Ping is paid a salary based on a commission rate of 5% of his total sales in a month. Last year, he averaged sales of $30000 per month throughout the year. Calculate his gross income for that year. After deductions, his net taxable income was $15500. If he is filing as a single person, how much tax will he owe? (Use the table below.) Round your answers to the nearest cent.
If your filing status is:And the amount on line 11b is more thanBut not overThe Tax is: Single
$12,750$60,000$120,000$12,750$60,000$120,000_______
of the amount on line 11b
of the amount over $12,750$4,072.50 + 7.75% of the amount over $60,000$8,722.50 + 8.25% of the amount over $120,000Ping's gross income for the year is $__________.He will owe $__________ tax.
What will be an ideal response?
18,000.00; 957.50
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