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1 February, 03:18

Dylan's taxable inome is $132,988. If the first $16,050 is taxed at 10%, with the remainder at 28%, how much tax will he owe? If his employer already took out $36,000, determine the amount of refund he will receive.

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  1. 1 February, 03:30
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    Answer: $1652.36

    Step-by-step explanation:

    Dylan's taxable inome is $132,988.

    The first $16,050 is taxed at 10%

    = 10% of $16050

    = 10/100 * 16050

    = 0.1 * 16050

    = $1605

    with the remainder of Dylan's income was taxed at 28%.

    Remainder of Dylan's income = $132988 - $16050

    = $116938

    28% of $116938

    = 28/100 * 116938

    = 0.28 * 116938

    = $32742.64

    Total taxes = $32742.64 + $1605

    = $34347.64

    Since Dylan's employer already took out $36,000 and he's meant to pay $34347.64, he'll have a refund of:

    $36000 - $34347.64 = $1652.36
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