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Taxable Income 15% on the first $49,020 of taxable income, plus 20.5% on the next...

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Accounting

Taxable Income 15% on the first $49,020 of taxable income, plus 20.5% on the next $49,020 of taxable income(on the portion of taxable income over $49,020 up to $98,040), plus 26% on the next $53,939 of taxable income ( on rje portion of taxable income over $98,049 up to $151,978) plus 29% on the next $64,533 of taxable income (on the portion of taxable income over $ 151,978 up to $216,511) plus 33% of taxable income over $216,511. QUESTION 1. Hana had a income of $ 116, 800. How much federal income tax should he report? assuming tax rates remain the same. QUESTION 2. Anne expect his taxable income to increase by 30%. How much federal tax should he expect to pay the following year? (assuming tax rates remain the same.)

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