A country is considering two income tax rates. Geoffrey is comparing what his tax bill would be under each plan. Under plan a, he pays 5% on the first $10,000. The next $85,000 is taxed at a rate of 10%. Any money earned above $95,000 is taxed at 15%. He made $98,000 last year. Which statement below is correct? plan a tax rates x mc018-1. Jpg $10,000 5% $10,000 mc018-2. Jpg x mc018-3. Jpg $95,000 10% x > $95,000 15% plan b tax rates all levels of income 10% he would pay approximately $350 more under plan b. He would pay approximately $1,925 more under plan b. He would pay approximately $5,700 more under plan a. He would pay approximately $4,900 more under plan a

Respuesta :

Based on the tax rates for each plan, Geoffrey would pay approximately $350 more under plan B

What is a tax rate?

A tax rate is a set rate at which tax is charged on income.

Amount of tax Geoffrey will pay under Plan A:

$98000 = $10000 + $85000 + $3000

5% of $10000 = $500

10% of $85000 = $8500

15% of $3000 = $450

Total tax = $9450

Amount of tax Geoffrey will pay under Plan B:

10% of $98000 = $9800

Difference between Plan B and Plan A = $350

Therefore, Geoffrey would pay approximately $350 more under plan B

Learn more about tax rate at: https://brainly.com/question/25641320

Answer:

the answer is A

Explanation: