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 $37,300 salary ($25,100 in taxable income).\n| standard deduction ($) | 12,200 |\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% | 15,400 | ? |\n| 39,476 - 84,200 | 22% | | |\n| 84,201 - 160,275 | 24% | | |\n| 160,276+ | 32% | | |\n| total | | 25,100 | |

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 $37,300 salary ($25,100 in taxable income).\n| standard deduction ($) | 12,200 |\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% | 15,400 | ? |\n| 39,476 - 84,200 | 22% | | |\n| 84,201 - 160,275 | 24% | | |\n| 160,276+ | 32% | | |\n| total | | 25,100 | |

Answer

Explanation:

Step1: Identify taxable income in the range

The taxable income in the 9,701 - 39,475 range is 15,400. The tax rate for this range is 12%.

Step2: Calculate tax for the range

We use the formula $Tax = Taxable\ income\times Tax\ rate$. So, $Tax = 15400\times0.12$. $15400\times0.12 = 1848$

Step3: Calculate total tax

The tax from the 0 - 9,700 range is 970.00 and from the 9,701 - 39,475 range is 1848. The total tax is $970 + 1848=2818$.

Answer:

1848 (for the value in the green - box), 2818 (for the total income tax owed)