Using the following cutoffs for different tax brackets, what is the income tax liability for a taxpayer who has $95,000 of taxable income? (taxable income means that all deductions and exemptions are already accounted for)
Hint: do not use a tax table, calculate using the rates and do not use a comma or $ sign
Example: if the answer is $20,000 enter 20000
10% - $18,450
15% - $74,900
25% - $151,200
28% - $230,450
33% - $411,500
35% - $464,850
39.6% - above $464,850