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# Income Tax Brackets

PLEASE, PLEASE, help me to understand how to complete the following:

Assuming that I am in the highest tax bracket of 39 percent. I know that this basically means that a taxpayer will pay 39 percent of his/her income to the government. An amount will be paid based on the portion of his/her income in each tax bracket up to total income. Holding out all other factors that are included in calculation of taxes, can some one help me to calculate the four different amounts and sum them, in an effort to determine the income tax bill of a corporation whose earnings before taxes (EBT) is \$280,000 if the tax rate schedule is as follows:

INCOME (\$)/TAX RATE
0 TO 50,000/15%
50,001 TO 75,000/25%
75,001 TO 100,000/34%
100,001 TO 335,000/39%

TAX BILL \$_________________

#### Solution Preview

Assuming that I am in the highest tax bracket of 39 percent. I know that this basically means that a taxpayer will pay 39 percent of his/her income to the government. An amount will be paid based on the portion of his/her income in each tax bracket up to total income. Holding out all other factors that are included in calculation of ...

#### Solution Summary

This solution is comprised of a detailed explanation to answer the taxable amount.

\$2.19