Essay
Use the 2010 federal income tax brackets and rates listed below to answer the following question.
Taxable Income
a) Sean had a taxable income of $42 500 in 2011. How much federal income tax should he report? (assuming tax rates remain the same)
b) Sean expects his taxable income to increase by 150% in 2012. How much federal tax would he expect to pay in 2012(assuming tax rates remain the same).
Correct Answer:
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a) Federal tax on $42 500 is 0...View Answer
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Correct Answer:
Verified
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