A family has $98,150 of taxable income. The top tax rate on the graph is for taxable income over $91,150. What is the tax rate for the $7,000 they earned over $91,150?

Question

The tax rate for the $7,000 of taxable income earned over $91,150 is
%.

Answer 1

To determine the tax rate for the $7,000 earned over $91,150, we need to know the specific tax rate that applies to that income bracket.

Assuming the tax bracket for income over $91,150 is the highest marginal tax rate, you would need to refer to the tax table for that specific year to find the exact percentage.

However, if we assume a common tax rate applied for income over that threshold—typically in progressive tax systems, this might be anywhere from 24% to 37% for higher income brackets—you would apply that rate.

For example, if the top tax rate for income over $91,150 is 24%, then the tax rate for the $7,000 they earned over that threshold is 24%.

Please provide the specific tax rate that applies to that income, and I'll be able to give you a more precise answer!