e to answer the question.

Quadrant 1 of a coordinate plane shows the x axis labeled taxable income and the y axis labeled tax rate.

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

1 answer

To determine the tax rate for the $7,000 of taxable income earned over $91,150, you would typically refer to the tax brackets outlined by the tax system in question. Since you've provided that the top tax rate applies to income over $91,150, you would need to know what that tax rate is for the income in that range.

Assuming you have the current tax rate for that specific range, simply apply that rate to the $7,000. For example, if the tax rate for income over $91,150 is 24%, then the tax owed on the $7,000 would be calculated as follows:

Tax Rate = 24% Tax on $7,000 = $7,000 * 24% = $1,680

If you provide the tax rate that corresponds to the income over $91,150, I can help you calculate it accurately.