# Taxes paid for a given income level.pdf - < Back to...

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Points:1 / 1Close ExplanationClose ExplanationExplanation:When Paolo earns \$110,000 in taxable income, his income falls between \$90,750 and \$189,300. In this bracket, the marginal tax rate is 28%.That means that on the next dollar of income he earns, he will pay \$0.28 in taxes.Paolo calculates that he owes\$23,871.25 in income taxes for 2015.Explanation:
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< Back to AssignmentAttempts: 4--Average: 4 / 42. Taxes paid for a given income levelPaolo is getting ready to do his taxes. He is single and lives in Philadelphia. Paolo earned \$110,000 in taxable income in 2015. He reviews thefollowing table, which shows the IRS tax rates for a single taxpayer in 2015.On Annual Taxable Income...The Tax Rate Is...(Percent)Up to \$9,22510.0From \$9,225 to \$37,45015.0From \$37,450 to \$90,75025.0From \$90,750 to \$189,30028.0From \$189,300 to \$411,50033.0From \$411,500 to \$413,20035.0Over \$413,20039.6Based on the IRS table, Paolo calculates that his marginal tax rate is28% when his annual taxable income is \$110,000.