Concept explainers
Income tax In a given year the U.S. federal income tax owed by a married couple filing jointly can be found from the following table (Source: Internal Revenue Service, Form 1040 Instructions).
Filing Status: Married Filing Jointly | ||
If taxable income | Tax due | Of the amount |
is between | is | over |
$0- $16,750 | $0.00 + 10.0% | $0 |
$16,750 - $68,000 | $1,675.00 F 15.0% | $16,750 |
$68,000- $137,300 | $9,362.50 + 25.0% | $68,000 |
$137,300 -$209,250 | $26,687.50 + 28.0% | $137,300 |
$209,250 - $373,650 | $46,833.50 + 33.0% | $209,250 |
$373,650 - Up | $101,085.50 + 35.0% | $373,650 |
(a) For incomes up to $137,300, write the
(b) Use the function to find T(70,000).
(c) Find the tax due on a taxable income of $50,000.
(d) A friend tells Jack Waddell not to earn any money over $68,000 because it would raise his tax rateto 25% on all of his taxable income. Test this statement by finding the tax due on $68,000 and $68,000 + $ 1. What do you conclude?
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