Question

12. + -/1 points CraudQL3 4.5.023b. My Notes Steve Forbes ran for U.S. president in 1996 and 2000 on a platform proposing a 17% flat tax, that is, an income tax that would simply be 17% of each tax payer's taxable income. Suppose that Joe was single in the year 2016 with a taxable income of $300,000. Use the 2016 Tax Table for Singles to find Joe's tax under the current laws.

Answer 1

Steve Forbes

Taxable Income = 300000

46278.75 + 33% * ( 300000 - 190150 )

46278.75 + 36250.5 =

$ 82529.25

Table used :-

Of the excess over 2016 Tax Table for Singles If Taxable Income The Tax is Is over But not over This amount Plus this % Schedule X-Use if your filing status is Single $0 $9275 10% 9276 37,650 $927.50 15 % 37,651 91,150 5183.75 25 % 91,151 190,150 * 18,558.75 28 % 190,151 413,350 46,278.75 33% 413,351 415,050 119,934.75 35 % 415,051 120,529.75 39.6% $0 9275 37,650 91,150 190,150 413,350 415,050