Piece Wise Function for Taxes

Question

The total income is $35000

The tax rate on all taxable income is 15% which makes the taxable income is $24600 (I think)

Write a function to model the total tax paid, T(x), with a total income of x dollars

Then, create a graph that shows taxes paid as a function of total income for the total income between $0 and $60,000.

I am so confused and I have no clue how to start building this . Please help!

Answer 1

IN YOUR EXAMPLE, THE GRAPH WOULD BE A STRAIGHT LINE IF THE TAX RATE IS 15% ON ALL TAXABLE INCOME.

IN REALITY, IT IS NOT A STRAIGHT LINE. IT IS CURVED. THERE ARE GRADUATED TAX RATES FOR DIFFERENT INCOME LEVELS. AS YOUR TAXABLE INCOME INCREASES, SO DOES YOUR TAX RATE.

THE HIGHEST TAX RATE IS NOW 37%. (2018) THERE ARE OTHER TAXES THAT COME INTO PLAY AS WELL SUCH AS THE NIIT, SE TAX, AND SEVERAL OTHER TAXES.