Question

Yoko made $15,000 in taxable income last year. Suppose the income tax rate is 15% for the first $850Cplus 19% for the amount over $8500 How much must Yoko pay in income tax for last year?​

Answer 1

• $2510

Explanation:

Amount of tax on $8500:

• $8500*15/100 = $1275

Amount of income over $8500:

• $15000 - $8500 = $6500

Amount of tax on $6500:

• $6500*19/100 = $1235

Total tax is:

• $1275 + $1235 = $2510