Calculate the income tax liability

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Reference no: EM131392763

Using the following tax bracket cutoffs (the cutoffs represent the top of that bracket) calculate the income tax liability for someone with $250,000 of taxable income. (taxable income means that all deductions and exemptions are already accounted for)

Example: if the answer is $20,000 enter 20000

10% - $40,000

15% - $100,000

25% - $150,000

28% - $230,000

33% - $400,000

35% - $460,000

40% - all income over $460,000

Reference no: EM131392763

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