New York state income tax is based on taxable income, which is part of a persons total
Chapter 2, Problem 2.1.23(choose chapter or problem)
New York state income tax is based on taxable income, which is part of a persons total income. The tax owed to the state is calculated using the taxable income (not total income). In 2009, for a single person with a taxable income between $20,000 and $200,000, the tax owed was $973 plus 6.85% of the taxable income over $20,000. 2 (a) Compute the tax owed by a lawyer whose taxable income is $68,000. (b) Consider a lawyer whose taxable income is 80% of her total income, $x, where x is between $85,000 and $120,000. Write a formula for T(x), the taxable income. (c) Write a formula for L(x), the amount of tax owed by the lawyer in part (b). (d) Use L(x)to evaluate the tax liability for x = 85,000 and compare your results to part (a).
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