9514 1404 393
Answer:
$11,680.58
Step-by-step explanation:
Usually, I would say copy the example, using 70,000 instead of 55,000. However, the example you show has a couple of errors in it. You need to do what it says, not follow what it did.
__
The first 48,535 is taxed at 15%, so the tax is 0.15×48535 = 7280.25.
The next (70,000 -48,535) = 21,465 is taxed at 20.5%, so the tax is ...
0.205×21,465 = 4400.325 ≈ 4400.33
The the total tax due on $70,000 is ...
$7280.25 +4400.33 = $11,680.58 . . . . tax due on $70,000
_____
Additional comments
The example shown has a couple of errors. The tax on the excess amount is figured at 2.05%, not 20.5%, and the 132.53 value from that is shown as 132.23.
__
Any tax table like this one can be reduced to a set of simpler formulas. Here are the formulas for the brackets shown in your tax table.
≤ 48535 -- income × 0.15
≤ 97069 -- income × 0.205 -2669.425
≤ 150,473 -- income × 0.26 -8008.22
≤ 214,368 -- income × 0.29 -12,522.41
> 214,368 -- income × 0.33 -21,097.13
In this case, the second row of this simpler table would give the tax on $70,000 as ...
tax = 70,000 × 0.205 -2669.425
tax = 14350 -2669.425 = 11680.575 ≈ 11,680.58 . . . same as above
