Dylan's taxable inome is $132,988. If the first $16,050 is taxed at 10%, with the remainder at 28%, how much tax will he owe? If his employer already took out $36,000, determine the amount of refund he will receive.

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21 March, 23:00

Dylan's taxable inome is $132,988. If the first $16,050 is taxed at 10%, with the remainder at 28%, how much tax will he owe? If his employer already took out $36,000, determine the amount of refund he will receive.

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Francis Mcmahon · Answer 1

Answer: $1652.36

Step-by-step explanation:

Dylan's taxable inome is $132,988.

The first $16,050 is taxed at 10%

= 10% of $16050

= 10/100 * 16050

= 0.1 * 16050

= $1605

with the remainder of Dylan's income was taxed at 28%.

Remainder of Dylan's income = $132988 - $16050

= $116938

28% of $116938

= 28/100 * 116938

= 0.28 * 116938

= $32742.64

Total taxes = $32742.64 + $1605

= $34347.64

Since Dylan's employer already took out $36,000 and he's meant to pay $34347.64, he'll have a refund of:

$36000 - $34347.64 = $1652.36