USE THE ACCOMPANYING TABLE TO FIGURE INCOME TAX Example: Your Taxable Income is $35,000 per year.

The Tax is $ 4,675.00 (given from table) + $ 262.50 (1,050 x 25%)

NAME:

Ryan Bubar

4,937.50 (total tax)

1. Your Taxable Income is $11,200 The Tax is $ 835.00 (given from table) + $ 427.50 = $ 1,262.50 (total tax)

2. Your Taxable Income is $33,050 The Tax is $ 835.00 (given from table) + $ 3,705.00 = $ 4,540.00 (total tax)

3. Your Taxable Income is $51,495 The Tax is $ 4,675.00 (given from table) + $ 4,386.25 = $ 9,061.25 (total tax)

4. Your Taxable Income is $82,000 The Tax is $ 4,675.00 (given from table) + $ 12,012.50 = $ 16,687.50 (total tax)

5. Your Taxable Income is $90,350 The Tax is $ 16,750.00 (given from table) + $ 2,268.00 = $ 19,018.00 (total tax)

6. Your Taxable Income is $129,500 The Tax is $ 16,750.00 (given from table) + $ 13,230.00 = $ 29,980.00 (total tax)

7. Your Taxable Income is $187,600 The Tax is $ 41,754.00 (given from table) + $ 5,296.50 = $ 47,050.50 (total tax)

8. Your Taxable Income is $599,000 The Tax is $ 108,216.00 (given from table) + $ 79,117.50 = $ 187,333.50 (total tax)

9. AUTO FAIR PRICE REVIEW PROBLEM The Invoice on a car and your desired extras is $25,000. A Rebate of $2,000 is given. Calculate FAIR PRICE (the absolute max that you should expect to pay) $ 25,000.00 (invoice) $ 2,000.00 (rebates) $ + 690.00 3% $ 23,690.00 (fair price)

10. FINANCE CHARGE - REVIEW PROBLEM You borrow $18,000 in purchase of a car. The APR is 6% for 5 years/60 months. This comes out to a monthly payment of $348. Calculate how much of the $348 first month payment would go toward interest. $ 18,000.00 6% 12 $ 90.00

(amt. borrowed)

(interest rate)

divided by

periodic pmt

interest