Americans earning between $114,500 and $ 163,000 fall into the 35% tax bracket. This means they pay $6,250 plus 35% of income over $114,500. If you earn $ 135,000 what are your taxes?

Your taxes are $13,425

Step-by-step explanation:

Taxes paid by Americans depend on their income. If they earn between $114,500 and $163,000, they must pay a fixed amount of $6,250 plus 35% of the income over $114,500.

If you earn $135,000, you definitely all into the described bracket. We need to calculate the income above the minimum $114,500:

taxable income=$135,000-$114,500=$20,500

Thus, you must pay:

Tax = $6,250 + 35% of $20,500

Tax = $6,250 + 35/100 $20,500

Tax = $6,250 + $7,175 = $13,425

Your taxes are $13,425

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