Please please help I need this done by today (please show all work)
Question 12 (Essay Worth 10 points)
(Federal Income Taxes and Piecewise Functions
MC) The piecewise function represents the amount of taxes owed, f(x), as a function of the taxable income, x.
Use the marginal tax rate chart or the piecewise function to answer the questions.
Tax Bracket Marginal Tax Rate $0-$10,275 10%
$10,276-$41,175 12% $41,176-$89,075 22%
$89,076-$170,050 24% $170,051-$215,950 32%
$215,951-$539,900 35% 37% > $539,901 K 0.10x, ×≤ 10,275 10,276 ≤x≤41175 41,176 ≤ × ≤ 89,075 89,076 ≤x≤170,050 170,051 ≤ × ≤215,950 215,951≤ × ≤ 539,900 0.12x-205.50, 0.22x-4.323.00, f(x)= 0.24x-6,105.50, 0.32x-9,070.32, 0.35x-26,187.32, 0.37 x 36,985.67, ×2539,901
Part A: Using the method of your choice, demonstrate how to calculate the amount of taxes owed on a taxable income of $31,000. Show all work. (4 points)
Part B: Using the taxes owed from part A, determine the effective tax rate. Show all work. (4 points)
Part C: Compare the piecewise function to the marginal tax rate chart. How is the marginal tax rate chart represented in the piecewise function?