# 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%.

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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