Economics: Other Economics Problems – #29475


Question: Using the following Tax Table, calculate the income taxes Guy and Barb must pay on the sale of the assets that result in ordinary income. Assume that they have $30,000 of taxable income in addition to the income from the sale of assets.

If taxable income is over— but not over— the tax is:

$0 $18,150 10% of the amount over $0

$18,150 $73,800 $1,815 plus 15% of the amount over $18,150

$73,800 $148,850 $10,162.50 plus 25% of the amount over $73,800

$148,850 $226,850 $28,925 plus 28% of the amount over $148,850

$226,850 $405,100 $50,765 plus 33% of the amount over $226,850

$405,100 $457,600 $109,587.50 plus 35% of the amount over $405,100

$457,600 no limit $127,962.50 plus 39.6% of the amount over $457,600

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