750 From $136,751 to $297,350 Over $297,350 The Tax Rate Is 15.0%27.5%30.5%35.5%39.1% TABLE B Taxpayer Income Tax Amount Average Tax Rate John $52,700 Todd $132,500 Glen $237,000 Jake $315,250\begin{array}{l}\text { TABLE B }\\\begin{array} { | l | l | l | l | } \hline \text { Taxpayer } & \text { Income } & \text { Tax Amount } & \text { Average Tax Rate } \\\hline \text { John } & \$ 52,700 & & \\\hline \text { Todd } & \$ 132,500 & & \\\hline \text { Glen } & \$ 237,000 & & \\\hline \text { Jake } & \$ 315,250 & & \\\hline\end{array}\end{array} TABLE B Taxpayer John Todd Glen Jake Income $52,700$132,500$237,000$315,250 Tax Amount Average Tax Rate
Taxable Income
The amount of income subject to taxes, after deductions and exemptions, according to the tax laws governing the taxpayer.
Tax Rate
The percentage at which an individual or corporation is taxed by the government on income, property, or sales.
- Calculate tax obligations and rates for particular situations and comprehend the progressive nature of tax structures.
Verified Answer
SS
Sharmila ShresthaJun 20, 2024
Final Answer :
Taxpayer Income Tax Amount Average Tax Rate John $52,700$11,111.2521% Todd $132,500$35,064.7526% Glen $237,000$71,949.7530% Jake $315,250$100,372.9032%\begin{array} { | l | l | l | l | } \hline \text { Taxpayer } & \text { Income } & \text { Tax Amount } & \text { Average Tax Rate } \\\hline \text { John } & \$ 52,700 & \$ 11,111.25 & 21 \% \\\hline \text { Todd } & \$ 132,500 & \$ 35,064.75 & 26 \% \\\hline \text { Glen } & \$ 237,000 & \$ 71,949.75 & 30 \% \\\hline \text { Jake } & \$ 315,250 & \$ 100,372.90 & 32 \% \\\hline\end{array} Taxpayer John Todd Glen Jake Income $52,700$132,500$237,000$315,250 Tax Amount $11,111.25$35,064.75$71,949.75$100,372.90 Average Tax Rate 21%26%30%32%
Learning Objectives
- Calculate tax obligations and rates for particular situations and comprehend the progressive nature of tax structures.