Consider the 2014 Individual Federal Income Tax brackets:
(Source: www.forbes.com)
Write a response that completes the following tasks and meets the list of requirements that follow to build your response for this Critical Thinking Assignment:
- Construct a piecewise function modeling the monthly pre-tax/fees bill.
- Check your function with the following values:
- For taxable income of $165,000, the tax liability is $39,375.75
- For taxable income of $375,000, the tax liability is $107,608.25
- Does your function agree with these values? If not, make necessary adjustments.
- Construct a graph of this function. What are the implied domain and range?
- What is your tax liability if your taxable income is $25,000? $42,500? $24,350,000?