Math Problem Statement
Over But Not Over Tax Due $0 $15,000 2.5% of taxable income $15,000 $30,000 $375 plus 6.3% of excess over $15,000 $30,000 $1,320 plus 6.4% of excess over $30,000 Use the Tax table above the answer the following question. Find the tax due on a taxable income of $23,111.
Solution
To find the tax due on a taxable income of $23,111 using the tax table provided, we'll follow these steps:
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Identify the correct tax bracket for $23,111:
- Since $23,111 falls between $15,000 and $30,000, the applicable tax rule is:
- Since $23,111 falls between $15,000 and $30,000, the applicable tax rule is:
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Calculate the excess income over $15,000:
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Calculate 6.3% of the excess:
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Add this to the base amount of $375:
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Rounding to the nearest cent (if necessary):
Thus, the tax due on a taxable income of $23,111 is $886.00.
Would you like a detailed explanation of any step or have any questions? Here are some related questions you might find useful:
- How would the tax due change if the taxable income was $35,000?
- What would be the tax due for an income just below the $15,000 threshold, like $14,999?
- How do you calculate the tax for an income of exactly $30,000?
- Can you demonstrate the tax calculation for a higher income, like $50,000?
- What if the tax rates or thresholds change? How would we adapt the calculation?
Tip: Always double-check the tax brackets and rates when calculating taxes, as they may change annually or based on jurisdiction.
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Math Problem Analysis
Mathematical Concepts
Tax Calculation
Piecewise Functions
Percentage Calculation
Formulas
For taxable income ≤ $15,000: Tax = 2.5% of taxable income
For taxable income between $15,000 and $30,000: Tax = $375 + 6.3% of (taxable income - $15,000)
For taxable income > $30,000: Tax = $1,320 + 6.4% of (taxable income - $30,000)
Theorems
Piecewise Function Application
Suitable Grade Level
Grades 9-12