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19 May, 16:13

Suppose that a new federal tax relief act allows you to pay a 17% income tax rate instead of 32%. If your taxable inxome at the end of the year is $96,000, how much have you saved in tax dollars because of the new tax relief act?

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  1. 19 May, 16:23
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    This will require solving two equations

    96,000*.17 = 16,320

    96,000*.32 = 30,720

    This represents the total tax paid at both of the tax rates.

    30,720 - 16,320 = 14,400

    This represents the difference between the two tax rates at 96k income. This is the total savings between the tax rates.
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