Question

In USA there are seven federal tax brackets for the 2020 tax year: 10%, 12%, 22%, 24%, 32%, 35% and 37%. Your bracket depends on your taxable income and filing status. These are the rates for taxes due in April 2021 if you are a single filer.


Taxable Income 

Tax Rate

$0 to $9,875

10%

$9,876 to $40,125

12%

$40,126 to $85,525

22%

$85,526 to $163,300

24%

$163,301 to $207,350

32%

$207,351 to $518,400

35%

$518,401 or more

37%

Table 2


Create a Mathematical Model that represents the aforementioned information to calculate the annual income tax of each slab.

How much annual income tax you will have to pay if your monthly taxable income is $13,750.

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Answer 1

Answer:

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