As of 2015, ranches were taxed at 15 percent for income up to $50,000; at 21 percent for income ranging from $50,000 to $79,000; at 28 percent for taxable income $79,000 to $89,000; at 33 percent for income from $89,000 to $148,000, and so on.
Suppose that you have revenues of $191,800 and operating expense of $71,400.
How much tax is paid on the first $79,000 of taxable income?
- $13,590
- @,800
- $6,090
- None of the answers are correct