Mauro just won $1,000,000 from the lottery! Despite his excitement in winning a tremendous amount of money, his brother (who is an accountant) warns him not to spend it all at once and hands him this tax rate schedule for single
taxpayers.
Taxable income
Federal Tax
$0 - $7,825
10% of amount
$7,825.01 - $31,850
1 $725.50 plus 15% of amount over $7,825
(531,850.01 - $77,100 $4,386.25 plus 25% of amount over $31,850
577,100.01 -$160,850 $15,698.75 plus 28% of amount over $77,100
$160,850.01 - $349,700 $39,148.75 plus 33% of the amount over $160,850
$349,700.01 and up
$101,469.25 plus 35% of amount over $349,700