Question

What percent rate and actual amount do you pay in Federal taxes if you make a gross salary of $250,000 per year. His tax bracket rate is 33% ( $46,643 plus 33% of the excess over $191,650)

Answer 1

The percentage rate of the federal tax be 26.36 % and the amount of the federal tax be $ 65898.5 .

Explanation:

As given

if you make a gross salary of $250,000 per year.

Tax bracket rate is 33% .

Tax rate is $46,643 plus 33% of the excess over $191,650 .

33% is written in the decimal form .

`= (33)/(100)`

= 0.33

Amount of gross salary over $191,650 = Gross salary - $191,650

= $250,000 - $191650

= $ 58350

Thus

33% of Amount over $191,650 = 0.33 × Amount of gross salary over $191,650 .

= 0.33 × $ 58350

= $ 19255.5

Thus

Total federal tax = $46,643 + 33% of Amount over $191,650 .

= $46,643 + $ 19255.5

= $ 65898.5

Formula

`Percentage = (Part\ value* 100)/(Total\ value)`

Here

Part value = $65898.5

Total value = $250,000

Putting the values in the above

`Percentage = (65898.5* 100)/(250000)`

Percentage = 26.36 %

Therefore the percentage rate of the federal tax be 26.36 % .