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10 Select the correct answer from each drop-down menu. Julia's taxable income is 37,500 . multicolumn(2)(|c|){ Single Taxpayers: Income Brackets Tax Rate & Income Bracket 10 % & 0 to 9,525 12 % & 9,526 to 38,700 22 % & 38,701 to 82,500 24 % & 82,501 to 157,500 32 % & 157,501 to 200,000 35 % & 200,001 to 500,000 37 % & >500,000 Julia's taxable income falls in the square income bracket, and her total tax due is square

Question

10
Select the correct answer from each drop-down menu.
Julia's taxable income is  37,500 .

 multicolumn(2)(|c|){
Single Taxpayers: 
Income Brackets
 
 
Tax 
Rate
 & 
Income 
Bracket
 
 10 % & 0 to 9,525 
 12 % & 
9,526 to 
38,700
 
 22 % & 
38,701 to 
82,500
 
 24 % & 
82,501 to 
157,500
 
 32 % & 
157,501 to 
200,000
 
 35 % & 
200,001 to 
500,000
 
 37 % & >500,000 


Julia's taxable income falls in the square income bracket, and her total tax due is square

10 Select the correct answer from each drop-down menu. Julia's taxable income is 37,500 . multicolumn(2)(|c|){ Single Taxpayers: Income Brackets Tax Rate & Income Bracket 10 % & 0 to 9,525 12 % & 9,526 to 38,700 22 % & 38,701 to 82,500 24 % & 82,501 to 157,500 32 % & 157,501 to 200,000 35 % & 200,001 to 500,000 37 % & >500,000 Julia's taxable income falls in the square income bracket, and her total tax due is square

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VaughnElite · Tutor for 8 years

Answer

#Explanation#<br /><br />To determine Jufia's tax bracket and total tax due, we first need to identify which income bracket her taxable income of $37,500 falls into. According to the provided table, her income falls into the 12% tax rate bracket, which covers incomes from $9,526 to $38,700.<br /><br />The US tax system is progressive, meaning that different portions of income are taxed at different rates. So, to calculate the total tax due, we need to break down Jufia's income into the relevant brackets and calculate the tax for each portion:<br /><br />1. The first $9,525 of income is taxed at 10%.<br />2. The remaining income, which is $37,500 - $9,525 = $27,975, falls into the 12% bracket.<br /><br />#Answer#<br /><br />Jufia's taxable income falls in the 12% income bracket.<br /><br />To calculate the total tax due, we calculate the tax for each portion of her income:<br /><br />1. Tax on the first $9,525: $9,525 * 10% = $952.50<br />2. Tax on the remaining $27,975: $27,975 * 12% = $3,357<br /><br />Adding these together, her total tax due is $952.50 + $3,357 = $4,309.50.
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