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What percent of income do pay in taxes

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Reference no: EM132819556

Suppose the marginal tax brackets are as follows:

  1. Income between $0 and $10,000 is taxed at 0%,
  2. Income between $10,000 and $55,000 is taxed at 5%,
  3. Income between $55,000 and $70,000 is taxed at 8%,
  4. Income over $70,000 is taxed at 12%.

Problem 1: If your income is $90,000, how much do you owe in taxes, and what percent of your income do you pay in taxes?

Reference no: EM132819556

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