Question

# 1)Part A Jim is a Mechanical Engineer. He earns \$104000/year after allowable deductions. What will he...

1)Part A Jim is a Mechanical Engineer. He earns \$104000/year after allowable deductions. What will he owe the IRS in 2018? \$

2) Part B Jim is offered a new position that will double his taxable income for 2018. If he accepts the new position how much more will he owe the IRS in 2018? \$

3) Jim's boss Ron will have \$674000/year taxable income in 2018. What will he owe the IRS? \$

#### Homework Answers

Answer #1
 TAX BRACKETS OF YEAR 2018 RELAING TO INDIVIDUAL TAXPAYERS WILL BE APPLICABLE HERE IN THE QUESTION Answer Part ( 1 ) Amount in \$ Taxable Income 104000 Tax Bracket 19078.75 + 28% of the amount over 93700 Tax Due 19078.75 + (104000-93700)*28% 19078.75 + 2884 = 21962.75 or 21963
 Answer Part (2) Amount in \$ Taxable Income 104000*2 = 208000 Tax Bracket 47568.75 + 33% of the amount over 195450 Tax Due 47568.75 + (208000-195450)*33% 47568.75 + 4141.50 = 51710.25 or 51710
 Answer Part ( 3 ) Amount in \$ Taxable Income 674000 Tax Bracket 123916.25 + 39.6% of the amount over 426700 Tax Due 123916.25 + (674000-426700) * 39.6% 123916.25 + 97930.80 = 221847.05 or 221847
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