## 2007 Federal Income Tax Table Single: Over But not over The tax is \$0 \$7,825 10% of the amount over \$0 \$7,825 \$31,850 \$788 + 15% of the am

Question

2007 Federal Income Tax Table Single: Over But not over The tax is \$0 \$7,825 10% of the amount over \$0 \$7,825 \$31,850 \$788 + 15% of the amount over \$7,825 \$31,850 \$77,100 \$4,386 + 25% of the amount over \$31,850 \$77,100 \$160,850 \$15,699 + 28% of the amount over \$77,100 \$160,850 \$349,700 \$39,149 + 33% of the amount over \$160,850 \$349,700 And Over \$101,469 + 35% of the amount over \$349,700 Mr. Profit had a taxable income of \$35,000. He figured his tax from the table above. 1. Find his earned income level. 2. Enter the base amount. = \$ 3. Find the amount over \$ = \$ 4. Multiply line 3 by % = \$ 5. Add Lines 2 and 4 = \$ 6. Compute his monthly withholding would be = \$

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1 week 2021-10-11T22:17:38+00:00 1 Answer 0

1. ### Explanation:

1. Earned income is said to be \$35,000.

2. Base tax amount at that level is \$4386.

3. The amount over \$31850 is \$35000-31850 = \$3150

4. Line 3 is multiplied by 25%: \$3150×0.25 = \$787.50

5. The sum of lines 2 and 4 is \$4386 +787.50 = \$5173.50

6. This amount divided by 12 is … \$5173.50/12 ≈ \$431.13