Calculate the income tax liability

Assignment Help Business Economics

Reference no: EM131174421

Using the following tax bracket cutoffs (the cutoffs represent the top of that bracket) calculate the income tax liability for someone with $260,000 of taxable income. (taxable income means that all deductions and exemptions are already accounted for) Hint: do not use a tax table, calculate using the rates and do not use a comma or $ sign

Example: if the answer is $20,000 enter 20000

10% - $40,000

15% - $100,000

25% - $150,000

28% - $230,000

33% - $400,000

35% - $460,000

40% - all income over $460,000

Reference no: EM131174421

Questions Cloud

Country facing an acute financial crisis : Cassiopeia is a country facing an acute financial crisis. Coupled with a negative growth? rate, the rate of inflation in the economy has increased to almost 12 percent. The government of Cassiopeia has recently appointed a panel of experts to suggest..

What effect does your energy use have on natural resources : What effect does your energy use have on natural resources? How may your sustainability methods be applied on an individual level? How can they promote a more sustainable living environment?

Quality replied that the car had been sold to an adult : Quality Motors, Inc., refused to sell a car to Hays because he was only 16 years old. However, Quality told Hays that they would sell the car to an adult and then show Hays how to transfer the title to his name. Hays agreed with the scheme and came b..

Discuss the natuonal evidence which supports this suggestion : Conceptualise the labour market as mediated by race, gender, ethnicity age, disability and sexuality. Identify and discuss the natuonal evidence which supports this suggestion.

Calculate the income tax liability : Using the following tax bracket cutoffs (the cutoffs represent the top of that bracket) calculate the income tax liability for someone with $260,000 of taxable income. (taxable income means that all deductions and exemptions are already accounted for..

Substantial increase in aggregate demand : Cassiopeia is a country facing an acute financial crisis. Coupled with a negative growth? rate, the rate of inflation in the economy has increased to almost 12 percent. The government of Cassiopeia has recently appointed a panel of experts to suggest..

Draft of research paper equality among the gay community : Draft of research - an outline of your research and the intended direction of your argument. - The topic is "Equality Among the Gay Community".

Lower corporate taxes to increase aggregate supply : Economic growth over the past decade in the country Tarragon has been very low. As a? result, the unemployment level has remained high. Which of the? following, if? true, will weaken the claim that it would be more effective to lower corporate taxes ..

The type of product that will be introduced internationally : A small business in your community has hired you to manage selling its product globally. Identify the small business and the type of product that will be introduced internationally. What exchange rates do you need to consider? What cultural differenc..

User Account

All Pages