Question 391817: 124. Marriage penalty eliminated. The value of the expression
4220 + 0.25(x -30,650)
Is the 2006 federal income tax for a single taxpayer with
Taxable income of x dollars, where x is over $30,650 but
Not over $74,200.
a) Simplify the expression.
b) Find the amount of tax for a single taxpayer with
Taxable income of $40,000.
c) Who pays more, a married couple with a joint taxable
Income of $80,000 or two single taxpayers with
Taxable incomes of $40,000 each?
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! The value of the expression 4220 + 0.25(x -30,650)
Is the 2006 federal income tax for a single taxpayer with
Taxable income of x dollars, where x is over $30,650 but
Not over $74,200.
a) Simplify the expression.
4220 + 0.25(x -30,650)
= 4220 + (x/4) - 7662.5
= (x/4) - 3442.50
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b) Find the amount of tax for a single taxpayer with
Taxable income of $40,000.
Ans: 40,000/4 - 3442.5
= 10,000-3442.5
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= 6557.50
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c) Who pays more, a married couple with a joint taxable
Income of $80,000 or two single taxpayers with
Taxable incomes of $40,000 each?
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I'll leave that to you.
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Cheers,
Stan H.
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