Julie’s taxable income is $50,000. the table gives the federal tax brackets for different levels of taxable income. julie pays a progressive tax. how much will she pay in income tax this year?
tax rate taxable income level
10% $0–$9,225
15% $9,226–$37,450
25% $37,451–$90,750
28% $90,751–$189,300
33% $189,301–$411,500
35% $411,501–$413,200
39.60% above $413,200
a).$5,332.25
b).$8,293.35
c).$9,552.50
d).$12,500.00
e).$14,350.85

The correct answer is $ 8,293.75, very close to B. $8,293.35

Explanation:

Julie will pay 10% for the first $9,225 of her taxable income,

she will pay 15% for the next $28,225 of her taxable income,

and she will pay 25% for the remaining $12,550 of her taxable income, according to the federal tax brackets table.

Formula:

Income tax = 0.1 (9,225) + 0.15 (37,450 - 9,225) + 0.25 (50,000 - 37,450)

Income tax = 922,50 + 4,233.75 + 3,137.50

Income tax = 8,293,75

answer: the net deposit amount   (option c)

in order to fill in the deposit slip, michael needs to fill in the amount that he wants to deposit in the bank. without the net deposit amount, he will not be able to deposit the money because it is mandatory for him to mention it, as the bank needs to maintain a record to avoid any inconveniences for the bank and michael in the future.

the bank officer checks and verifies the amount received against the amount written on the deposit slip to process the slip.