• For taxable income from $0 to $15,000, you pay 10% of your taxable income in taxes, plus• For taxable income above $15,000, you pay 18% of your taxable income.1. If your total income before exemptions were $10,000 how much would you pay in taxes?2. If your total income were $20,000 how much would you pay in taxes?3. If your total income were $50,000 how much would you pay in taxes?4. Write a function to model the total tax paid, T(x), with a total income of x dollars.5. Create a graph that shows taxes paid as a function of total income for the total income between $0 and $60,000.
Question
• For taxable income from 15,000, you pay 10% of your taxable income in taxes, plus• For taxable income above 10,000 how much would you pay in taxes?2. If your total income were 50,000 how much would you pay in taxes?4. Write a function to model the total tax paid, T(x), with a total income of x dollars.5. Create a graph that shows taxes paid as a function of total income for the total income between 60,000.
Solution
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If your total income before exemptions were 10,000 = $1,000.
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If your total income were 15,000 would be taxed at 10% and the remaining 15,000) + (18/100 * 1,500 + 2,400.
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If your total income were 15,000 would be taxed at 10% and the remaining 15,000) + (18/100 * 1,500 + 7,800.
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The function to model the total tax paid, T(x), with a total income of x dollars would be:
T(x) = 0.10x for 0 <= x <= 15,000 T(x) = 0.1015,000 + 0.18(x - 15,000) for x > 15,000
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To create a graph that shows taxes paid as a function of total income for the total income between 60,000, you would plot the function T(x) on the y-axis and the total income on the x-axis. The graph would show a linear increase from 15,000, then a steeper linear increase from 60,000.
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