House Tax Plan Assignment | Homework For You

Part 3: House Tax Plan for 2018

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For 2017 the actual tax brackets for a single tax filer were:

• For taxable income from $0 to $9,325, you pay 10% of it in taxes, plus
• For taxable income from $9,326 to $37,950, you pay 15% of it in taxes, plus
• For taxable income from $37,951 to $91,900, you pay 25% of it in taxes, plus
• For taxable income from $91,901 to $191,650, you pay 28% of it in taxes, plus
• For taxable income from $191,651 to $416,700, you pay 33% of it in taxes, plus
• For taxable income from $416,701 to $418,400, you pay 35% of it in taxes, plus
• For taxable income at or above $418,401, you pay 39.6%.Homework For You

At the end of 2017, the House proposed a new tax plan: (http://www.businessinsider.com/tax-brackets-2018-trump-tax-plan-chart-house-senate-comparison-2017-11)

Proposed New Tax Plan:

• For taxable income from $0 to $45,000, you pay 12% of it in taxes, plus
• For taxable income from $45,001 to $200,000, you pay 25% of it in taxes, plus
• For taxable income from $200,001 to $500,000, you pay 35% of it in taxes, plus
• For taxable income of $500,001 or more, you pay 39.6%.

Where the standard deduction was raised to $12,200 and the personal exemption was eliminated. For the remaining exercises, we will only consider this proposed tax plan.

  1. Complete both of the tables below:
Taxable Income
Lower Bound Upper Bound Rate Maximum Money in Bracket Maximum Tax in Bracket
$0 12% $5,400
$45,000   $155,000
$200,000 $105,000
No Limit No Limit No Limit
Total Income
Lower Bound Upper Bound Rate Maximum Money in Bracket Maximum Tax in Bracket
$0 $12,200 0% $12,200 $0
$57,200 $45,000
$38,750
$512,200 No Limit No Limit No Limit
  1. How many slopes would be on this graph?
  2. Write a function to model the total tax paid, T(x), with a total income of x dollars.
  3. How much does a person pay in taxes if their total income is $210,000?
  4. What is the slope of the line when an individual’s total income is $210,000?Get Finance homework help today

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