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Tuesday, May 30, 2017 7:09:40 PM
Total earnings = $40,000
10% x $9325 = $932.50
15% x ($37950-$9325) = $4293.75
25% x ($40000-37950) = $512.50
Total tax is 932.50+4293.75+512.50 = $5738.75
Note that $5738.75 is an effective tax rate of 14.35% because your earnings in the 25% bracket are only $2050 (the $512.50 in taxes that you pay at the 25% rate is only for the $2050 you earned within your highest bracket).
This is federal taxes, I don't know if state is same or different. Also, I did not account for any possible deductions, but we'll assume $40k is the adjusted gross income.
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