To determine how much Julie will pay in income tax this year given a taxable income of \[tex]$50,000, we need to apply the progressive income tax rates to her earnings based on the provided tax brackets. Here is the step-by-step calculation:
1. First tax bracket (0% - $[/tex]9,225 at 10%):
[tex]\[
\text{Tax on } \$9,225 = 9,225 \times 0.10 = \$922.50
\][/tex]
2. Second tax bracket ([tex]$9,226 - $[/tex]37,450 at 15%):
[tex]\[
\text{Amount within this bracket: } 37,450 - 9,225 = 28,225
\][/tex]
[tex]\[
\text{Tax on } \$28,225 = 28,225 \times 0.15 = \$4,233.75
\][/tex]
3. Third tax bracket ([tex]$37,451 - $[/tex]90,750 at 25%):
Julie’s taxable income of \[tex]$50,000 falls within this bracket, but she doesn't exceed it.
\[
\text{Amount within this bracket: } 50,000 - 37,450 = 12,550
\]
\[
\text{Tax on } \$[/tex]12,550 = 12,550 \times 0.25 = \[tex]$3,137.50
\]
Adding the tax from each applicable bracket:
\[
\text{Total Tax} = \$[/tex]922.50 + \[tex]$4,233.75 + \$[/tex]3,137.50 = \[tex]$8,293.75
\]
Therefore, Julie will pay \$[/tex]8,293.75 in income tax this year.
