Question

In 2012, Ms. Tan earned a gross annual income of $80 000. Of this $80 000, the amount that will not be subjected to income tax is shown in the table below. Given that she lives with 2 parents and that for the remaining income that will be taxed, the gross tax payable for the first $40 000 is $550 and the tax rate for the rest is 7%, find her income tax payable. *

Answer 1

Answer:

1267.5

Step-by-step explanation:

non taxable income

3000+5000*2+16000+750=29750

taxable income=50250

tax payable

550+ (50250-40000)7%