if the federal government used the progressive tax rate below for individual income tax, complete the table…

if the federal government used the progressive tax rate below for individual income tax, complete the table to calculate the federal income tax owed on a $62,900 salary ($50,700 in taxable income).\n\n| standard deduction ($) | 12,200 |\n|--|--|--|--|--|\n| income range ($) | progressive tax rate | taxable income ($) | income tax owed ($) |\n| 0 - 9,700 | 10% | 9,700 | 970.00 |\n| 9,701 - 39,475 | 12% | 29,775 | 3,573.00 |\n| 39,476 - 84,200 | 22% | 11,225 | ? |\n| 84,201 - 160,275 | 24% | | |\n| 160,276+ | 32% | | |\n| total | | 50,700 | |

if the federal government used the progressive tax rate below for individual income tax, complete the table to calculate the federal income tax owed on a $62,900 salary ($50,700 in taxable income).\n\n| standard deduction ($) | 12,200 |\n|--|--|--|--|--|\n| income range ($) | progressive tax rate | taxable income ($) | income tax owed ($) |\n| 0 - 9,700 | 10% | 9,700 | 970.00 |\n| 9,701 - 39,475 | 12% | 29,775 | 3,573.00 |\n| 39,476 - 84,200 | 22% | 11,225 | ? |\n| 84,201 - 160,275 | 24% | | |\n| 160,276+ | 32% | | |\n| total | | 50,700 | |

Answer

Explanation:

Step1: Identify the tax - rate for the income range

The taxable income is $50,700$. The income range $39,476 - 84,200$ has a tax rate of 22%. The amount of income in this range is $50,700 - 39,475=11,225$.

Step2: Calculate the tax for the income in the 22% range

The tax for the income in the 22% range is calculated by multiplying the income in this range by the tax rate. So, the tax is $0.22\times11,225 = 2,469.5$.

Step3: Calculate the total tax

The total tax is the sum of the taxes from each income - range. The tax from the 0 - 9,700 range is $970$, from the 9,701 - 39,475 range is $3,573$, and from the 39,476 - 50,700 range is $2,469.5$. The total tax $=970 + 3,573+2,469.5=7,012.5$.

Answer:

$7,012.5$