Homework Answers
Total taxes due = Taxable Income * Tax Rate
= [$50,000 * 0.15] + [($75,000 - $50,000) * 0.25] + [($10,000,000 - $75,000) * 0.34] + [($19,600,000 - $10,000,000) * 0.35] + [($335,000 - $100,000) * 0.05] + [($18,333,333 - $15,000,000) * 0.03]
= $7,500 + $6,250 + $3,374,500 + $3,360,000 + $11,750 + $99,999.99
= $6,859,999.99, or $6,860,000
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