c) The amount of taxes owed on a taxable income of $38,520 is $4,622.40
The base on which an income tax system imposes a tax is referred to as taxable income. In other words, the income is subject to taxation by the government.
Calculate the tax rate for the given taxable income.
Taxable Income Tax Rate
$0 - $9,875 10%
$9,876 - $40,125 12%
Based on the given taxable income of $38,520, the tax rate is 12%.
Calculate the amount of taxes owed.
Taxes Owed = Taxable Income x Tax Rate
Taxes Owed = $38,520 x 12%
Taxes Owed = $4,622.4
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