Question
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? (1 point) The tax rate for the $7,000 of taxable income earned over $91,150 is
Answers
GPT-4o mini
To determine the tax rate for the $7,000 of taxable income earned over $91,150, you'll need to refer to the specific tax brackets applied to taxable income. Since you mentioned that the top tax rate applies to income over $91,150, let's assume you have the tax bracket information, but since it's not specified, I can provide a general method to find the rate.
For example, if the tax rate for income over $91,150 is 24%, then the tax on the additional $7,000 would be calculated as follows:
Tax on the $7,000 = $7,000 * 24% = $1,680.
However, since I don't have the exact tax rate that applies to the income over $91,150 from your question, you would need to look up the specific tax rate for that portion in the tax bracket information provided (usually found in tax tables or government publications).
Please check the current tax brackets to find the exact rate that pertains to income above $91,150 to answer your question accurately.
For example, if the tax rate for income over $91,150 is 24%, then the tax on the additional $7,000 would be calculated as follows:
Tax on the $7,000 = $7,000 * 24% = $1,680.
However, since I don't have the exact tax rate that applies to the income over $91,150 from your question, you would need to look up the specific tax rate for that portion in the tax bracket information provided (usually found in tax tables or government publications).
Please check the current tax brackets to find the exact rate that pertains to income above $91,150 to answer your question accurately.