Exhibit 11-4 Taxable Income Taxes $0 - $23,000 15% of taxable income $23,001 - $42,000 $3,450...
Exhibit 11-4
| Taxable Income | Taxes |
| $0 - $23,000 | 15% of taxable income |
| $23,001 - $42,000 | $3,450 + 20% of everything over $23,000 |
| $42,001 - $100,000 | $7,250 + 25% of everything over $42,000 |
| Greater than $100,000 | $21,750 + 30% of everything over $100,000 |
Refer to Exhibit 11-4. If a person’s taxable income is $30,000, how much does he pay in taxes?
| $1,400 |
| $3,900 |
| $4,850 |
| $4,345 |
Homework Answers
The answer is $4850.
15% of the first slab plus 20% of the excess over $23,000.
(15% of $23,000 ) + (20% of $30,000 - $23,000)
= $3,450 + $ 1,400=$4,850.
Add Answer to:
Exhibit 11-4
Taxable Income
Taxes
$0 - $23,000
15% of taxable income
$23,001 - $42,000
$3,450...
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