Answer :
To calculate the amount of taxes Theresa owes, we need to determine how much tax she pays according to each applicable tax bracket.
Assuming the following hypothetical tax brackets:
- 10% on income up to [tex]$10,000
- 12% on income from $[/tex]10,001 to [tex]$30,000
- 22% on income above $[/tex]30,000
Steps for calculating the tax:
1. Income up to [tex]$10,000 at 10%:
- This bracket covers $[/tex]10,000.
- Tax owed for this portion: [tex]$10,000 0.10 = $[/tex]1,000
2. Income from [tex]$10,001 to $[/tex]30,000 at 12%:
- This bracket covers [tex]$20,000 ($[/tex]30,000 - [tex]$10,000 = $[/tex]20,000).
- Tax owed for this portion: [tex]$20,000 0.12 = $[/tex]2,400
3. Income over [tex]$30,000 at 22%:
- The remaining portion of the income is $[/tex]45,304 - [tex]$30,000 = $[/tex]15,304.
- Tax owed for this portion: [tex]$15,304 * 0.22 = $[/tex]3,366.88
Now, add up the taxes from each bracket:
- Tax from the first bracket: [tex]$1,000
- Tax from the second bracket: $[/tex]2,400
- Tax from the third bracket: [tex]$3,366.88
Total tax owed = $[/tex]1,000 + [tex]$2,400 + $[/tex]3,366.88 = [tex]$6,766.88
We would round this to the nearest whole number since it's common to round tax calculations, which result in $[/tex]6,767.
It's important to note that the choices provided do not match our calculation exactly, but [tex]$6,982 is the closest choice in the given options. Therefore, Theresa would owe $[/tex]6,982 according to the options provided, but be aware of the potential misalignment with real-tax calculations.
Assuming the following hypothetical tax brackets:
- 10% on income up to [tex]$10,000
- 12% on income from $[/tex]10,001 to [tex]$30,000
- 22% on income above $[/tex]30,000
Steps for calculating the tax:
1. Income up to [tex]$10,000 at 10%:
- This bracket covers $[/tex]10,000.
- Tax owed for this portion: [tex]$10,000 0.10 = $[/tex]1,000
2. Income from [tex]$10,001 to $[/tex]30,000 at 12%:
- This bracket covers [tex]$20,000 ($[/tex]30,000 - [tex]$10,000 = $[/tex]20,000).
- Tax owed for this portion: [tex]$20,000 0.12 = $[/tex]2,400
3. Income over [tex]$30,000 at 22%:
- The remaining portion of the income is $[/tex]45,304 - [tex]$30,000 = $[/tex]15,304.
- Tax owed for this portion: [tex]$15,304 * 0.22 = $[/tex]3,366.88
Now, add up the taxes from each bracket:
- Tax from the first bracket: [tex]$1,000
- Tax from the second bracket: $[/tex]2,400
- Tax from the third bracket: [tex]$3,366.88
Total tax owed = $[/tex]1,000 + [tex]$2,400 + $[/tex]3,366.88 = [tex]$6,766.88
We would round this to the nearest whole number since it's common to round tax calculations, which result in $[/tex]6,767.
It's important to note that the choices provided do not match our calculation exactly, but [tex]$6,982 is the closest choice in the given options. Therefore, Theresa would owe $[/tex]6,982 according to the options provided, but be aware of the potential misalignment with real-tax calculations.
