Thinking Mathematically (6th Edition)

Published by Pearson
ISBN 10: 0321867327
ISBN 13: 978-0-32186-732-2

Chapter 8 - Personal Finance - 8.2 Income Tax - Exercise Set 8.2 - Page 506: 14

Answer

$3280$

Work Step by Step

Using the table we get: tax liability on first $12400$: $12400\cdot0.1=1240$ tax liability on$12401$ to $46000$: $(46000-12400)\cdot0.15=5040$ Total tax liability: $1240+5040=6280$ Total tax owed: total tax liability-tax credits= $6280-3000=3280$
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